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The Economic and Societal Impact of Large Corporations: A Comprehensive Analysis of Successful Business Practices
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Abstract
In today's globalized economy, large corporations have a profound impact on both economic systems and societal structures. This paper takes an in-depth look at the dual role these companies play, particularly focusing on wealth creation and how they reinvest their earnings. By examining companies like Apple, Amazon, and Walmart, the paper explores their contributions to economic growth, job creation, and improving consumer welfare. At the same time, it addresses the potential downsides of their immense success, including concerns about monopolistic practices and growing wealth inequality. By analyzing the balance between the positive and negative impacts, the study looks at how these businesses contribute to government revenue, invest in infrastructure, and take on corporate social responsibility initiatives. Based on existing research, the paper concludes that while there are valid concerns about the concentration of corporate power, the overall benefits provided by successful businesses—such as technological innovation, job creation, and increased productivity—tend to outweigh the potential downsides. However, it underscores the importance of maintaining regulatory frameworks to ensure fair competition and to mitigate any negative societal impacts. Ultimately, this paper argues that with proper oversight, large corporations can continue to be vital contributors to both economic and social progress.
Keywords
Large corporations, Societal impact, Corporate social responsibility (CSR), Consumer welfare, Monopolistic practices
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Cite this article
Lin,Z.(. (2024). The Economic and Societal Impact of Large Corporations: A Comprehensive Analysis of Successful Business Practices. Advances in Economics, Management and Political Sciences,137,88-93.
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Volume title: Proceedings of the 3rd International Conference on Financial Technology and Business Analysis
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