chapter 4: economic global governance Flashcards
Bretton Woods: What were the main aims of the Bretton Woods Conference?
1) Create an agreed system of rules or international economic matters, including world trade.
2) Stabilise world currencies & reduce wide fluctuations in the value of currencies.
3) Prevent the repeat of the Great Depression.
4) Bolster capitalism against the rise of communism in the USSR.
Bretton Woods: What did the conference establish? What are their functions?
-IMF: Established the US dollar as the basis against which all the states’ currencies would be valued, thereby stabilising world currencies from major fluctuations in their value.
-World Bank: Originally know as International Bank for Reconstruction and Development, which aims to provide a poolof investment for middle income states.
-WTO: Originally GATT, an international forum through which states can make trade deals, and international rules on trade.
Bretton Woods: How has it changed in focus?
-Poverty/Development: International coordination with the UN + increased spending on development through MDGs and SDGs.
-Free Trade: Increase in multilateral free-trade agreements, most notably with the Single Market of the EU (but also NAFTA, + TTP).
-Single Currency: Economic debate over single currency, particularly in the Eurozone. The Euro is now the currency of 20/27 EU states.
-Forums: Provides a forum for discussion and decisions-making to enable states to resolve international economic crises. As seen during 2008 financial crash, IGOs needed a forum through which they could resolve the challenge (particularly IMF)
Bretton Woods: What are the main actors involved in economic global governance?
-IGOs: World Bank, IMF, UN.
-Informal intergovernmental forum: G20, G7.
-MNCs
-Multilateral forums: World Economic Forum, combines world leaders, IGOS, business leaders etc.
IMF: What does neoclassical economic theory argue?
-The most effective way of achieving development of achieveing development is by a nation-state adopting free-market reforms and engaing in global free trade.
-Reducing tariffs, remving state control etc, encourages private enterprise, and global development/prosperity.
IMF: What does World systems theory argue?
-World system theory argued that free trade & free markets enable powerful core states to exploit less developed peripheral states.
-By encouraging peripheral states in the developing world to open up their markets, and commit to free trae, core states in the Global North are able to take advantage of them by making them dependent on cheap, maunfactured goods and mass-produced food.
IMF: What was the main role of the IMF, before 1971?
-Encourage stability in world exchange rate, stabilising devalued currencies.
-It oversaw a system of fixed exchange rates, linked to the US dollar, which was fixed to the price of gold.
-States would know how much a state was worht and could make investments with a greater degree of stability.
IMF: How has its role changed? What are its modern functions?
-Fixed exchange rate broke apart in 1971, when Nicon abandoned the fixed link between the value of the US dollar.
-IMF provides economic stability by giving financial support/loans to states likely to suffer from economic crash. -It focuses on the developing world, but also makes loans to the developed (in 1976, the UK borrowed $3.9bn) & Greece, Portugal & Spain have massively benefitted.
-Monitors the economic outlook of the world economy, forecasting potential threats (though generally quite poorly).
-Advises member countries on how to manage their economies, particularly developing states
IMF: Detail its structue & some controversy surrounding it
-Has 190 members, excluding only small states, like Monaco, and North Korea.
-The current leader is Kristalina Georgieva.
-There has been controversy surrounding the role & powers of the IMF’s leader, as some argue they have had too strong a hand in state’s internal politics.
-Christine Lagarde faced backlash for publishing a report suggesting that Brexit would increase inflation, which mainly felt had undue influence on the 2016 referendum.
IMF: What decides how much money a country pays to the IMF? How much money does it have available? Why has it received criticisms for this?
-Payments reflect country’s relative positions and wealth within the world economy.
-The USA is the largest contributor, accounting for 17%.
-Has $165bn of lending to 83 countries, including $16bn to low income countries.
-After 2008 crash, the IMF increased the amount of funds available for lending.
-Has been criticised, as voting power is weighted in accordance with how much states contribute financially, and therefore the most economically powerful states have the most power in decision-making (however, many would suggest that this is very legitimate, as states should have control over where the money that they contribute goes).
IMF: What are SAPs? What sort of conditions does this entail?
-Structural Adjustments Programmes.
-These are the conditions that the IMF attaches to the loans it gives. These are done to ensure states undertake economic reform, to overcome the problems that led to them making the request.
-Includes things like: cutting public spending & raising taxes, privatisation, reducing public sector wages or state pensions.
