Misplaced Pages

#967032

111-575: Sidley Austin LLP is an American multinational law firm with approximately 2,300 lawyers in 21 offices worldwide. It was established in 1866 and its headquarters is at One South Dearborn in Chicago 's Loop . It is one of the largest law firms in the world in terms of revenue. Among its alumni are former President Barack Obama and former First Lady Michelle Obama as well as Vice President-Elect J.D. Vance . In 1866, Norman Williams and John L. Thompson founded

222-499: A 2019 "Litigation Department of the Year" finalist by The American Lawyer . The firm is distinguished for its securities practice and its international trade practice, both of which have consistently ranked first in the respective specialty rankings of Chambers and Partners . The trade group represents the Airbus /European Communities side in the ongoing WTO dispute with Boeing /US. The group

333-547: A base for U.S. defense against German submarines due to its prime location on the southern coast of Florida. This brought an increase in Miami's population; 172,172 people lived in the city by 1940. The city's nickname, The Magic City , came from its rapid growth, which was noticed by winter visitors who remarked that the city grew so much from one year to the next that it was like magic. After Fidel Castro rose to power in Cuba following

444-766: A basis in a national ethos , being ultimate without a specific nationhood, and that this lack of an ethos appears in their ways of operating as they enter into contracts with countries that have low human rights or environmental standards . In the world economy facilitated by multinational corporations, capital will increasingly be able to play workers, communities, and nations off against one another as they demand tax, regulation and wage concessions while threatening to move. In other words, increased mobility of multinational corporations benefits capital while workers and communities lose. Some negative outcomes generated by multinational corporations include increased inequality , unemployment , and wage stagnation . Raymond Vernon presents

555-498: A corporation invests in a country in which it is not domiciled, it is called foreign direct investment (FDI). Countries may place restrictions on direct investment; for example, China has historically required partnerships with local firms or special approval for certain types of investments by foreigners, although some of these restrictions were eased in 2019. Similarly, the United States Committee on Foreign Investment in

666-429: A free market system where there is little government interference. As a result, international wealth is maximized with free exchange of goods and services. To many economic liberals, multinational corporations are the vanguard of the liberal order. They are the embodiment par excellence of the liberal ideal of an interdependent world economy. They have taken the integration of national economies beyond trade and money to

777-441: A gang of white men with torches marched through the neighborhood and warned the residents to move or be bombed. Miami prospered during the 1920s with an increase in population and development in infrastructure as northerners moved to the city. The legacy of Jim Crow was embedded in these developments. Miami's chief of police at the time, H. Leslie Quigg , did not hide the fact that he, like many other white Miami police officers,

888-607: A large residential population. Brickell Avenue has the largest concentration of international banks in the United States. Just northwest of Downtown is the Health District , which is Miami's center for hospitals, research institutes and biotechnology , with hospitals such as Jackson Memorial Hospital , Bascom Palmer Eye Institute , and the University of Miami 's Miller School of Medicine . The southern side of Miami includes

999-487: A million troops to help, and by February 1991, Iraqi forces were expelled from Kuwait. Due to the oil boycott from Kuwait and Iran, oil prices rose and quickly recovered. Saudi Arabia once again led OPEC, and thanks to assistance in defending Kuwait, new relations emerged between the USA and OPEC. Operation "Desert Storm" brought mutual dependence among the main oil producers. OPEC continued to influence global oil prices but recognized

1110-497: A variety of other religions have smaller followings; atheism or no self-identifying organized religious affiliation was practiced by 21%. There has been a Norwegian Seamen's church in Miami since the early 1980s. In November 2011, Crown Princess of Norway Mette-Marit opened a new building for the church. The church was built as a center for the 10,000 Scandinavians that live in Florida. Around 4,000 of them are Norwegian . The church

1221-485: A warm ocean current , runs northward just 15 miles (24 km) off the coast, allowing Miami's climate to stay warm and mild all year. The surface bedrock under the Miami area is called Miami oolite or Miami limestone. This bedrock is covered by a thin layer of soil, and is no more than 50 feet (15 m) thick. Miami limestone formed as the result of the drastic changes in sea level associated with recent glacial periods , or ice ages . Beginning some 130,000 years ago,

SECTION 10

#1732858646968

1332-506: A wealthy Cleveland native, was the original owner of the land upon which Miami was built. In the late 19th century, the area was known as "Biscayne Bay Country", and reports described it as a promising wilderness and "one of the finest building sites in Florida". The Great Freeze of 1894–1895 hastened Miami's growth, as the crops there were the only ones in Florida that survived. Julia Tuttle subsequently convinced railroad tycoon Henry Flagler to extend his Florida East Coast Railway to

1443-656: Is 45 °F (7 °C) in December 1989 during the December 1989 United States cold wave . The coldest maximum temperature average between 1991 and 2020 stood at 59 °F (15 °C). The warmest overnight low measured is 84 °F (29 °C) on several occasions. The stability of summer overnight lows is underlined by the mean maximum annual overnight low of just one degree lower. Hurricane season officially runs from June 1 to November 30, although hurricanes can develop beyond those dates. The most likely time for Miami to be hit

1554-835: Is also an important place for the 150 Norwegians that work at Walt Disney World in Central Florida. In a 2022 Point-In-Time Homeless Count, there were 3,440 homeless people in Miami-Dade County, 970 of which were on the streets. In the city limits of Miami, there were 591 unsheltered homeless people on the streets, up from 555 in 2021. According to National Immigration Forum , the top countries of origin for Miami's immigrants are Latin America (86%): Cuba (741,666), Haiti (213,000), Colombia (166,338), Jamaica (144,445); Europe (6.1%): United Kingdom (23,334), Germany (15,611), Italy (14,240) and Asia (5.2%): India (23,602), China (21,580) and

