“…Of the world’s 100 largest economies, 51 are now corporations while only 49 are countries…” [source] We talked about the condition of the ‘nation-state’ and the challenges to its existence in the new global order in Sociology 10 this morning. Our globalised economy has made national governments like ours in the Philippines often powerless when it comes to demands by multinational corporations and international financial institutions like the WTO. We’re at an age when multinational corporations have become more powerful and much richer than governments.
Our lecturer even suggested the idea that, a multinational corporation like Nestle, can just buy the entire Philippines, if it was only a matter of financial power. Do sovereign, self-sufficient nation-states still exist? The Philippines imports almost all of our oil, we import our rice, we import almost everything we need. Our lecturer said we don’t even make our own needles. We import them. Even the garments to make our clothes. Should we come into turbulent waters with our trading partners, will we survive? What does this mean? Other countries have leverage against us. We are at the mercy of multinational corporations and powerful trading ‘partners’. Which makes us not as sovereign as we think. How can we increase our leverage against other countries so we don’t feel too powerless in this new global order? Arm ourselves with nuclear weapons! Haha. I was kidding. But of course that’s a path other countries have already taken. Or we could do a Cuba, or somehing like that. Just thinking out loud for once in my blog. Hehe. It’s been a while.