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Localizing in the Global Village : LOCAL FIRMS COMPETING IN GLOBAL MARKETS

A tourist seeking the authentic Moscow laments that Arbat street is no longer recognizable with its new architecture of Pizza Hut, McDonald's, Benetton, and French Perfumerie storefronts. Cities around the world have traffic-congested streets packed with Toyotas and BMWs, whole sides of buildings painted with Marlboro and Coca-Cola advertisements, and look-alike American-style shopping malls filled with Sony, Swatch, and Levi's. Advertising, cinema, and television project these images to the most remote parts of the globe. The world political economy of capitalism, global transport, communication, marketing, advertising, and transnational cosmopolitanism dissolve the boundaries across national cultures and national economies. The major agents of this global arena are transnational corporations (TNCs) that operate wherever opportunities arise within the global market. This article examines how local corporations (LCs) can compete with TNCs, in both home and foreign markets.