1665-423: Is by far the largest urban economy in Florida, with a 2017 gross domestic product of $ 344.9 billion. In a 2018 UBS study of 77 world cities, Miami was the third-richest city in the U.S. and the third-richest globally in purchasing power . Miami is a majority-minority city with a Hispanic and Latino population of 310,472, or 70.2 percent of the city's population, as of 2020. Downtown Miami has among

1776-537: Is during the peak of the Cape Verde season, which is mid-August to the end of September. Although tornadoes are uncommon in the area, one struck in 1925 and another in 1997 . Around 40% of homes in Miami are built upon floodplains and are considered as flood-risk zones. Miami falls within the Department of Agriculture's 10b/11a plant hardiness zone . Miami is one of the major coastal cities and major cities in

1887-642: Is mostly composed of high-rise residential towers and is home to the Adrienne Arsht Center for the Performing Arts . Wynwood is an art district with ten galleries in former warehouses, as well as a large outdoor mural project. The wealthier residents of Miami usually live in the Design District and the Upper Eastside , which has many 1920s homes as well as examples of Miami Modern architecture in

1998-410: Is often handled through international arbitration . The actions of multinational corporations are strongly supported by economic liberalism and free market system in a globalized international society. According to the economic realist view, individuals act in rational ways to maximize their self-interest and therefore, when individuals act rationally, markets are created and they function best in

2109-417: Is one of the highest-paying companies in the U.S. (with a base salary of $ 225,000 for first year associates and $ 435,000 for eighth year associates; equity partners saw a profit per partner of more than $ 3.0 million in 2020). Sidley maintains offices in 21 cities worldwide, with the most recent addition being Miami in 2022. Sidley has received the most First-Tier National Rankings a total of eight times since

2220-865: Is usually a large corporation incorporated in one country that produces or sells goods or services in various countries. Two common characteristics shared by MNCs are their large size and centrally controlled worldwide activities. MNCs may gain from their global presence in a variety of ways. First of all, MNCs can benefit from the economy of scale by spreading R&D expenditures and advertising costs over their global sales, pooling global purchasing power over suppliers, and utilizing their technological and managerial experience globally with minimal additional costs. Furthermore, MNCs can use their global presence to take advantage of underpriced labor services available in certain developing countries and gain access to special R&D capabilities residing in advanced foreign countries. The problem of moral and legal constraints upon

2331-505: The 1950 census . This made it Florida's largest city, a title it retained until the Jacksonville Consolidation , when the city of Jacksonville absorbed most of Duval County , nearly tripling its population. Since then, Miami has retained its spot as Florida's second-largest city. Throughout the latter half of the twentieth century, Miami experienced a certain amount of stagnation in its population, with expansion slowing during

SECTION 20

#1732858646968

2442-809: The Dutch East India Company (VOC) founded in 1602. In addition to carrying on trade between Great Britain and its colonies, the British East India Company became a quasi-government in its own right, with local government officials and its own army in India. Other examples include the Swedish Africa Company founded in 1649 and the Hudson's Bay Company founded in 1670. These early corporations engaged in international trade and exploration and set up trading posts. The Dutch government took over

2553-670: The Federal Trade Commission . In 1972, the firm merged with the 50 lawyers of Chicago firm Leibman, Williams, Bennett, Baird & Minow. Additional offices were then established in London, Los Angeles, Singapore and New York. Following the merger, Washington D.C. partner Day resigned and later sued the firm, In a 1974 lawsuit, Day alleged that the merger represented a "breach of fiduciary duty, breach of contract, fraud and misrepresentation, conspiracy, wrongful dissolution or ouster of co-partner and breach of partnership agreement." The suit

2664-601: The Revolution in 1959, many wealthy Cubans sought refuge in Miami, further increasing the city's population. Miami's national profile expanded dramatically in the 1970s, particularly in 1972. The region hosted both the Democratic and Republican National Conventions in the 1972 Presidential election . The Miami Dolphins also made history with their undefeated "perfect" season . The area's educational and cultural institutions also developed significantly in this period, positioning

2775-521: The Sangamonian Stage raised sea levels to approximately 25 feet (8 m) above the current level. All of southern Florida was covered by a shallow sea. Several parallel lines of reef formed along the edge of the submerged Florida plateau , stretching from the present Miami area to what is now the Dry Tortugas . The area behind this reef line was a large lagoon. Miami limestone formed throughout

2886-511: The Southeast after Atlanta , and the ninth-largest in the United States. With a population of 442,241 as of the 2020 census , Miami is the second-most populous city in Florida after Jacksonville . Miami has the third-largest skyline in the U.S. with over 300 high-rises , 61 of which exceed 491 ft (150 m). Miami is a major center and leader in finance, commerce, culture, arts, and international trade. Miami's metropolitan area

2997-563: The Tropic of Cancer , and proximity to the Gulf Stream shape its climate. Average winter high temperatures, from December to March, range from 76.4–80.3 °F (24.7–26.8 °C). January is the coolest month with an average daily temperature of 68.2 °F (20.1 °C). Low temperatures fall below 50 °F (10 °C) about 3 to 4 nights during the winter season, after the passage of cold fronts that produce what little rainfall that falls in

