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99-503: United Technologies Corporation ( UTC ) was an American multinational conglomerate headquartered in Farmington, Connecticut . It researched, developed, and manufactured products in numerous areas, including aircraft engines , aerospace systems, HVAC , elevators and escalators , fire and security , building automation, and industrial products, among others. UTC was also a large military contractor, getting about 10% of its revenue from

198-766: 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

297-407: A colorful assortment of shops, restaurants, and bars. Moody Street's booming nightlife, convenience to the commuter rail and lower rents have attracted younger professionals to Waltham in growing numbers in recent years. Moody Street is also referred to as "Restaurant Row" and has become a destination because of the number, variety and quality of its locally owned restaurants. The city of Waltham has

396-498: 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

495-500: A democratic process for city-wide decision-making. For over 25 years, the Waltham Arts Council has sponsored "Concerts On Waltham Common", featuring a different musical act each week of the summer, free of charge to attendees. "Concerts On Waltham Common" was created and organized by Stephen Kilgore until his death in 2004. The Rose Art Museum at Brandeis University is devoted to modern and contemporary art. The Rose holds

594-552: A difficult time, the Waltham Traffic Commission closed off a segment of the road to allow businesses to have outdoor dining and storefronts amidst the COVID-19 pandemic. Bus stops that would typically be on the blocked off part of Moody St. are temporarily relocated to nearby spots. Restaurants are supportive of the closure, as they can offer outdoor seating and increase their capacity for business. However, Moody Street has

693-596: A free "Tick Tock Trolley" on Thursday, Friday and Saturday evenings from 6pm–11pm for visitors that provides easy access to local municipal parking lots. Starting in 2020, the City of Waltham in Massachusetts has shut down a large portion of the main road, Moody St., to vehicular traffic from May 1 until October 31 annually. Moody Street is lined with restaurants and other small businesses but typically has high volumes of automobile passage. In an effort to assist these businesses in

792-429: 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

891-487: 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

990-640: A variety of exhibitions and programs, and collections are free and open to the public. The city's history is also celebrated at a number of museums, monuments, and archives. The Charles River Museum of Industry & Innovation , the Waltham Watch Factory historic district, the Gore Estate, the Lyman Estate, and the Robert Treat Payne Estate are among the most well known of the 109 sites in

1089-442: A variety of other businesses like small grocery stores, clothing stores, and jewelers. Some of these non-restaurant business owners oppose repeating the plan in the future, arguing that closing off the road makes their businesses less accessible due to a lack of automobile access. While Waltham has included a variety of stakeholders in the process of the street closure, it is crucial that they continue to do so in order to continue using

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1188-865: A well regarded Ugandan eatery. Wilberforce Kateregga, a Ugandan immigrant to Waltham has since established Waltham College Uganda in Seeta Nazigo, Uganda, a boarding school for over 300 orphans and children affected by AIDS. The school was named in honor of Kateregga's new home city. Among the companies based in Waltham are medtech corporation PerkinElmer , biopharmaceutical services provider Paraxel , energy supply company Global Partners , data services provider Lionbridge , Steel Connect , broker-dealer Commonwealth Financial Network , technology companies Care.com and StudentUniverse , research and development organization Education Development Center (EDC), provisioner of scientific instrumentation Thermo Fisher Scientific , and

1287-578: Is French-born American conductor, Patrick Botti. Open space in the city is protected by the Waltham Land Trust . Waltham embraces its ethnic diversity in a number of festivals. The annual Latinos en Acción Festival celebrates the many Puerto Rican, Mexican, Peruvian, and Guatemalan residents. It is held by Latinos in Action, a local nonprofit group that helps the Latino population register to vote, understand

1386-412: Is as follows: 13.7% under 18, 20% from 18 to 24, 30.6% from 25 to 44, 9.9% from 45 to 64, and 14.6% 65 or older. The median age was 34. The population was 48.3% male and 51.7% female. The median income for a household was $ 95,851, and per capita was $ 44,977. In 2020, 9.2% of the population and 5% of families lived below the poverty line . 11.7% of those under 18 and 8.45% of those 65 and older lived below

1485-626: Is currently represented in the United States House of Representatives by Katherine Clark . Waltham is also represented in the Massachusetts House of Representatives by State Representative John J. Lawn and State Representative Thomas M. Stanley, and in the Massachusetts Senate by Senator Michael Barrett . Waltham is close to several U.S. interstate highways. Interstate 95 , multiplexed with Route 128 , runs through

1584-642: Is home to Waltham City Hall and various memorial statues. The Common is on Main Street, which is home to several churches, the Waltham Public Library , and Post Office. The city stretches along the Charles River and contains several dams . The dams were used to power textile mills and other endeavors in the early years of the industrial activity. According to the United States Census Bureau ,

