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. Practice?4 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. Whatisthetypicaltrend,ofbusinessestoday?
A.the increasing concentration is certain to hurt consumers
B.World Corn serves as a good example of both benefits and costs
C.the costs of the globalization process are enormous
D.the Standard Oil trust might have threatened competition
正确答案是D