3108-530: The World Trade Center on floors 54 and 56-59. In 1985, U.S. Solicitor General Rex E. Lee founded Sidley Austin's Appellate Practice Group to represent clients in all appellate courts, including the United States Supreme Court, the federal courts of appeals, and state appellate and supreme courts. Following Lee's death, the group was led by Carter Phillips, who has argued more cases before

3219-570: The mainland of South Florida just above sea level . Beneath the plain lies the Biscayne Aquifer , a natural underground source of fresh water that extends from southern Palm Beach County to Florida Bay . It comes closest to the surface around the cities of Miami Springs and Hialeah . Most of the Miami metropolitan area obtains its drinking water from the Biscayne Aquifer. As a result of

3330-541: The 1950s and 1960s before nearly halting in the next three decades as suburbanization occurred. Miami grew by 34.3% in the 1950s and 1960s as its population reached 334,859 at the 1970 census . In the next three decades, it only grew 8.2%. By the time of the 2000 census , Miami's population stood at 362,470. In the 2000s and 2010s, spurred by high-rise construction in Downtown Miami, Edgewater, and Brickell, Miami's population began to grow quickly once more. An estimate by

3441-601: The 19th century, such as the Rio Tinto company founded in 1873, which started with the purchase of sulfur and copper mines from the Spanish government. Rio Tinto, now based in London and Melbourne , Australia, has made many acquisitions and expanded globally to mine aluminum , iron ore , copper , uranium , and diamonds . European mines in South Africa began opening in the late 19th century, producing gold and other minerals for

Sidley Austin - Misplaced Pages Continue

3552-492: The 2020 census, it was 52,447, only 11.7% of the population. Reasons for this include high costs in areas such as Liberty City and Little Haiti , compounded with gentrification . The non-Hispanic White population began to rebound in the twenty-first century, as the monolithically Hispanic areas in the Western and Central parts of Miami experienced population stagnation. This caused them to begin to be outweighed by migration into

3663-467: The American Community Survey found that the downtown population, from Brickell north to Midtown Miami, grew nearly 40% between 2010 and 2018. From 2000 to 2010, Miami's population grew by 10.2% and reached 399,457 in 2010. In the early 2010s, Miami's population crossed a milestone of 400,000 people. In the 2020 census , it had grown by a further 10.7%, up to a population of 442,241. In 1970,

3774-466: The Census Bureau reported Miami's population as 45.3% Hispanic, 32.9% non-Hispanic White, and 22.7% Black. Miami's explosive population growth has been driven by internal migration from other parts of the country, up until the 1960s. From 1970 to 2000, population growth in Miami was stagnant, as non-Hispanic White Miamians left and significant immigration from Latin America, particularly Cuba , made up

3885-494: The Downtown region, from Latin America and the rest of the United States. This caused the non-Hispanic White population to rise from a nadir of 11.8% at the time of the 2000 census to 11.9% at the time of the 2010 census . After this, the non-Hispanic White population grew significantly faster than Miami as a whole did during the 2010s. In the 2020 census , non-Hispanic Whites were 14.0% of the population of Miami and numbered 61,829,

3996-546: The English language. Senior officials, although mostly still Swedish, all learned English and all major internal documents were in English, the lingua franca of multinational corporations. After the war, the number of businesses having at least one foreign country operation rose drastically from a few thousand to 78,411 in 2007. Meanwhile, 74% of parent companies are located in economically advanced countries. Developing and former communist countries such as China, India, and Brazil are

4107-557: The International Energy Agency (IEA), enabling states to coordinate policy, gather data, and monitor global oil reserves. In the 1970s, OPEC gradually nationalized the Seven Sisters. The Kingdom of Saudi Arabia, as the only largest world oil producer, could leverage this. However, Saudi Arabia opted for the correct approach and maintained consistent oil prices throughout the 1970s. In 1979, the "second oil shock" came from

4218-539: The MiMo Historic District. The northern side of Miami also has notable African-American and Caribbean immigrant communities, including Little Haiti , Overtown (home of the Lyric Theater ), and Liberty City . Miami has a tropical monsoon climate ( Köppen climate classification Am ) with hot and wet summers and warm and dry winters. Miami's sea-level elevation, coastal location, position just above

4329-519: The Miami area for around 2,000 years before contact with Europeans. A village of hundreds of people, dating to 500–600 BCE, was located at the mouth of the Miami River . It is believed that the entire tribe migrated to Cuba by the mid-1700s. In 1566, admiral Pedro Menéndez de Avilés , Florida's first governor, claimed the area for Spain . A Spanish mission was constructed one year later. Spain, and briefly Britain , ruled Florida until it ceded it to

4440-505: The Netherlands has become a popular choice, as its company laws have fewer requirements for meetings, compensation, and audit committees, and Great Britain had advantages due to laws on withholding dividends and a double-taxation treaty with the United States. Corporations can legally engage in tax avoidance through their choice of jurisdiction but must be careful to avoid illegal tax evasion . Corporations that are broadly active across

4551-545: The OLI framework. The other theoretical dimension of the role of multinational corporations concerns the relationship between the globalization of economic engagement and the culture of national and local responses. This has a history of self-conscious cultural management going back at least to the 60s. For example: Ernest Dichter, architect, of Exxon's international campaign, writing in the Harvard Business Review in 1963,

Sidley Austin - Misplaced Pages Continue

4662-646: The Perversion of Justice in America . In 2007, Sidley Austin agreed to pay $ 39 million as part of a settlement with the Internal Revenue Service. The settlement allowed the firm to avoid criminal charges of alleged fraudulent tax shelter activities. The previous year, Sidley and KPMG agreed to pay $ 54 million to investors who bought the shelters. Sidley Austin is the eleventh-largest U.S.-based corporate law firm, with approximately 2,000 lawyers and annual revenues of approximately three billion dollars. The firm

