As someone who believes strongly in the power entrepreneurship and business to break the cycle of poverty, the erosion of trust is sobering.
“The erosion of trust is a serious concem as it has allowed MNCS [Multi-National Corporations] to be painted into dark comers in the globalisation debate, Malaysia’s former prime minister. Tun Dr Mahathir Bin Mohamed, an active supporter of open trade and FDI in practice, illustrates the extent to which MNCs need to remain engaged if they are to preserve their ‘licence to operate’ in Asia:
The mega corporations and mega banks which are getting ever bigger through repeated mergers will move into every country as soon as the WTO forces open the markets. The small and the inefficient in these countries will be wiped out…When the mega corporations, already more wealthy and more influential than the developing countries move in to take over the economy of these countries, will they not control also the political governance of these countries?…The last time the foreigners wielded this kind of power they exploited the people and the countries. Will they not do it once again?…Probahly they will give us a better life. But what will happen to our independence, to our pride and honour?
We can be invaded by businessmen, by banks, by corporations, by ideas and values and moral codes, which are alien to us…Every aspect of our lives will be invaded. Our minds will be invaded. Even our religion will be invaded.”