1683-536: Is moving manufacturing to Mexico: "The best way to stay competitive and protect the business for long-term is to move production from our facility in Indianapolis to Monterrey, Mexico. " In December, Carrier agreed to keep the Indianapolis plant open, keeping 700 jobs in Indianapolis. The plant in Huntington, Indiana would still close their doors, leaving 700 employees jobless. In June 2019, United Technologies announced

1782-410: 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

1881-865: 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

1980-675: The China Friendship Foundation for Peace and Development , a united front organization under the control of the Chinese People's Association for Friendship with Foreign Countries . Researchers at the University of Massachusetts Amherst have identified UTC. as the 38th-largest corporate producer of air pollution in the United States as of 2008. UTC released roughly 110,000 pounds (50,000 kg) of toxic chemicals annually into

2079-732: The Elmira-Corning Regional Airport in Big Flats, New York . In March 2008, UTC made a $ 2.63 billion bid to acquire Diebold , a Canton, Ohio based manufacturer of banking and voting machines. Diebold rejected the buyout bid as inadequate. In April 2010, UTC announced that it was investing €15 million ($ 20 million) to set up the United Technologies Research Centre Ireland at University College Cork ’s Tyndall National Institute which will carry out research on energy and security systems. In June 2012, it

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2178-675: The Robert Treat Paine Estate , a residence designed by architect Henry Hobson Richardson and landscape architect Frederick Law Olmsted for philanthropist Robert Treat Paine, Jr. (1810–1905), and the Lyman Estate , a 400-acre (1.6 km ) estate built in 1793 by Boston merchant Theodore Lyman . In 1857, the Waltham Model 1857 watch was produced by the American Watch Company in the city of Waltham, Massachusetts. In

2277-620: 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 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 ,

2376-745: 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 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

2475-581: The 1970s and 1980s was higher-stakes and arguably unfocused. Rather than aviation being the central theme of UTC businesses, high tech (of any type) was the new theme. Some Wall Street watchers questioned the true value of M&A at almost any price, seemingly for its own sake. Mostek was sold in 1985 to the French electronics company Thomson . In 2007, UTC opened the Hawk Works, a Rapid Prototyping and Military Derivatives Completion Center (RPMDCC) located west of

2574-552: The Anglo-Saxon words, weald or wald "forest" and ham "homestead" or "enclosure." Waltham had no recognizable town center until the 1830s, when the nearby Boston Manufacturing Company gave the town the land that now serves as its central square . In the early 19th century, Francis Cabot Lowell and his friends and colleagues established in Waltham the Boston Manufacturing Company —the first integrated textile mill in

2673-510: The City Hall and one near Brandeis University. MBTA bus service also covers the city, including routes 61, 70, 170, 505, 553, 554, 556 and 558. The Charles River runs through Waltham, and bike and walking paths cover most of the south bank, as well as part of the north bank from Prospect Street to Moody Street. Some commuters ride the path to offices in Cambridge and Boston. The city of Waltham

2772-546: 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

2871-640: 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 the 19th century, such as the Rio Tinto company founded in 1873, which started with the purchase of sulfur and copper mines from

2970-727: The First Avenue area. New retail development has also been active at a former Polaroid site. According to the city's 2018 Comprehensive Annual Financial Report, the top ten non-city employers in the city are as follows. Waltham is home to: The Waltham Public Schools system includes seven elementary schools (Northeast, Fitzgerald, MacArthur, Plympton, Whittemore, Stanley, and the Waltham Dual Language Elementary School), two middle schools (McDevitt, Kennedy), and one senior high school ( Waltham High School ). Waltham High School's sports teams had been referred to as

3069-557: 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

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3168-505: 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

3267-545: 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,

3366-571: 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 the world market, jobs for locals, and business and profits for companies. Cecil Rhodes (1853–1902)

3465-458: 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

3564-636: 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

3663-626: The U.S. government. In April 2020, UTC merged with the Raytheon Company to form Raytheon Technologies, later renamed RTX Corporation . In 1974, Harry Jack Gray left Litton Industries to become the CEO of United Aircraft. He pursued a strategy of growth and diversification, changing the parent corporation's name to United Technologies Corporation (UTC) in 1975 to reflect the intent to diversify into numerous high tech fields beyond aerospace. (The change became official on May 1, 1975.) The diversification

3762-527: 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

3861-506: 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

3960-609: 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

4059-461: 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

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4158-471: 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

4257-669: 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 was enabled by multinational corporations known as the 'Seven Sisters'. The "Seven Sisters" was a common term for