4773-564: The Supreme Court than any lawyer in private practice. Sidley & Austin was among several law firms caught up in the Savings & Loan Crisis and paid $ 7.5 million to settle legal malpractice claims stemming from its representation of the Lincoln Savings and Loan Association . Such legal work was profiled in the book by Ralph Nader and Wesley J. Smith, No Contest: Corporate Lawyers and

4884-458: The Third World colonies. That changed dramatically after 1945 as investors turned to industrialized countries and invested in manufacturing (especially high-tech electronics, chemicals, drugs, and vehicles) as well as trade. Sweden's leading manufacturing concern was SKF , a leading maker of bearings for machinery. In order to expand its international business, it decided in 1966 it needed to use

4995-636: The U.S. applies its corporate taxation "extraterritorially", which has motivated tax inversions to change the home state. By 2019, most OECD nations, with the notable exception of the U.S., had moved to territorial tax in which only revenue inside the border was taxed; however, these nations typically scrutinize foreign income with controlled foreign corporation (CFC) rules to avoid base erosion and profit shifting . In practice, even under an extraterritorial system, taxes may be deferred until remittance, with possible repatriation tax holidays , and subject to foreign tax credits . Countries generally cannot tax

5106-585: The U.S. in business activity, human capital, information exchange, cultural experience, and political engagement. Miami was named after the Miami River , derived from Mayaimi , the historic name of Lake Okeechobee and the Native Americans who lived around it. Miami is sometimes colloquially referred to as The 305 , Magic City , Gateway to the Americas , Gateway to Latin America , Capital of Latin America , and Vice City . The Tequesta tribe occupied

5217-527: The United States sanctions against Iran ; European companies faced with the possibility of losing access to the U.S. market by trading with Iran. International investment agreements also facilitate direct investment between two countries, such as the North American Free Trade Agreement and most favored nation status. Raymond Vernon reported in 1977 that of the largest multinationals focused on manufacturing, 250 were headquartered in

5328-506: The United States scrutinizes foreign investments. In addition, corporations may be prohibited from various business transactions by international sanctions or domestic laws. For example, Chinese domestic corporations or citizens have limitations on their ability to make foreign investments outside China, in part to reduce capital outflow . Countries can impose extraterritorial sanctions on foreign corporations even for doing business with other foreign corporations, which occurred in 2019 with

5439-609: The United States as the largest consumer and guarantor of the existing oil security order. Since the Iraq War, OPEC has had only a minor influence on oil prices, but it has expanded to 11 members, accounting for about 40 percent of total global oil production, although this is a decline from nearly 50 percent in 1974. Oil has practically become a common commodity, leading to much more volatile prices. Most OPEC members are wealthy, and most remain dependent on oil revenues, which has serious consequences, such as when OPEC members were pressured by

5550-461: The United States from 2010. The USA became the leading oil producer, creating tension with OPEC. In 2014, Saudi Arabia increased production to push new American producers out of the market, leading to lower prices. OPEC then reduced production in 2016 to raise prices, further worsening relations with the United States. By 2012, only 7% of the world's known oil reserves were in countries that allowed private international companies free rein; 65% were in

5661-644: The United States in 1821. In 1836, the U.S. built Fort Dallas on the banks of the Miami River as part of their development of the Florida Territory and their attempt to suppress and remove the Seminoles . As a result, the Miami area became a site of fighting in the Second Seminole War . Miami is noted as the only major city in the United States founded by a woman. Julia Tuttle , a local citrus grower and

SECTION 50

#1732858646968

5772-933: The United States that will be most affected by climate change . Globally, it is one of the most at-risk cities, according to a 2020 report by Resources for the Future . Global sea level rise , which in Miami is projected to be 21 inches (53 cm) to 40 inches (100 cm) by 2070, will lead to an increase in storm damage, more intense flooding, and will threaten Miami's water supply. Other potential impacts of climate change include higher hurricane wind speeds and severe thunderstorms, which can bring about hail or tornadoes. Some protective efforts are in place, including nourishing beaches and adding protective barriers, raising buildings and roads that are vulnerable, and restoring natural habitats such as wetlands . Miami Beach has invested $ 500 million to protect roads, buildings, and water systems. Real estate prices in Miami already reflect

5883-610: The United States, 115 in Western Europe, 70 in Japan, and 20 in the rest of the world. The multinationals in banking numbered 20 headquartered in the United States, 13 in Europe, nine in Japan and three in Canada. Today multinationals can select from a variety of jurisdictions for various subsidiaries, but the ultimate parent company can select a single legal domicile ; The Economist suggests that

5994-738: The VOC in 1799, and during the 19th century, other governments increasingly took over private companies, most notably in British India. During the process of decolonization , the European colonial charter companies were disbanded, with the final colonial corporation, the Mozambique Company , dissolving in 1972. Mining of gold, silver, copper, and oil was a major activity early on and remains so today. International mining companies became prominent in Britain in

6105-448: The West to the post-colonial South and invest either in foreign expenditures or ostentatious economic development projects. After 1974, most of the money from OPEC members ceased as payments for goods and services or investments in Western industry. In February 1974, the first Washington Energy Conference was convened. The most significant contribution of this conference was the establishment of