-When Argentina received a loan in 2019, it made committments to increase taxes on the wealthy, and to create a new independent body to review the government’s budget/make forecasts.
IMF: What are some criticisms of SAPs?
-Makes excessive demands on states that infringes on sovereignty, imposing a neoliberal model of economic policy, in line with the Washington Consensus.
-In the most extreme way, it denies state sovereignty, and ensures that economic policy is no longer decided by the state, but by the IMF.
-Also, privatisation increases corporate profit w/o sharing it in wider society.
-Most conditions increased prosperity, but also increased inequality, disproportionately benefitting the rich. Tax rises, for example, tend to only really impact the poor.
-Opening markets to foreign investors can expose fragile economies to the effects of a foreign economic crisis.
IMF: Why was the Greek economy unstable before the crisis even began?
-The country had accumulated large debts due to high public spending and low GDP growth.
-Hence, Greece was unable to make repayments of its debts when the crisis broke out.
IMF: How did the IMF help Greece? Was it effective?
-In 2010, they gave the first package of the €110bn.
-In return, they demanded that Greece implement austerity, & Troika (IMF, European Commission, and the European Central Bank) negotiated a 50% redution on the amount Greece owed to banks.
-By 2014, with 2 bailouts, the deepening economic recession meant an anti-austerity party won a snap election.
-Generally, quite ineffective. It did little to lessen Greece’s failing economy, and simply provoked outrage from the people, leading to the election of anti-austerity party.
IMF: What were the consequences of the IMFs involvement in Greece?
-Election led to attempts to renegotiate the conditions, as the IMF was impeding on state sovereignty.
-The Gov held a referendum, debating the adoption of the renegotiated package. This was rejected 61% to 39%.
-In 2015, they failed to make a payment to the IMF, and banks closed + there were fears that Greece would leave the Eurozone.
-Cash withdrawals were limited to €60 a day, and a new bailout had to be agreed later in the year.
IMF: What are some successes?
-IMF emergency loans are vital in restoring confidence in a member state facing a balance of payments crisis.
-IMF loans to EU states, like Greece, Ireland, and Portugal during the Eurozone crisis were vital in restoring confidence in the eurozone.
-From the start of the global financial crisis until 2019, IMF provided $325bn in loans to restore confidence in the global economy.
-Developing countries like India have committed to reform, and have been able to take advantage of globalisation. In 2019, their economy grew by 7.3%.
-The Asian financial crisi (1997-8), did not spread, because states were quickly saved from backrupcy by the IMF.
IMF: What are some failures?
-Continually fails in its workd on surveillance. It did not warn member states that their deficits were too high, making them vulnerable to global financial shock.
-IMF has a ‘one fits all’ kind of policy. The approach of economic liberalism doesn’t take into account the diverse needs of nation-states.
-2008 crash could’ve been prevented, had the IMF been better at its surveillance work.
-Public spending cuts and free-market reforms, required by SAPs, are very controversial.
-Countries are also increasingly looking for loans that are nt conditional, with Pakistan turning to Saudi in 2018.
-Legitimacy of the IMF in the developing world has been undermined by the fact that every single leader has been European.
World Bank: What were its founding objectives?
-Act as source of loans for reconstruction & development.
-Help rebuild key infrastructure, like roads, and electricity.
-Originally it, like the IMF, used SAPs. However, with the poorest countries, they have moved away from providing loans, and instead gives grants for specific projects.
World Bank: What are the two main institutions in the World Bank?
-International Bank for Reconstruction & Development: Provides loans to help meet middle-income countries’ development needs. They provided the State Bank of INdia with a loan fo $700m to develop solar energy projects.
-International Development Association: Provides loans to the poorest countries. These loans tend to have very low interest rates (sometime none at all).
World Bank: How does it provide help?
-Provides loans, technical & financial assistance to support reconstruction & development.
-It deploys >$50bn in various types of assistance, w/ 12,000 projects worldwide.
-Provides technical advice to states with the advice focusing on human & social development.
-Funds specific medium to long-term development projects.
-Carries out analytical work on development matters, which is made freely available to states & NGOs working on development.
World Bank: What are two World Bank Projects?
-Water & Sanitation Project in India, where WB provided them with $3.4bn to improve access to clean water & sanitation. This has been a long-term project since 2000 & has helped around 36m people.