4356-610: 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

4455-417: The United States, with the goal of eliminating the problems of co-ordination, quality control, and shipping inherent in the subcontracting based textile industry. The Waltham–Lowell system of production derives its name from the city and the founder of the mill. The city is home to a number of large estates, including Gore Place , a mansion built in 1806 for former Massachusetts governor Christopher Gore ,

4554-606: The Watchmen and the Crimson, before they changed the name to the Hawks. Waltham is governed by a mayor and a city council. The current mayor is Jeanette A. McCarthy. There are 15 members of the city council, each elected to two-year terms in non-partisan elections. The current president of the city council is John J. McLaughlin. The city is in Massachusetts's 5th congressional district and

4653-451: 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

4752-404: The age of 18 and 28.4% with people 65 and older. 39.7% of households were married couples living together, 9.9% cohabitating couples, 21.2% male householders with no partner present, and 29.2% female householders with no partner present. The average household size was 2.29 and the average family size was 3.02. 32.7% of households spoke a language other than English at home. The age distribution

4851-738: The annual Youth Concerto Competition, which provides opportunities for young musicians to perform solo works with the WPO. Annual concerts have included summer Concerts on the Common and the December Holiday Pops. Waltham is home to the Waltham Symphony Orchestra , a high-level semi-professional civic orchestra. The 55 piece orchestra performs five concerts each season at the Kennedy Middle-school Auditorium. Its music director

4950-559: The atmosphere including manganese , nickel , chromium and related compounds. In the 2016 University of Massachusetts Amherst Toxic 100 Air Polluters Index, UTC was ranked 9th by a toxicity population exposure score. It was also reported they release 60,000 pounds (27,200 kg) of toxins into the air. Multinational corporation Most of the current largest and most influential companies are publicly traded multinational corporations, including Forbes Global 2000 companies. The history of multinational corporations began with

5049-462: 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 ,

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5148-459: The board of directors (chairperson) position went to Louis Chênevert, then the company's CEO, in January 2010, succeeding George David. For the fiscal year 2017, United Technologies reported earnings of US$ 4.552 billion, with an annual revenue of US$ 59.837 billion, an increase of 4.5% over the previous fiscal cycle. United Technologies shares traded at over $ 114 per share, and its market capitalization

5247-463: The city has a total area of 13.6 square miles (35 km ), of which 12.7 square miles (33 km ) is land and 0.9 square miles (2.3 km ) (6.69%) is water. Waltham has several neighborhoods or villages, including: It is bordered to the west by Weston and Lincoln , to the south by Newton , to the east by Belmont and Watertown , and to the north by Lexington . As of the census in 2020, there were 65,218 people and 23,891 households in

5346-416: The city is referred to as "The Waltham". Waltham is located at 42°22′50″N 71°14′6″W  /  42.38056°N 71.23500°W  / 42.38056; -71.23500 (42.380596, −71.235005), about 11 miles (18 km) north-west of downtown Boston , Massachusetts , and approximately 3 miles (4.8 km) northwest of Boston's Brighton neighborhood. The heart of the city is Waltham Common, which

5445-462: The city on the National Register of Historical Sites. Many festivals are held at these sites each year, such as the annual sheep shearing festival at the Gore Estate. The National Archives and Records Administration Northeast regional branch is located in Waltham. The Waltham Public Library has extensive archives regarding the city's history. The Waltham Museum is devoted solely to the history of

5544-603: The city was a prototype for 19th century industrial city planning, spawning what became known as the Waltham-Lowell system of labor and production. The city is now a center for research and higher education as home to Brandeis University and Bentley University . The population was 65,218 at the census in 2020 . Waltham is part of the Greater Boston area and lies 9 miles (14 km) west of Downtown Boston. Waltham has been called "watch city" because of its association with

5643-466: The city. Mark Gately is the only stakeholder left of the Waltham Museum. Waltham is known for its embracing of literary arts. Local author Jessica Lucci has written a series of books about Waltham which can be found at the Waltham Museum, The Waltham Historical Society, and many other regional establishments devoted to promoting literary arts. The Waltham Mills Artists Association is located in one of

5742-448: The city. The population density was 5,117.9/mile². According to 2021 census estimates, the racial makeup of the city was 60.5% White , 7.6% Black or African American , 0.5% Native American or Alaska Native, 11.8% Asian , 0.0% Pacific Islander , 5.3% from other races , and 4.3% from two or more races. Hispanic or Latino of any race were 22.3% of the population. There were 23,891 households, 19.8% of which included children under

5841-728: 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

5940-604: 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

6039-510: 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

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6138-643: 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

6237-423: The debate from a neo-liberal perspective in Storm over the Multinationals (1977). Waltham, Massachusetts Waltham ( / ˈ w ɔː l θ æ m / WAWL -tham ) is a city in Middlesex County, Massachusetts , United States, and was an early center for the labor movement as well as a major contributor to the American Industrial Revolution . The original home of the Boston Manufacturing Company ,