6216-627: The administration of President John F. Kennedy to establish the firm's Washington, D.C. office. Initial clients included the Advertising Mail Marketing Association. The DC office later represented the American Medical Association , American Bar Association and the International Minerals & Chemical Corporation. The firm developed strengths in antitrust and the representation of clients in front of

6327-457: The aquifer, it is not possible to dig more than 15 to 20 ft (5 to 6 m) beneath the city without hitting water, which impedes underground construction, though some underground parking garages exist. For this reason, the mass transit systems in and around Miami are elevated or at-grade . Most of the western fringes of Miami border the Everglades , a tropical marshland covering most of

6438-499: The area averages at around 6 ft (1.8 m) above sea level in most neighborhoods, especially near the coast. The highest points are found along the Miami Rock Ridge , which lies under most of the eastern Miami metro. The main portion of Miami is on the shores of Biscayne Bay, which contains several hundred natural and artificial barrier islands , the largest of which contains Miami Beach and South Beach . The Gulf Stream ,

6549-453: The area from the deposition of oolites and the shells of bryozoans . Starting about 100,000 years ago, the Wisconsin glaciation began lowering sea levels, exposing the floor of the lagoon. By 15,000 years ago, the sea level had dropped 300 to 350 feet (90 to 110 m) below the current level. The sea level rose quickly after that, stabilizing at the current level about 4,000 years ago, leaving

6660-402: The balance. Miami's Hispanic majority solidified itself in this period of time, and in 1985, Miami elected its first Cuban-born mayor, Xavier Suarez . The non-Hispanic Black population of the city of Miami peaked in 1990 at almost 90,000, making up nearly a quarter of the population of Miami. Since then, Miami's non-Hispanic Black population has experienced a precipitous and steady decline. In

6771-462: The behavior of multinational corporations, given that they are effectively "stateless" actors, is one of several urgent global socioeconomic problems that has emerged during the late twentieth century. Potentially, the best concept for analyzing society's governance limitations over modern corporations is the concept of "stateless corporations". Coined at least as early as 1991 in Business Week ,

SECTION 60

#1732858646968

6882-484: The city to service a larger and increasingly international population. Miami developed new businesses and cultural amenities as part of the New South in the 1980s and 1990s. At the same time, South Florida weathered social problems related to drug wars , immigration from Haiti and Latin America, and the widespread destruction of Hurricane Andrew . Racial and cultural tensions sometimes sparked, but Miami developed in

6993-457: The city's seaport, is the busiest cruise port in the world in both passenger traffic and cruise lines. The Miami metropolitan area is the second-most visited city or metropolitan statistical area in the U.S. after New York City , with over four million visitors in 2022. Miami has sometimes been called the "Gateway to Latin America" because of the magnitude of its commercial and cultural ties to Latin America . In 2022, Miami ranked seventh in

7104-519: The city's total population, 1.7% were German, 1.6% Italian, 1.4% Irish, 1.0% English, 0.8% French, 0.6% Russian, and 0.5% were Polish. In 2010, those of Asian ancestry were 1.0% of Miami's population. Of the city's total population, 0.3% were Indian / Indo-Caribbean (1,206 people), 0.3% Chinese/ Chinese Caribbean (1,804 people), 0.2% Filipino (647 people), 0.1% were other Asian (433 people), 0.1% Japanese (245 people), 0.1% Korean (213 people), and 0.0% were Vietnamese (125 people). In 2010, 1.9% of

7215-728: The collapse of the Shah's regime in Iran. Iran became a regional power due to oil money and American weapons. The Shah eventually abdicated and fled the country. This prompted a strike by thousands of Iranian oil workers, significantly reducing oil production in Iran. Saudi Arabia tried to cope with the crisis by increasing production, but oil prices still soared, leading to the "second oil shock." Saudi Arabia significantly reduced oil production, losing most of its revenues. In 1986, Riyadh changed course, and oil production in Saudi Arabia sharply increased, flooding

7326-650: The companies. This occurred in 1960. Prior to the 1973 oil crisis , the Seven Sisters controlled around 85 percent of the world's petroleum reserves . In the 1970s, most countries with large reserves nationalized their reserves that had been owned by major oil companies. Since then, industry dominance has shifted to the OPEC cartel and state-owned oil and gas companies, such as Saudi Aramco , Gazprom (Russia), China National Petroleum Corporation , National Iranian Oil Company , PDVSA (Venezuela), Petrobras (Brazil), and Petronas (Malaysia). A unilateral increase in oil prices

7437-510: The conception was theoretically clarified in 1993: that an empirical strategy for defining a stateless corporation is with analytical tools at the intersection between demographic analysis and transportation research. This intersection is known as logistics management , and it describes the importance of rapidly increasing global mobility of resources. In a long history of analysis of multinational corporations, we are some quarter-century into an era of stateless corporations—corporations that meet

7548-643: The creation of a "world customer". The idea of a global corporate village entailed the management and reconstitution of parochial attachments to one's nation. It involved not a denial of the naturalness of national attachments, but an internationalization of the way a nation defines itself. "Multinational enterprise" (MNE) is the term used by international economist and similarly defined with the multinational corporation (MNC) as an enterprise that controls and manages production establishments, known as plants located in at least two countries. The multinational enterprise (MNE) will engage in foreign direct investment (FDI) as

7659-476: The current largest and most influential companies are publicly traded multinational corporations, including Forbes Global 2000 companies. The history of multinational corporations began with the history of colonialism . The first multi-national corporations were founded to set up colonial "factories" or port cities. The two main examples were the British East India Company founded in 1600 and