-Reconstruction in Afghanistan, where, since 2002, the World Bank has invested >$4.7bn for development and reconstruction.
World Bank: In what ways is the World Bank effective?
-Recognised as a base for world’s experts in development economics. They offer technical advice & assisstance to ensure project are delivered effectively.
-Acted as a source of finance to many states as they started to develop. South Korea received neraly $15bn from WB, and is now a leading donor to poorer states.
-There are 189 World Bank member states, which asserts its scope of influence.
World Bank: What are some criticisms of the WB?
-There are competing development banks. Asia Infrastructure and Investment Bank, created by China in 2016, has 103 members, and the New Development Bank was established in 2015 by the BRICS. The World Bank is therefore becoming less powerful.
-Its previous use of SAPs has, just as the IMF did, received criticism. It is suggested that these create ‘shock therapy’ economies, that have had a US economic model imposed on them.
-It is overwhelmingly dominated by the US, who carried 16% of the voting power (in accordance with the amount that they contribute). Every President has been a US citizen.
World Bank: Give some of its successes.
-World Bank has been repsonsible for major infrastructure projects in the developing worls. 2011-8, IDA finances the immunisation of 274m children, and provided better access to clean water for 86m.
-Projects focus on lending directly to local communities (CDCs), and from 2010-2015, the IDA completed 90 projects, responsible 164,000 local projects, reaching 176m people.
-Gender equality strategy means it encourages female education & opportunities. In sub-Saharan Africa, girls attending primary school rose from 76.1% in 2000 to 95% in 2017.
World Bank: What are some of its failures.
-2004-2013, SAPs led to the ‘involuntary resettlement’ of 3.4m people.
-If developing countried adopt free-market principles too soon, they tend to end up with a kind of necolonial dependency.
-World Bank encourages the export of ‘cash crops’ by developing countries, which have prices set by transnational coorporations, and leaves them in a state of dependency.
WTO: What was the GATT?
-Founded in 1947, signed by 23 founding nations after the Bretton Woods Conference.
-Aimed to agree to a set of international trade rules, where tarrifs on goods would be reduced.
-By 1995, GATT had >100 states, and had reduced tariffs on goods, amounting to $300bn.
WTO: What is the key aim of the WTO?
-Remove barriers on trade in both goods & services, through reducing tarrifs to an agreed level (ie 10% on imported care) & imposing quotas on the amount of imports of particular goods.
-Sets out rules by which states trade.
WTO: Is the WTO binding in all cases?
-States are at liberty to set up their own separate trade agreements, outside of the WTO, but if they do not do this, they are restricted by the WTO’s rules.
-The UK & EU, for example, have their own trade agreement signed outside of the WTO, in 2020. However, they do not have a free trade agreement with, for example, Australia, and so operate within the framework of the WTO.
WTO: What else does the WTO do?
-Checks states are following trade agreements.
-Resolves trade disputes between states, to avoid them engaging in unilateral trade wars.
-Produces research on global trade & economic policy.
WTO: What is membership like?
-Has 166 members, which accounts for 97% of world trade.
-Most recent member is Timor-Leste, but the process through which countries join can take a long time- Algeria applied in 1987, and still is not a full member.
-The EU operates slightly differently, and is instead acts and entire, unified block of states. All EU members are WTO members
WTO: How are decisions made in the WTO? What are their 6 key principles?
-Meets every 2 years, and decisions are made by consensus, and are binding, (this makes decisions very slow).
-Non-discrimination, More Open, Predicatable and Transparent, More Competitive, More benefits for less developed countried, Protection of the environment.
WTO: Give some examples of GATT/WTO rounds of agreement.
-Doha Round (2001-date). This is the most recent round, and is still technically in process. The WTO has effectively become defunct, and has not met since, as a unanimous agreement cannot be made.
-Kennedy Round (1962-7). Expanded on the removal of tariff barriers, worth $40bn. This was also the first round in which they discussed something other than tariff (states dumping cheap products on developing states).
WTO: What are some positives of the WTO?
-Doha Round, where they did agree improvements to customs procedures.
-GATT, 1947, 45,000 tariffs were removed, impating $10bn worth of trade.
-Uruguay round, involved 123 countries, and formally created the WTO.
-In 1950, value of global trade was $296bn, and, by 2018, it had reached $19.5tr.
