Final answer:
Globalization and emerging market MNC's have brought about increased economic integration, competition, shifts in the labor market, and new international divisions of labor. While this has enabled multinational corporations to expand and become more powerful, it has also led to challenges such as increased inequality and concerns about corporate influence over government policies.
Step-by-step explanation:
Globalization and the rise of emerging market MNC's (multinational corporations) have brought about significant changes in the global economy. These changes include increased competition, shifts in labor markets from manufacturing to service industries, and new patterns of international division of labor. As a result of globalization, MNC's have thrived, utilizing advancements in transportation and communication technologies since the 1950s to expand their operations globally.
The establishment of the WTO (World Trade Organization) and regional trading blocs have contributed to an integrated world economy, creating opportunities for MNCs to operate in multiple countries. However, this also presents challenges such as the control of wealthy corporations over economic policies and the undermining of local governance and nation-states through corporate practices.
These factors have led to a surge in socio-economic dynamics such as rising levels of inequality, international awareness, empowerment, and accelerated progress in development. Nevertheless, the role of MNCs in the economic exploitation and influence on governments has been a point of criticism and concern. The contemporary globalization landscape, thus, remains both a field of vast opportunities and a subject of profound debates on fairness and equitable growth.