7770-494: The date summer ended ranged from September 24 to November 1, with a median date of October 17. During summer, temperatures range from the mid-80s to low 90s °F (29–35 °C) and are accompanied by high humidity. The heat is often relieved in the afternoon by thunderstorms or a sea breeze that develops off the Atlantic Ocean. Much of the year's 61.9 inches (1,572 mm) of rainfall occurs during this period. Dew points in

7881-609: The debate from a neo-liberal perspective in Storm over the Multinationals (1977). Miami Miami , officially the City of Miami , is a coastal city in the U.S. state of Florida and the county seat of Miami-Dade County in South Florida . It is the core of the Miami metropolitan area , which, with a population of 6.14 million, is the second-largest metropolitan area in

7992-481: The firm makes direct investments in host country plants for equity ownership and managerial control to avoid some transaction costs . Sanjaya Lall in 1974 proposed a spectrum of scholarly analysis of multinational corporations, from the political right to the left. He put the business school how-to-do-it writers at the extreme right, followed by the liberal laissez-faire economists, and the neoliberals (they remain right of center but do allow for occasional mistakes of

8103-418: The first day that occurs, or within a few days later. Daily rainfall in Miami decreases sharply when the average daily dew point falls to 70 °F (21 °C) or below. In some years, a stalled front to the south of the Florida peninsula may cause rains to continue for a few more days. From 1956 to 1997, the date summer began ranged from April 16 to June 3, with a median date of May 21. In those same years,

8214-515: The former Coconut Grove Playhouse , CocoWalk , and the Coconut Grove Convention Center . It is home to many nightclubs , bars, restaurants, and bohemian shops, which makes it very popular with local college students . Coconut Grove is known for its many parks and gardens, such as Vizcaya Museum , The Kampong , The Barnacle Historic State Park , and numerous other historic homes and estates. The western side of Miami includes

8325-416: The hands of state-owned companies that operated in one country and sold oil to multinationals such as BP, Shell, ExxonMobil and Chevron. Down through the 1930s, about 80% of the international investments by multinational corporations were concentrated in the primary sector, especially mining (especially oil) and agriculture (rubber, tobacco, sugar, palm oil , coffee, cocoa, and tropical fruits). Most went to

8436-1049: The highest number since the 1980s. The non-Hispanic White population of Miami surpassed the non-Hispanic Black population of Miami in the 2010s. In 2010, 34.4% of city residents were of Cuban origin, 15.8% had a Central American background (7.2% Nicaraguan , 5.8% Honduran , 1.2% Salvadoran , and 1.0% Guatemalan ), 8.7% were of South American descent (3.2% Colombian, 1.4% Venezuelan , 1.2% Peruvian , 1.2% Argentine , 1.0% Chilean and 0.7% Ecuadorian ), 4.0% had other Hispanic or Latino origins (0.5% Spaniard ), 3.2% descended from Puerto Ricans , 2.4% were Dominican , and 1.5% had Mexican ancestry. In 2010, 5.6% of city residents were West Indian or Afro-Caribbean American origin (4.4% Haitian , 0.4% Jamaican , 0.4% Bahamian , 0.1% British West Indian , and 0.1% Trinidadian and Tobagonian , 0.1% Other or Unspecified West Indian ), 3.0% were Black Hispanics , and 0.4% were Subsaharan African origin. In 2010, those of (non-Hispanic white) European ancestry were 11.9% of Miami's population. Of

8547-757: The inception of the U.S. News & World Report Best Law Firms Survey in 2010. The 2020 U.S. News Survey also named Sidley as the "Law Firm of the Year" in FDA Law and Securities Litigation. As of 2019, it was the eighth largest law firm in the world (and sixth in the US) by revenue. The firm frequently appears at the top of various industry rankings. In 2020, the BTI Consulting Group named Sidley to its BTI Client Service A-Team—one of only three law firms to rank in BTI's Client Service Top 30 for 19 consecutive years. The firm earned

8658-504: The increase in prices for real estate at a higher elevation within the city compared to real estate at a lower elevation. Miami is the largest city in South Florida , the second-largest city in Florida , and is the anchor of the largest metropolitan area in Florida: the Miami metropolitan area , which has over 6 million residents. Despite Miami being home to less than a fourteenth (1/14) of

8769-566: The international oil market. Iran was unable to sell any of its oil. In August 1953, the then-prime minister was overthrown by a pro-American dictatorship led by the Shah, and in October 1954, the Iranian industry was denationalized. Worldwide oil consumption increased rapidly between 1949 and 1970, a period known as the 'golden age of oil'. This increase in consumption was caused not only by the growth of production by multinational oil companies but also by

8880-415: The internationalization of production. For the first time in history, production, marketing, and investment are being organized on a global scale rather than in terms of isolated national economies. International business is also a specialist field of academic research. Economic theories of the multinational corporation include internalization theory and the eclectic paradigm . The latter is also known as

8991-615: The largest concentrations of international banks in the U.S. and is home to several large national and international companies. The Health District is home to several major University of Miami -affiliated hospital and health facilities, including Jackson Memorial Hospital , the nation's largest hospital with 1,547 beds, and the Miller School of Medicine , the University of Miami's academic medical center and teaching hospital, and others engaged in health-related care and research. PortMiami ,

9102-460: The largest recipients. However, 70% of foreign direct investment went into developed countries in the form of stocks and cash flows. The rise in the number of multinational companies could be due to a stable political environment that encourages cooperation, advances in technology that enable management of faraway regions, and favorable organizational development that encourages business expansion into other countries. A multinational corporation (MNC)

