Globalization has led to the emergence of a global marketplace with falling barriers to cross-border trade. This has created the need for global institutions to help regulate international business. The document discusses ethics and social responsibility issues that multinational corporations face, such as corruption, working conditions, and environmental impact. It provides examples of controversies involving Shell in Nigeria and Union Carbide in India. Philosophical approaches to business ethics like utilitarianism, rights theories, and justice theories are also examined.