This article details a spate of global mergers and deal making, primarily between European and American conglomerates. It points out that in the global marketplace, Europe and America are currently the leaders. Citing data from Morgan Stanley Capital International, which ranked 2,700 companies in 22 countries, the U.S. now accounts for ônearly half of the worldÆs leading companies -- nearly 480 -- up 33 from last year [1997]ö (Weber, 1998, 52).
At the same time, European companies made up more than one-third of the list with 350 companies. The cross-border deals include all industry sectors from autos to telecoms, with much of the merger mania taking place in telecoms.
This confirms much of the class discussion and assigned readings that suggest that the globalization of world commerce is a fact rather than a theory.
The entrepreneurial enterprise, which accounts for much American job creation, is now becoming an established fact in Europe. The primary case is TelePizza, a decade old pizza delivery service in Spain that has grown from an $80,000 investment to a $260 million operation and is one of EuropeÆs largest employers.
The entrepreneurial startup is seen as one of the most valid ways to deal with EuropeÆs dwindling job market . Quoting a study conducted by EuropeÆs 500 Association, ô...both service companies and small-scale manufacturers are providing entry-level jobs needed to combat EuropeÆs 11 percent jobless rate. Moreover, they arenÆt just clustered around tech zones such as Munich but are dotted across the Continentö (Flynn, Dawley, Baker & Edmondson, 1998).
The growth in entrepreneurship suggests that the American vision of small-business success has become a valuable ôexportö and that its track record of establishing both new jobs and new wealth is a business model that can
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