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Corporations and Nations: Power Imbalance in the Extractive Sector

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  • Evaristus Oshionebo
Abstract
This article examines the nature and significance of the power imbalance between developing countries and transnational corporations (TNCs) in the natural resource sector. It situates this power imbalance within the context of global economic realities, including the high profitability of extractive TNCs; rampant poverty in developing countries; dependence of many developing countries on the extractive sector for economic sustenance; and lack of regulatory expertise on the part of developing countries. The article suggests two potential avenues for addressing this power imbalance. First, it advocates for the recognition of TNCs as “subjects†of international law, thus paving way for the imposition of some international law duties on TNCs. Secondly, the article argues that civil society groups should be empowered to participate actively in the regulatory process and that an empowered civil society could potentially counterbalance the power of TNCs and other corporations.

Suggested Citation

  • Evaristus Oshionebo, 2018. "Corporations and Nations: Power Imbalance in the Extractive Sector," American Journal of Economics and Sociology, Wiley Blackwell, vol. 77(2), pages 419-446, March.
    • Handle: RePEc:bla:ajecsc:v:77:y:2018:i:2:p:419-446
    DOI: 10.1111/ajes.12209
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    References listed on IDEAS

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    1. Mohamed Chelli & Sylvain Durocher & Jacques Richard, 2014. "France's new economic regulations: insights from institutional legitimacy theory," Accounting, Auditing & Accountability Journal, Emerald Group Publishing Limited, vol. 27(2), pages 283-316, February.
    2. World Bank, 2011. "World Development Report 2011 [Rapport sur le développement dans le monde 2011 : Conflits, sécurité et développement - Abrégé]," World Bank Publications - Books, The World Bank Group, number 4389.
    3. World Bank, 2010. "World Development Report 2010," World Bank Publications - Books, The World Bank Group, number 4387.
    4. repec:dau:papers:123456789/13026 is not listed on IDEAS
    5. Mohamed Chelli & Sylvain Durocher & Jacques Richard, 2014. "France's new economic regulations: insights from institutional legitimacy theory," Post-Print hal-01651207, HAL.
    6. Thomas J. Biersteker, 1980. "The Illusion of State Power: Transnational Corporations and the Neutralization of Host-Country Legislation," Journal of Peace Research, Peace Research Institute Oslo, vol. 17(3), pages 207-221, September.
    7. Muchlinski, Peter T., 2007. "Multinational Enterprises & the Law," OUP Catalogue, Oxford University Press, edition 2, number 9780199227969.
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    Cited by:

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    2. Franklin Obeng-Odoom, 2018. "Valuing unregistered urban land in Indonesia," Evolutionary and Institutional Economics Review, Springer, vol. 15(2), pages 315-340, December.

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