Theworldisgoingthroughthebiggestwaveofmergersandacquisitionseverwitnessed.TheprocesssweepsfromhyperactiveAmericatoEuropeandreachestheemergingcountrieswithunsurpassedmight.Manyinthesecountriesarelookingatthisprocessandworrying:“Won’tthewaveofbusinessconcentrationturnintoanuncontrollableanti-competitiveforce?” There’snoquestionthatthebigaregettingbiggerandmorepowerful.Multinationalcorporationsaccountedforlessthan20%ofinternationaltradein1982.Todaythefigureismorethan25%andgrowingrapidly.Internationalaffiliatesaccountforafast-growingsegmentofproductionineconomiesthatopenupandwelcomeforeigninvestment.InArgentina,forinstance,afterthereformsoftheearly1990s,multinationalswentfrom43%toalmost70%oftheindustrialproductionofthe200largestfirms.Thisphenomenonhascreatedseriousconcernsovertheroleofsmallereconomicfirms,ofnationalbusinessmenandovertheultimatestability,oftheworldeconomy. IbelievethatthemostimportantforcesbehindthemassiveM&Awavearethesamethatunderlietheglobalizationprocess:fallingtransportation,andcommunicationcosts,lowertradeandinvestmentbarriersandenlargedmarketsthatrequireenlargedoperationscapableofmeetingcustomers’demands.Allthesearebeneficial,notdetrimentaltoconsumers.Asproductivitygrows,theworld’swealthincreases. Examplesofbenefitsorcostsofthecurrentconcentration-wavearescanty.YetitishardtoimaginethatthemergeofafewoilfirmstodaycouldrecreatethesamethreatstocompetitionthatwerefearednearlyacenturyagointheU.S.,whentheStandardOiltrustwasbrokenup.Themergersoftelecomcompanies,suchasWorldCorn,hardlyseemtobringhigherpricesforconsumersorareductioninthepaceoftechnicalprogress.Onthecontrary,thepriceofcommunicationsiscomingdownfast.Incars,too,concentrationisincreasing—witnessDaimlerandChrysler,RenaultandNissan—butitdoesnotappearthatconsumersambeinghurt. Yetthefactremainsthatthemergermovementmustbewatched.Afewweeksago,AlanGreenspanwarnedagainstthemegamergersinthebankingindustry.Whoisgoingtosupervise,regulateandoperate,aslenderoflastresortwiththegiganticbanksthatarebeingcreated?won’tmultinationalsshiftproductionfromoneplacetoanotherwhenanationgetstoostrictaboutinfringementstofaircornpetition?Andshouldonecountrytakeuponitselftheroleof“defendingcompetition”onissuesthataffectmanyothernations,asintheU.S. Whatisthebesttitleofthispassage?
A.M&A Wave in Argentina.
B.Disadvantages of the Merger Movement.
C.M&A Wave around the World.
D.Benefits of M&A Wave.
正确答案是C