International oil corporations in the era of globalization: Third world experience challenges and opportunities

Abstract

Globalization presents a situation which is much more complex than mere de-bordering or "international integration." The web of powerful transnational non-state entities including inter-state organizations of various denominations and international business corporations (IBCs) is prime indicator of the move in the world order beyond traditional, state centered system of organization. But, the control mechanisms ensuring accountability and responsibility under international law have not kept pace with these Post-West phalian developments. The experience of resource curse is a grave reality for many of the natural resource exporting nations, primarily encompassing countries in Asia, Africa and South America, bringing to the fore deep economic asymmetries between Global North and the Global South. Various economic, environmental, social and political dimensions of resource curse have been extensively observed and studied in case of low income, primarily oil export dependent countries, where large scale oil extraction activities are conducted by economically and politically powerful international oil corporations (IOCs).