9213-449: The latter half of the 20th century as a major international, financial, and cultural center. It is the second-largest U.S. city with a Spanish-speaking majority (after El Paso, Texas ), and the largest city with a Cuban-American plurality. Miami and its suburbs are located on a broad plain between the Everglades to the west and Biscayne Bay to the east, which extends from Lake Okeechobee southward to Florida Bay . The elevation of

9324-573: The law firm of Williams & Thompson in Chicago, Illinois. William Pratt Sidley, who had joined the firm in 1892, was added to the firm's name in 1900 when it was renamed Holt, Wheeler & Sidley. Edwin C. Austin joined the firm in 1914. Among the firm's first clients were the Pullman Company , the manufacturer of specialty sleeping railway cars, as well as Western Electric and Illinois Steel . In 1963, former postmaster general J. Edward Day left

9435-474: The laws and regulations of both their domicile and the additional jurisdictions where they are engaged in business. In some cases, the jurisdiction can help to avoid burdensome laws, but regulatory statutes often target the "enterprise" with statutory language around "control". As of 1992 , the United States and most OECD countries have the donot legal authority to tax a domiciled parent corporation on its worldwide revenue, including subsidiaries. As of 2019 ,

9546-488: The market with cheap oil. This caused a worldwide drop in oil prices, hence the "third oil shock" or "counter-shock." However, this shock represented something much bigger—the end of OPEC's dominance and its control over oil prices. Iraqi President Saddam Hussein decided to attack Kuwait. The invasion sparked a crisis in the Middle East, prompting Saudi Arabia to request assistance from the United States. The United States sent

9657-531: The marketplace such as externalities). Moving to the left side of the line are nationalists, who prioritize national interests over corporate profits, then the "dependencia" school in Latin America that focuses on the evils of imperialism, and on the far left the Marxists. The range is so broad that scholarly consensus is hard to discern. Anti-corporate advocates criticize multinational corporations for being without

9768-423: The neighborhoods of Coral Way , The Roads , and Coconut Grove . Coral Way is a historic residential neighborhood built in 1922 between Downtown and Coral Gables , and is home to many old homes and tree-lined streets. Coconut Grove, settled in 1825, and annexed into Miami in 1925, is a historic neighborhood with narrow, winding roads and a heavy tree canopy. It is the location of Miami's City Hall at Dinner Key ,

9879-496: The neighborhoods of Little Havana , West Flagler , and Flagami . Although at one time a mostly Jewish neighborhood, today western Miami is home to immigrants from mostly Central America and Cuba . The west central neighborhood of Allapattah is a multicultural community of many ethnicities. The northern side of Miami includes Midtown , a district with a great mix of diversity ranging from West Indians to Hispanics to European Americans . The Edgewater neighborhood of Midtown

9990-547: The population considered themselves to be of only American ancestry (regardless of race or ethnicity), while 0.5% were of Arab ancestry, in 2010. Religion in the Miami Metro Area (2014) In a 2014 Pew Research Center study, Christianity was the most-practiced religion in Miami (68%), with 39% professing attendance at a variety of churches that could be considered Protestant , and 27% professing Catholicism . Followed by Judaism (9%); Islam , Buddhism , Hinduism , and

10101-403: The population of the metro area, it is an outlier compared to its neighbors, being nearly twice the size of the next-largest city in the metro: Hialeah . Miami has approximately a sixth of the population of its own county, Miami-Dade , which is the state's largest. Miami had rapid growth in the first half of the twentieth century. Its population grew from 1,681 in the 1900 census to 249,276 in

10212-560: The price collapse in 1998–1999. The United States still maintains close relations with Saudi Arabia. In 2003, U.S. forces invaded Iraq with the aim of removing the dictatorship and gaining access to Iraqi oil reserves, giving the United States greater strategic importance from 2000 to 2008. During this period, there was a constant shortage of oil, but its consumption continued to rise, maintaining high prices and leading to concerns about "peak oil". From 2005 to 2012, there were advances in oil and gas extraction, leading to increased production in

10323-595: The realities of the needs of source materials on a worldwide basis and to produce and customize products for individual countries. One of the first multinational business organizations, the East India Company , was established in 1601. After the East India Company came the Dutch East India Company , founded on March 20, 1603, which would become the largest company in the world for nearly 200 years. The main characteristics of multinational companies are: When

10434-463: The region, for which she became known as "the mother of Miami". Miami was officially incorporated as a city on July 28, 1896, with a population of just over 300. During the early 20th century, migrants from the Bahamas and African-Americans constituted 40 percent of the city's population. When landlords began to rent homes to African-Americans around Avenue J, what would later become NW Fifth Avenue,

10545-435: The return of beachfront land which had been seized by Los Angeles authorities in the 1920s. The couple had lost the property, known as Bruce's Beach, when the state claimed it for public use and sold it to private investors. It was officially restored to the couple's great grandsons, Marcus and Derrick Bruce, on July 20, 2022. The effort involved more than 1,000 hours of pro bono work. Multinational corporation Most of

10656-569: The southern portion of Florida. Alligators that live in the marshes have ventured into Miami communities and onto major highways. Miami is split roughly into north, south, west, and Downtown areas. The heart of the city is Downtown Miami , which is on the eastern side and includes the neighborhoods of Brickell , Virginia Key , Watson Island , and PortMiami . Downtown Miami is Florida's largest and most influential central business district, with many major banks, courthouses, financial headquarters, cultural and tourist attractions, schools, parks, and

