Final answer:
MNCs are corporations with headquarters in one country and operations in multiple ones, heavily influencing the global economy and employment. They can surpass the GDP of smaller countries and control substantial portions of global exports and wealth. Criticisms include their ability to influence local laws and policies and the concentration of wealth.
Step-by-step explanation:
Size and Volume of Multinational Corporations (MNCs)
Multinational corporations (MNCs), also known as multinational enterprises (MNEs), are companies that operate on a global scale with headquarters in one country and operations in multiple countries. About 45 percent of MNCs are based in the United States, and these corporations are significant players in the global economy. They include household names such as Exxon Mobile, Amazon, Coca-Cola, and Apple. In terms of employment, US-based MNCs employed around 42.5 million workers worldwide as of 2017, with significant presences in countries like China, the United Kingdom, Mexico, India, and Canada.
MNCs are so influential that some have assets exceeding the Gross Domestic Product (GDP) of the smaller countries in which they do business. This level of wealth allows MNCs to wield considerable influence over local economies and regulations. The volume of MNCs is evidenced by their control of half of global exports, nearly a third of the world's wealth, and about a quarter of all global employment, marking their pivotal role in both national and international markets.
Criticisms of MNCs include their concentration of wealth in already wealthy nations and individuals, as well as their sway over regulations in various countries to favor their commercial interests. Their expansive reach underscores the interconnectedness of modern globalization, where the decisions made by MNCs can drastically affect a multitude of policy areas across the globe.