-In spite of 2008, WTO members didn’t resport to protectionist tariffs.
-According to democratic peace thesis, greater free trade = less conflict (which has been somewhat accurate).
WTO: What are some negatives of the WTO?
-Doha Round aimed to improve developing countries’ access to global markets (particularly agricultual). This included reductions in government agricultural subsidies (of up to 75%). This has led to massive division, & it has become gridlocked.
-Critics argue that powerful nations block developing nations & attempt to preserve the status quo.
-Doha Round was effectively abandoned without agreement in 2015.
-WTO cannot make decisions quickly, and Ministerial Conferences are not frequent enough to keep up.
-States are increasingly signing trade deals outside of the WTO, like the Agreement for Trans-Specific Partnership.
-It has also struggled to cope with the problems between China & US. 2018-9, Trump imposed $550bn tariffs on goods, and China retalliated with $185bn.
G7: What is it? What is membership like? What are some criticisms about this?
-An informal forum, founded in 1975, after a gathering of financial ministers in Paris. Originally involved France, Italy, Japan, UK, US, & West Germny. Canada then joined in 1976.
-Russia joined in 1997, making it the G8. However, after the annexation of Crimea in 2014, they were removed.
-Doesn’t involve some major powers, like China.
G7: What are some G7 agendas and outcome (of 2021)?
-Covid-19 Pandemic Response: They committed 1bn vaccine doses from 2021-2, having previously provided 2bn at its start.
-Covid-19 Economic Recovery: Committed to a tax system that is ‘fair’ across the world, including max corporation tax of 15%.
-Climate Change: Reaffirmed committment to limiting global temp rises to 1.5°C & net zero by 2050.
-Rule of Law & Democracy: G7 pledged $2.75bn over 5yrs to Global Partnership for education.
G7: How is the G7 different to IGOs?
-Has no formal rules.
-Can invite states, IGOs, & NGOs to meetings at member’s liberty.
-Decisions taken are not binding, & rely on the individual will of participating states.
-No defined objectives, and it is essentially a forum.
-Presidency rotates around member states
G7: What are some successes?
-Not seen as as much of a threat as IGOs, as it doesn’t hinder a state’s sovereignty.
-Enabled Russia to join the WTO in 2012.
-2007-> Gleneagles Summit, States agreed to the cancellation of debts of heavily indebted, poor countries ($40bn owed by 18 countries).
-Only includes a small number of states, preventing a gridlock in decision making, unlike the WTO etc.
G7: What are some criticsms?
-Membership is outdated, as upcoming economic powers are excluding (most notably the BRICS).
-The Trump Administration led to a divided G7, undermining its unity.
-Tends to be dominated by the issues of the moment (like covid), leaving little room for any major break throughs.
-Meets less frequently, so it acts in bursts, inconsistently.
-As its made up of like-minded states, there tends to be easy agreement, so there is no differing opinion, and few calls for change.
-Virtually no accountability, as there is nothing checking that states deliver on the commitments they made.
G7: How does the 2018 Quebec summit exemplify the divided G7?
-Trump & the other leaders were very divided on many issues (climate change, international trade, Iran, and the Novichok poisonings in Salisbury).
-Trump left the summit early, and withdrew his support for the closing statement. This was the first time in the history of the group that a member had not been willing to give its support to the closing statement.
-Main disagreement was about the 25% US tariffs on steel, arguing that “the US has been taken advantage of for decades… the piggy bank that everyone keeps robbing.”
G20: What are its origins & aims?
-Created 1999 as a means of expanding the G7/8 to include a wider group of industrialised states and emerging economic powers.
-Aims to be “An informal forum that promoted open and constructive discussion between industrial and emerging-market countries on key issues related to global economic stability.”
-It began as a meeting of the states finance ministers and heads of national central banks. But the time of the 2008 global crisis it had become the key annual forum for world leaders to discuss economic policy.
G20: What is its role, membership, and key features?
-Focuses on including emerging economic powers, as well as big powers.
-China is a key G20 member, as well as all the BRICS.
-Includes rising & established economies from every continent.
-Membership represents established & emerging economies, accounting for 2/3 of the world population, >4/5 of gross world product.
-Has key economic IGOs at its meetings, like EU & Bretton Woods Institutions.
-Has annual meetings, with rotating presidencies.
