How Could Globalization be reformed? Being that multinational firms have contributed to economic growth in the developing world there are risks of growing corporate power and with its power comes its abuses. The pursuit of a just society involves careful balance of these two necessities with regard to the corporate sector. Since corporations are responsible for much of the wealth and many of the jobs in these third world countries we would have to encourage the corporate sector that justice and fairness require them to not exercise unequal power.
Corporate driven economic development raises living standards and thereby reduces the injustices associated with the act of being deprived. The people who live in poor countries legitimately seek the distributed improved levels of health, education, and material comfort that are promised by a future of economic development. Balance is a problem with globalization which has become an international one. In the past individual nations were able to pursue their own balance without giving consideration to how that same process was evolving in other societies.
This new corporate mobility means that if a country attempts to stop a corporation by increasing taxes, or reducing their ability to retrench workers it could be exposed to a loss of corporate investment. The objective of reining in corporate power remains a goal that attracts large numbers of people all over the world. Globalization itself has provided a new direction. As Multinational firms extend their geographic sphere of their activities across nations and continents their enhanced control over social and economic policy making has been placed stronger and stronger.
In order for reform in globalization we would need to necessitate improvements in governance within countries, they will need to consist of the basic principles of democracy, human rights, social equity, and the rule of law must be in place for the majority to benefit from globalization. It will also require cooperation at the global level. International Institutions must work together to develop central labor standards and fair rules, for international trade and migration. They must also cooperate to bring accountability to international development institutions and to promote National ownership of economic policies.