By John Madeley
This new and up-to-date version of massive company, terrible Peoples exposes what number of the average assets of constructing nations are being ceded to transnational companies answerable to not anyone yet their shareholders. the writer argues that transnational companies have used their funds, measurement and gear to steer overseas negotiations and they have taken complete benefit of the circulation in the direction of privatization to persuade the guidelines of governments. Sovereignty, he concludes, is passing into company arms and the bad are paying the fee. yet individuals are struggling with again. electorate, staff, groups, are exposing the companies and seeking out possible choices.
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Additional info for Big Business, Poor Peoples: How Transnational Corporations Damage the Global Poor
26 In what amounts to an agrofuel gold rush, TNCs have moved into the activity in a big way. The wave of investment in agrofuels (also 38 • Big Business, Poor Peoples called biofuels) is restructuring agribusiness itself. New, powerful players are converging on the sector. Cosmetics corporations are selling biodiesel. Earning millions from higher oil prices, the giant oil companies are buying up plantations. Wall Street speculators are swinging deals with feudal sugar barons. 27 Agriculture commodity companies like Cargill and Archer Daniels Midland are investing heavily, along with companies that specialize in the sugar trade, palm oil, and, to a lesser extent, forestry.
2 The seeds created by the TNCs thrive with the help of the chemicals they also produce. TNC distribution channels for seeds are identical to those of crop chemicals, opening up the possibility of linking chemical and seed development and marketing. But, for farmers, buying a company’s seeds can lock them into buying its fertilizers and pesticides. The integration of technologies into one marketing package allows the company to sell more seed and chemicals. A double market is therefore created – for both these products.
But the higher food output did not lower malnutrition rates. A project official said that ‘when people grow more food, they might sell it and use some of the money to send their children to school. ’10 Privatization diminishes the capacity of the public sector to do agricultural research. Drought-tolerant varieties of staple crops such as beans, for example, rarely interest TNCs, which prefer to develop high-value crops. But the poor cannot afford such crops. If everything is left to the private sector, the market will fail to deliver the food that is needed by hungry people.
Big Business, Poor Peoples: How Transnational Corporations Damage the Global Poor by John Madeley