-Agenda is increasingly broad, like climate change & global terrorism.
G20: What are some factors that have made it a success?
-Balance between traditional, historic, & economic powers as well as emerging ones, making it more effective (than the G7).
-Membership includes states that don’t always agree with each other, allowin it to be a forum for dispute resolution (ie India has very different views on climate change to other).
-Partners w/ Bretton Woods Institutions, G20 brings in key regional orgs too.
-Includes non-economic matters, providing another forum for dispute resolution & influence.
-Takes decisive action on economic & non-economic agreeing that states would put money towards banks.
G20: What are some criticisms?
-Meetings have often been a focus for anti-capitalist protests. Often criticised for prioritising needs of member states and defending global capitalism.
-Diversity has caused divisions especially between the US & and its allies, and Russia/China. It has become worse for this in recent years.
-It is an exclusive club with no transparent criteria for membership.
-Communiques have been criticised for being watered down.
-States can not be accountable for the decisions or actions they agree at G20 summits.
G20: What happened at the 2023 Summit?
Hosted in New Delhi, and Russia/Ukraine was a major issue.
-While they agreed that states couldn’t grab territory by force, there was no direct criticisms of Russia, unlike the year before.
-Also, the African Union became a permanent member of the G20, like the EU. This has modernised the group, and finally provided the Global South with a proper voice.
-There was also discussion about new trade links & a continued commitment to renewable energy by 2030.
2008: Why has economic global governance been criticised for the 2008 crash?
-Firstly, the crash was a direct result of the lack of regulation over the banking sector, that enabled banks to take risky loans that would not be repayed.
-Also, the IMF is intended to forecast global economic trends, but predicted that in 2008, “World growth would continue to be strong.”
-However, there has also been criticism towards the global imbalance of power. China’s currency surplus meant that they were easily able to lend to the US, which was running a large deficit.
2008: What did economic global governance do in response to the crisis?
-G20 provided an essential means for economic powers to resolve the crisis. The London G20 summit, 2009, saw states take important decisions to inject capital into their banking systems. The UK government, for example, placed the Royal Bank of Scotland under private ownership.
-IMF lent up to $700bn to affected states, like Greece, Portugal, and Spain. The IMF also required states to donate more IMF funds, creating a ‘firewall’ against future crises.
-World Bank tripled its lending, largely to middle-income states.
P&D: What are the three UN definitons of poverty?
-Extreme Poverty- A person who earns less than $1.90 a day. A measure for a persons ability to meet their basic needs.
-Relative Poverty - A measure against the average incomes of people in that society. 10 million households in the UK fall into this category.
-Multi-Dimensional Poverty - Looks beyond income and considers the standard of living (access to drinking water, sanitation, electricity)as well as health & education.
P&D: What progress has been made on reduing poverty so far?
-Percentage of the world living in extreme poverty declined rapidly between 2010 & 2015, dropping from 15.7% to 10%.
-However, the UN reported that this has slowed due to the impact of Covid (between 2015-2022, reduced to only 8%).
-The impact of Covid was expected to result in an additional 77m people living in extreme poverty & slowed the reduction. It led to the first rise in extreme poverty since 1998, and progress returned to 2017 levels.
P&D: What is the orthodox view of development? Why has it been criticised?
-Orthodox focuses on advancing economic growth. An economy that is productive, and generates revenue. They normally use GDP as a measure of development. It is related to neoliberal thinking, and neoclassical economic theory.
-This has been criticised as it fails to cosider the share of wealth across society. Essentially, it doesn’t recognise that the economy can boom, while people live in poverty.
P&D: What are alternative views of development? What are the links between human rights & economic global governance?
-Alternative focuses on human development, and wellbeing. They generally use the Human Development Index or Multi-Dimensional Poverty Index to evaluate the extent of development.
-Also emphasises the importance of secure human rights, and democracy to a developed state. This focuses on sustainable development, and considers a wide range of factors.
-Development work is increasingly focused on builiding human rights and democracy, as they recognise that “Development requires the removal of major sources of unfreedom” (Amartya Sen, Development as Freedom).
-The UN estimates that 68.5m people left their homes due to human rights violations.
P&D: What are some liberal & realist views on economic development?
-R: Debt relief encourages states to continue to mismanage their resources.
-R: States only help other states if it is in their own interest. They should put their own economic development first.
