EQ4: Migration- Challenges to national identity through foreign ownership

in terms of ownership of businesses, what do gloabl markets encourage?

Mergers

take-overs/ aquisition

what do companies want to achieve?

economies of scale and efficiency

PROFIT

what is the benefit of companies merging? (brief)

eliminates a competitor

does the UK gov intervene in sale of companies to foreign buyers?

rarely, only if threatens financial stability or national security

as companies are deregulated??

many UK- base companies are increasingly…?

foreign owned

how does foreign ownership of companies inlfuence traditional perceptions of products in UK or relationship between economy/companies with national identity?

Give exmaples of companies owned by foreign companies

• traditionally= national products= strongly associated with nat ownership, nat/domestic labour, nat capital

BUT NOW

• globalisation has altered this relationship

• many firms once perceived as british= controlled by overseas corporations

EG:Jaguar Land Rover (once a symbol of british engineering and tech)= owned now by Tata Motors (an Indian company)

EG: Harrods—> Qatari Investment Bank

EG: Boots—> owned by an Italin equity firm

while foreign owned comapnies still_______, the profits generated________

still can manufacture and employ and invest within the UK

but profits generated= flow to parent companies abroad,, meanign major strategic decisions are made outside of Britain

Increasing foreign ownership challenges p_____ b_____

patriotic branding —> “Made in Britain” goods

these companies are situated within g____ c______/p_____ n______

what does this mean^^

global corporate/ production networks

^^ means a lot of investment doesnt reach/ isn’t targetted within the UK as companies operate in a range of countries for diff things

brief benefits of foreign owned companies?

jobs

investment

innovation

supports econ growth

keeps fragile industries alive (eg: Jaguar Land Rover’s revival under Tata Motors= a key examples, as has been subject to signif investment in new tech and manufacturing plants)

breif negatives?

reliance on foreign ownership=reduces economic sovereignty and increases vulnerability

decisions on employment, plant closures, energy sources, investment priorities,= depend on distant boardrooms whose priorities= global> national

therefore the idea of british national idenitty within economic prod= contested

companies from which country own more UK based businesses than any other?

USA

what is another phenomenon that is influencing national identity?

westernisation

westernisation is a form of what type of globalisation?

cultural globalisation

which country is westernisation particularly associated with the dominance of?

the USA

which things drive westernisation?

media

TNCs

entertainment industries

migration

give some examples of major american countries that have acted as tools of westernisation

disney

Amazon

netflix

McDonald’s

Apple

what do these companies diffuse/share/expose other populations to?

language

traditions

lifestyles

cultural norms

films

music

fashion

consumer culture

ideals and values

which kinds of ideas/ values are shared through westernisation?

democracy

capitalism

free markets

consumerism

free speech

freedom

individualism

global connectivity

benefits of westernisation?

• increases global communication and connectivity

• cultual exchange=increases diversity

• supports econ dev by encouraging investment and innovation and econ integration

what do critics of westernisation say?

• cultual erosion of those with little power and global influence

• dilutes different cultural traditions

• national identities may be diluted and eroded

• global consumer culture can overshadow traditional, heritage-based practises

• promotes inequality (reflects power and wealth of dominating TNCs amd wealthier nations and individuals)

• not an equal cultural exchange

• more forcing assimilation→ melting pot theory

• creates cultural and social tensions and can create hostility