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It has been argued that globalisation created a vacuum of governance as it has shifted power away from governments to businesses. Do you agree with this view? Do you think new and/or more vigorous international governmental bodies are necessary to govern business activities? Your answer needs to be based on one of four major issues in the contemporary global context, (i) climate change; (ii) labour conditions; (iii) corruption; or (iv) technological advances.

It has been argued that globalization has formed a vacuum of governance as it has shifted power away from the governments to businesses. Over the past few years, it has been observed that the business firms have associated themselves in the actions that are known to be as governmental activities (Buckley 2017). In the transactional corporations, individuals have to engage in public health, social security, education and for protecting the human rights. This essay argues that if the international governmental bodies are mandatory for governing activities of the business. There are major issues in the global context that has an effect business firms. The major issues include corruption, technological advances, and climate change and labor conditions. Due to globalization, the power is with the businesses. Therefore, in the past few decades, there have been business firms that contribute to the environmental and social initiatives. These initiatives have the effect of the UN Global Compact for self-regulation in order to fill the vacuum of regulatory that has resulted in the globalization process. Hence, globally neither the international institutions nor nation states are able to sufficiently regulates the global economy for providing the global public goods.

As mentioned earlier, globally over the past few decades globalization has formed a vacuum of governance as the power is shifted to the businesses. In my opinion, it can be stated that the reasons include the major issues of corruption, climate change, technological advance and labor conditions. All these factors have a role to play in shifting the power to the business firms or sectors. I believe that the business firms in economics and corporate social responsibility has failed to integrate the new political role of business. Globalization is the process of intensification of the interactions of the cross-border because of the decreasing costs of connecting with the distant locations by communication and the transfer of people, goods and people. This process however led to the growth of the interdependence of social and economic factors and an increase in the risks and opportunities. It is therefore accelerated by the above mentioned factors. Among the policy areas, it can be stated that the nation state agencies have failed majorly in producing public goods or solving the problems that have a few causes and effects (Bulkeley and Newell 2015). The social practices, attitudes and values were taken for granted previously and hence the international governmental bodies governed it.

However, the statement of the shifting of power from the governments to the businesses can be agreed upon. This is because the international organizations and the private businesses  with the support of the state agencies have contributed expertise and resources for filling the gaps in the global regulation. In general, the business firms work under the conditions of the high competition for protecting the monopolies. They have better opportunities in the business firms for earning money by entering into new markets. The conditions were therefore set for shifting the activities to the low cost locations. These conditions help in leading to the new opportunities and advantages of cost and simultaneously it will lead to more risks when the companies are associated with the damages of the environment or are engaged in the abuses of labor right resources. As per my belief, it can be stated that in the global area, business firms were not treated to be the private institutions that can operate under the rules mentioned under the rules of a particular legal system. It has been agreed on this factor that the power was therefore shifted to the business firms majorly.

The essay intends to emphasize upon the fact that how globalization has created favorable impact in relation to the increasing demands of global process. It is evident that, in a modern era, the concept of globalization (Miller and Rose 2017) considerably shifted its power from the purview of government towards the business enterprises. In this regard, it is worth mentioning that, from the very beginning, globalization has creased the demands on global commons, which has proved to be biggest challenge for the state regulators, and it has been impossible for single state actors to address the issues associated with it. It is worthwhile to mention here that, with the advent of the new trend of globalization, it has helped in the acceleration of changes in the structural framework of global power (Buss and Morse 2014). In such process, it has been beneficial for the government authorities to legitimately deal with the challenges of globalization. In this context, it is noteworthy to mention here that, in a global environment, with the emergence of increasing demands that has been forcefully placed within the structural and organizational framework of global governance, it has increased demands in the process of global governance to the large extent.

In order to explain the fact that globalization has created vacuum of governance, it is important to take into consideration the concept of globalization, new globalization and global governance. According to the perspective of contemporary authors, the concept of globalization can be emphasized as compression of space and time which shall enhance efficient interaction with the other communities in a rapid way by involving a greater sense of proximity. The concept of new globalization is however distinct from the rest. The concept of new globalization is emphasized economically as a fragmented growth which is opposed by a single country operating as an economic pole. It is worth mentioning that, with the increase in the production structure of the industries, which has been possible with the emergence of globalization, there had been detrimental harm to the global environment as well (Murray, Skene and Haynes 2017). In this regard, it has been argued by modern scholars that, due to the resultant effect of globalization on the climatic conditions of a country, it has considerably led to a situation where urgent and active global intervention is required to the highest priority.

It is worth noting that, there no authorization on the part of the countries to deal with the factors regarding climatic change. However, as a result of globalization, a gap has been created between the area of climatic changes and the action on the global governance. It is worth examining the fact that, apart from the determination of increasing demands of globalization on the process of global governance, it has created great impact upon the subject area of cyberspace. It is noteworthy to refer here that with the introduction of the concept of cyberspace and internet, it has been difficult for the government authorities to operate them. This is due to the reason that, as a result of advent of new technology, certainty and understanding has not been improved to that level so that it can address the increasing demands on the processes of global governance.