-R: Aid makes states dependent on other nations’ funds and skills.
-L: IGOs have a key role in coordinating the efforts of the international community, through MDGs etc.
-L: Aid can empower developing states, through microfinance initiatives, and enables them to invest in their own development.
-L: Developed states have a responsibility to help less developed states, and its in global interest to help them.
P&D: Give some evidence that there is a North South Divide
-States in the South that have industrialised rapidly still have considerable poverty. In India, for example, 1% of the population make up 20% of the economy.
-The Bretton Woods Institutions were created purely for the benefit of the Global North. The IMF, for example, pushes a neoclassical model that benefits the north.
-MNCs in the Global North continually exploit states in the South. The dumping of cheap labour in Africa, (ie Peugot) has created dependency culture, and a form of neo-colonialism.
P&D: Give some evidence that there is not a North South Divide.
China, which is in the Global South, has the most dramatic economic growth, and is projected to be the largest economy by 2030.
-Global South is involved in economic global governance, notably through the G20.
-Many states in the South have industrialised, BRICS, Malaysia/Singapore.
-High income Northern States made up 2/3 of CO2 emissions since 1850s, but by 2005, China was the largest emittor of greenhouse gases.
P&D: Discuss the case study of Somalia.
-Somalia = fragile state, in conflict since early 1990s.
-In Somalia, 12.3m of the 15.5m people are “acutely vulnerable” and suffer from food insecurity (droughts in 2011 + 2017 led to the deaths of 260,000).
-The IMF & WB have agreed a series of economic reforms to put Somalia towards reducing foreign debt from $5bn to $500m.
P&D: What does Neo-liberalism & Neo-classical development theory argue?
-Economies should be as free as possible from government intervention, in order to have economic development.
-Market will regulate itself through a laissez-faire approach.
-This led to development of Keynesianism.
-Neo-liberalism has become the economic strategy of the Bretton Woods Institutions, which use SAPs to reinforce it.
-These policies, though, has led to greater inequality within states, and underinvestment in public services.
-However, low taxes etc makes them appealing to businesses.
P&D: What is World Systems and Dependency theory?
-Looks at overall structures & systems not individual countries. Colonialism & neo-colonisalism locks states into dependency.
-This includes a Marxist critique on Capitalism, stating that workers in poorer states are exploited by the elite, which exacerbates inequalities.
-The world is made up of core states (highly industrialised, largely northern states, ie US), Periphery states (underdeveloped & poor, ie DRC), and semi-periphery states (South Africa).
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Non-State: What has UNICEF done? UNDP? What are SDGs?
-UNICEF works in 190 countries, on development projects for clean water, food etc.
-UNDP is the lead agency for the implementation of the SDGs.
-Successor to the MDGs, introduced in 2015. They aim to ensure that the needs of today do not risk that of tomorrow.
-Introduced in 2005, to help states coordinate their efforts towards development. They provide guidance for states as to how they should prioritise development activities.
Non-State: What are the MDGs? Give some successes & failures.
-Introduced in 2005, to help states coordinate their efforts towards development. They provide guidance for states as to how they should prioritise development activities.
Success:
-Extreme poverty halved (1.9bn in 1990 -> 836m in 2015).
-Increase in primary school enrollment from 83% in 2000 to 91% in 2015.
-Child mortality halved (90 to 43 in 1,000) from 1990-2015.
Failure:
-Economic development in China has been responsible for eradicating poverty, not MDGs, and progress elsewhere has been minimal.
-They missed their target of halving those suffering from hunger
Non-State: What have NGOs done?
-Millions of NGOs exist, and over 5,000 attend ECOSOC.
-Red Cross has an expenditure of $2bn per annum, and are in 100 countries, with 18,000 staff.
-Save The Children spent $271m on projects in 2019, and recieved £131m from the EU & UK goverments.
-Red Cross also gave humanitarian aid in Syrian + Iraqi conflicts.
Non-State: What have MNCs done?
-Create jobs and tax revenue to keep unemployment low, and provide funding for public spending.
-However, there are some debates about the extent to which they should be free within the maret.
-Many have bargaining power over states, forcing them to make economic changes in the interest of business, not of the people.
-OECD estimates that $100-250bn is lost annually in MNCs avoiding corporate taxes.
-However, Apple’s operations in India have invested in renewable energy projects.
