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Globalization and the state–profession relationship

This is a research report on Globalization and the state–profession relationship uploaded by Jasmine Pvk in category: All Documents »  International Business »  Global Business Environment section of our research repository.
2098 views, 0 comments, Last Update: Feb 9, 2016.

Tags: finance and banking , Bank of Credit and Commerce International (BCCI)
Globalization of businesses raises major questions about the regulation of corporations, both in the national and
international context. The debate is marked by two competing views. The ‘hyperglobalists’ claim that in a globalized
world, nation-states cannot take effective actions to regulate multinational businesses, especially those relating to
banking and finance. In response, the ‘skeptics’ accept the view that to regulate corporations, the nation-state has
always had to restructure itself. However, they challenge the contention that globalization has reduced the power,
functions and authority of the state. The paper contributes to the debate through an examination of some of the processes
leading to the forced closure (and the aftermath) of the Bank of Credit and Commerce International (BCCI), a
bank that operated from 73 countries. It particularly focuses upon the role of the banking regulators and their reliance
upon auditing technologies to regulate major banks. The paper sides with the ‘skeptics’ and argues that the nation
states, especially major Western states, remain important players in the regulation of global businesses. It concludes
that the nation-state’s capacity to regulate global enterprises is compromised by history, domestic concerns and relationships
with class and capitalist interests rather than by globalization per se.


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