10767-495: The strong influence of the United States on the global oil market. In 1959, companies lowered the price of oil due to a surplus in the market. This reduction dealt a significant blow to the finances of producers. Saudi oil minister Abdullah Tariki and Venezuela’s Juan Perez Alfonso entered into a secret agreement (the Mahdi Pact), promising that if the price of oil was lowered a second time, they would take collective action against

10878-630: The top spot in Asset-Backed Alert' s 2019 league tables for most active underwriter counsel in U.S. asset- and mortgage-backed securitization transactions. Other honors include the American Bar Association's 2019 Champions for Disability Inclusion in the Legal Profession Award, conferred in recognition of the firm's measurable progress in recruiting, retaining, and advancing to leadership lawyers with disabilities, and being named

10989-562: The warm months range from 71.9 °F (22.2 °C) in June to 73.7 °F (23.2 °C) in August. Historical temperature extremes range from 27 °F (−2.8 °C) on February 3, 1917, to 100 °F (38 °C) on July 21, 1942. While Miami has never recorded snowfall at any official weather station since records have been kept, snow flurries fell in some parts of Miami on January 19, 1977. The coldest daytime maximum temperature on record

11100-410: The winter. There are two basic seasons in Miami, a hot and wet season from May to October, and a warm and dry season from November to April. During the hot and wet season, daily thundershowers occur in the humid unstable air masses. The wet season in Miami is defined as the period during which the average daily dew point temperature is above 70 °F (21 °C). The rainy season typically begins on

11211-484: The world market, jobs for locals, and business and profits for companies. Cecil Rhodes (1853–1902) was one of the few businessmen in the era who became Prime Minister (of South Africa 1890–1896). His mining enterprises included the British South Africa Company and De Beers . The latter company practically controlled the global diamond market from its base in southern Africa. In 1945, the United States

11322-573: The world without a concentration in one area have been called stateless or "transnational" (although "transnational corporation" is also used synonymously with "multinational corporation" ), but as of 1992, a corporation must be legally domiciled in a particular country and engage in other countries through foreign direct investment and the creation of foreign subsidiaries. Geographic diversification can be measured across various domains, including ownership and control, workforce, sales, and regulation and taxation. Multinational corporations may be subject to

11433-503: The worldwide revenue of a foreign subsidiary, and taxation is complicated by transfer pricing arrangements with parent corporations. For small corporations, registering a foreign subsidiary can be expensive and complex, involving fees, signatures, and forms; a professional employer organization (PEO) is sometimes advertised as a cheaper and simpler alternative, but not all jurisdictions have laws accepting these types of arrangements. Disputes between corporations in different nations

11544-533: Was a member of the Ku Klux Klan . Unsurprisingly, these officers enforced social codes far beyond the written law. Quigg, for example, "personally and publicly beat a colored bellboy to death for speaking directly to a white woman". The collapse of the Florida land boom of the 1920s , the 1926 Miami Hurricane , and the Great Depression in the 1930s slowed development. When World War II began, Miami became

11655-438: Was enabled by multinational corporations known as the 'Seven Sisters'. The "Seven Sisters" was a common term for the seven multinational companies that dominated the global petroleum industry from the mid-1940s to the mid-1970s. The nationalization of the Iranian oil industry in 1951 by Iranian Prime Minister Mohammad Mosaddegh and the subsequent boycott of Iranian oil by all companies had dramatic consequences for Iran and

11766-448: Was fully aware that the means to overcoming cultural resistance depended on an "understanding" of the countries in which a corporation operated. He observed that companies with "foresight to capitalize on international opportunities" must recognize that " cultural anthropology will be an important tool for competitive marketing". However, the projected outcome of this was not the assimilation of international firms into national cultures, but

11877-546: Was labeled as "the largest nonviolent transfer of wealth in human history." The OPEC sought immediate discussions regarding participation in national oil industries. Companies were not inclined to object as the price hike benefited both them and OPEC members. In 1980, the Seven Sisters were entirely displaced and replaced by national oil companies (NOCs). The rise in oil prices burdened developing countries with balance of payments deficits, leading to an energy crisis. OPEC members had to abandon their plan of redistributing wealth from

11988-537: Was later dismissed with prejudice . In 2001, the firm merged with Brown & Wood , a New York-based law firm established in 1914 with 400 attorneys and additional domestic offices in Washington, D.C., San Francisco and Los Angeles and overseas branches in London, Beijing and Hong Kong (where it practiced English law in addition to U.S. law). Brown & Wood was known for its securities , structured finance and securitization practices. Brown & Wood had offices in

12099-462: Was named "Firm of the Year" in Capital Markets (Overseas); Corporate Compliance; Healthcare, Pharma and Life Sciences; and Real Estate and REIT by China Business Law Journal. In 2018, Sidley was named Competition & Regulatory Team of the Year at The Lawyer Awards in London. Sidley Austin partner George Fatheree worked pro bono on behalf of the descendants of Willa and Charles Bruce to execute

12210-686: Was named a 2019 International Trade Group of the Year by Law360 and has been honored as "Law Firm of the Year" in Trade & Customs by Who's Who Legal for 15 consecutive years. Its appellate and US Supreme Court practice is also particularly well known and has been featured in USA Today , BusinessWeek , the American Lawyer , the Legal Times , and the National Law Journal . In 2020, Sidley

12321-503: Was the world's largest oil producer. However, their reserves were declining due to high demand. Therefore, the United States turned to foreign oil sources, which had a significant impact on the recovery of the West after World War II. Most of the world's oil was found in Latin America and the Middle East, particularly in the Arab states of the Persian Gulf. This increase in non-American production

#967032