Thereafter, more vigorous international government bodies are not required for governing the activities of the business. Therefore, it has been observed that the political role of business that goes beyond the legal standards of legal and moral rules. However, it can be stated that molecules International governmental bodies are not required for governing the business activities (McGovern 2018). This is because if the government has more power than the business sectors for the forms there have more control of the operation of these businesses. In general, government  takes interest in managing the business. The executive and directors involved with the government view and follow the indirect forms of intervention. The businesses do not need the scrutinisation of the government all the time. Because of those businesses have developed the way Dev work and carry out their activities. The Federal Agencies, which were not successful in this charging there, were the duty of regulating the practices. Government cannot handle the businesses because of shortage of funds. It is a principal barrier that shit faced by commitment enforcement Agencies to regulate practices and carry out the activities. The problem of Government in attaining compliance arises out of the shortage of funds, which was admitted by Indians working for the company (Schniederjans, Schniederjans and Schniederjans 2015). The Agencies of the government and the community with the Industries because of them are having a lack of knowledge of every industry existing in the country. In my opinion, the major issues that have been focused in the contemporary Global context include climate change corruption technological advances and labor conditions. Various businesses in the country depend on the alterations on change in the climate. The government has no role to play in it. A few businesses depend on the climatic changes. Climatic differs from country to country. It is not possible for the international governmental bodies to take care and control all the existing organizations. Globally, climate plays an important factor since few of the business’s work depend on the climatic changes (Meyer and Peng 2016).

That depending on the climatic changes the companies or businesses carries out the activities accordingly. The International Government bodies don’t always focus on the climatic changes that take place around then. It is significant to sit here that depending on the climate the director or the executive directors of the businesses take the decision. The Government of sensibility for regulating the segments of the competitive practices throughout the economy every firms work (Crane and Matten 2016). Agencies of the government tend to prefer for directed the legal proceedings against the trade restraints and install and correction and policy for taking care of the less problems associated with the commercial irregularities. However, it can be argued that sense climate place and essential factor in governing the business activities the decision of the international convention bodies is not taken into consideration. I believe that it is easier for the businesses to take the decisions accordingly based on the climatic changes. There are greater ties between the interests of the society and the business. In this situation, the business stands at the centre of the public policy challenges that means to reduce the emission of carbon for the urgency of Healthcare reform. Hence, in this situation it is advisable that the business sectors must take all the necessary decisions regarding their company when it comes to the factors of climate change. If the International Government bodies found the business affair then it will be 10 the level of distrust in the business. This will lead to a collision among the members of the company if the level of distance increases and there is no faith among them.

The second factor is the major issue in the contemporary Global contact corruption. The term corruption is a complex phenomenon whose roots light deep in bureaucratic and political institutions that have an effect on the development with conditions of various countries. Corruption affects the emergent economics and all the existing companies of the sector level suffer the consequences (Picciotto and Mayne, 2016). Hence it can be said that corruption causes market distortion why is corrosion the foreign investment and competition. Corruption and unpredictable tax on the operation and management of the decision taken by the political leaders to the Public Interest. Corruption can cause the policies and regulations of the company. Corruption is therefore described as the development problem English words which countries rather than just one of the number of problems. As per my belief when the government institutions and integrity systems are weak the elderly source revenues which facilitates the rent seeking and results in higher level of corruption. Corruption in these factors include high level of discretionary political control, shareholders, public and personal entrance and lastly frequent blurring of the public Competition among the existing firms. The large-scale corruptions are observed in the developing countries that only in the financial flows. It can be argued stating that the International Government bodies must ensure that there should not be any kind of corruption that might have for the business sectors of the country. Distorted politics also leads to corruption that has an interest in maximizing the run by increasing the efficiency of the institutions. From the perspective of the corporate culture, the major issues have to deal with the risk of the increasing cost and the reduction of the profitability (Gillespie and Riddle 2015). Corruption before potentially is harmful and even economically that results in the sum of the means of production over the long-term. The industry at are associated with the political corruption are referred to as extractive industries  which suggests the consequences and the challenges for undermining the public interest and distorted budget decisions.

The third factor that governs the business activity in the contemporary Global context is variable conditions. The labor conditions depend on how the relationship of the Empire an employee is. There will be a rest if the International Government bodies try to come in the activities of the employees. It is best when the employer deals with the laborers regarding their conditions, wages and leaves. The employees recruit employees of the organisation and hence they are the first individuals who should take care of the employees regarding the problem at the above mentioned factors. Every company has a dispute settlement body that takes care of any kind of disputes if at all it arises between the employer employee or among the employees in the company. Every business sector is associated with different kinds of laborers and hence it is the duty of the company to manage all of them equally. The conditions of the labors cannot get worse and they have a contract, which they enter into. When a contract is formed between the laborer and the employer The Mask full film all the terms and conditions mentioned there. Laborers should not feel neglected or harmed while working in the organization with others. If the international convention parties are involved with this then there will automatically be trust issues among both tin foil and the employees (Bulkeley and Newell 2015). Hence, the governmental bodies should not involved with the conditions of the laborers unless the employees reach them on the governmental agencies. Every company has a labor union as well that supports the laborers working for the company. The dispute that occur in the company for the dispute settlement body helps to resolve the problems that arises among them. The conditions of laborer depend on the kind of world big to and how they are asked to carry out their activities by the employer. There are factors by which the employees get affected in the company. Fourthly, the factor that affects is technological advances. Technological advances help to improve the business activities without the help of the governmental bodies. Technological advances make the work easier and faster for the business sectors of operations and it helps in the growth and development of the business (Compact 2014). The International Government bodies on the other hand will not be able to make use of the technological advancements because it is already beneficial to the companies working.

Conclusion

With the advent of technological advances, it has helped the companies for efficient operation of the business. It has been observed that previously companies used to rely upon human intervention for the purpose of efficient operation and management of the business. However, in such process it was observed that most of the work was done by relying upon a joint Technology, which was inefficient, uncertain and inaccurate (Archer 2014). In this regard, it is not worthy to mention here that with the emergence of new technological advances it has helped government authority as well as this is for your cooperation to govern the activities. In the conclusion, my perspective will be stated in relation to the fact that it is not necessary for the international governmental bodies to come in the business activities focusing on the major issues of Climate Change production technological advances and Labour conditions.

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