The world is going through the biggest wave of mergers and acquistions ever witnessed. The process sweep from hyperative Ameriva to Europe and reached the emerging countries with unsurpassed might. Many in these counties are looking at this process and worrying: won’t the wave of business concentration turn into an uncontrollable anti-competitive force?
There’s no question that the big are getting bigger and more powerful. Multinational corporations accounted for less than 2% of international trade in 1982. Today the figure is more than 25% and growing repidly. International affiliates account for a fast-growing segment of production in economies that open up and welcome foreign investment. In argentina, for instance, after the reforms of the early 1990s, multinationals went from 43% to almost 70% of the 200 largest firms. This phenimenon has created serious concerns over the role of smaller economic firms, of national businessmen and over the ultimante stabiliy of the world ecnomy. I believe that the most important forces behind the massive M&A wave are the same that undrtlie the globalization process: falling transportation and