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The Role of Multinational Corporations in Global Economic Practice; Literature Review

Kehinde Segun Isaac*, Ayodotun Ibidunni, Oladele J. Kehinde, Daniel Ufua, Kehinde Busola Elizabeth, Dorothy Oyo-Ita, Chima Menyelim Mathias

It's been known that The activities of various multinational companies drive economic globalization to a very large extent. This research work enumerates some facts in terms of their dominant role in all phases of globalization. Therefore, the importance of multinational cooperation’s in foreign direct investment and foreign production is examined likewise their contributions and impact to the international transfer of technology and knowledge to foreign trade. This study made use of articles, scholarly journals, textbooks in reviewing the multiple activities of MNE in relation to their growth, national economic development, policy issues and technology transfers. From the studied literatures, we found out that MNCs have made great contributions to global economic growth and development, though it may vary, as the extent or level of technology transfer and internalization all remain a mirage, while other MNEs are known to be involved in various unethical business activities that darkens their corporate image. It sheds more light on the opinion that MNEs are important, as they are the conveyors of globalization. Moreover, to further attract foreign investors, countries should to their own part in strengthen and broadening their economic and politicial policies to help facilitate effectiveness and efficiency in order to further attract FDI inflow. In addition this study also brought to light some of the links, benefits and relationship between the MNEs and global economic development, and this would enable policy makers to discuss on valuable contributions to bring to the negotiating table. Research and Reviews: Journal of Social Sciences 303 Technology transfer, international sourcing, FDI, MNC, globalization, Economic practice