6336-481: 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

6435-526: The former factories of the Boston Manufacturing Company. The WMAA Open Studios takes place each year on the first weekend of November. The 76 artists of the WMAA open their homes and studios to the public. Works of all media imaginable are demonstrated, displayed and discussed. The Waltham Philharmonic Orchestra, a civic symphony of the MetroWest area, began in 1985 under the direction of local musicians David J. Tierney and Harold W. McSwain, Jr. With almost 60 professional, semi-professional, and amateur musicians,

6534-530: The funds were contributed to Republicans, 35% percent to Democrats; In 2005, the firm was among 53 entities that contributed the maximum of $ 250,000 to the second inauguration of President George W. Bush . In 1981, a contribution from UTC made possible the exhibition "Paris/Magnum: Photographs 1935–1981", featuring photographs of Paris taken by photographers of Magnum Photos , the agency founded in 1947 by Robert Capa , George Rodger , Henri Cartier-Bresson , William Vandivert , and David Seymour . A volume of

6633-416: 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

6732-418: The intention to merge with defense contractor Raytheon to form Raytheon Technologies Corporation. The combined company, valued at more than $ 100 billion after planned spinoffs, would be the world's second-largest aerospace-and-defense company by sales behind Boeing. Although UTC was the nominal survivor, the merged company was headquartered at legacy Raytheon's former base in Waltham, Massachusetts . The merger

6831-415: 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

6930-460: 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)

7029-463: The late 19th and early 20th century, Waltham was home to the brass era automobile manufacturer Metz , where the first production motorcycle in the U.S. was built. Another first in Waltham industrial history involves the method to mass-produce the magnetron tube, invented by Percy Spencer at Raytheon . During World War II, the magnetron tube technology was applied to radar. Later, magnetron tubes were used as components in microwave ovens. Waltham

7128-399: The laws and find scholarships. The festival includes a parade, music, food, and a beauty pageant. Waltham has in recent decades become a center for Ugandan culture, with an estimated 1500 Ugandans living in the city, leading some to call Waltham "Little Kampala". The Ugandan North America Association is headquartered in Waltham, along with St. Peters Church of Uganda Boston, as well as Karibu,

7227-474: 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 ,

7326-434: 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

7425-603: The marketing firm Constant Contact . Footwear manufacturer Wolverine World Wide, Inc. moved their regional headquarters from Lexington to the CityPoint campus in July 2016. C & J Clark America, Inc. moved their headquarters from Newton to the Polaroid site in October 2016. Retail activity is concentrated on Main Street, Moody Street, Lexington Street, River Street, parts of Route 60, and

7524-475: 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

7623-478: The name of the Waltham watch was pronounced with a reduced schwa in the second syllable: / ˈ w ɔː l θ əm / . At one time, most people would have pronounced it in the British way, "Walthum", but when people came to work in the mills from Nova Scotia, the pronunciation evolved. The local version became a phonetic sounding to accommodate French speakers who could not pronounce it in the British way. In some areas,

7722-401: The orchestra's mission is to provide the Waltham community with the opportunity to perform in and attend classical concerts of the highest quality. WPO musicians come from Waltham as well as from Boston and surrounding communities. The ensemble includes players of a wide range of ages and professions. There are five to six concerts throughout the season, including one that features the winner of

7821-574: The poverty line. As of 2020, 26.6% of Waltham residents were born outside of the United States. Of foreign-born residents, 41.5% were born in Asia, 32.7% in Latin America, 11.9% in Europe, and 9.7% in Africa. Waltham's combination of population (especially in central and south Waltham) parks, public transit, stores, and trails gives it 62 (out of 100) walkability ranking on walkscore.com . Moody Street in downtown Waltham offers its own brand of entertainment with

7920-523: The presence of an "Indian Stockade" near today's Cambridge Reservoir , and an "Indian Hollow" in today's Calvary Cemetery. A native trail through Waltham, the "Old Connecticut Path" saw continued use after colonization and became the basis for present day Route 20 . Waltham is most likely named for Waltham Abbey in the County of Essex , England. The first record of the name is from the articles of incorporation, dated January 15, 1738. The name derives from

8019-560: 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

8118-595: 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

8217-569: The same title, with text by Irwin Shaw and an introduction by Inge Morath , was also published in 1981. UTC is the sponsor of the exhibition "Aphrodite and the Gods of Love" at Boston's Museum of Fine Arts that opened in fall 2011. The firm and its subsidiaries are major contributors to museums such as the New England Air Museum . In April 2015, UTC signed an education partnership agreement with

8316-457: 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 the international oil market. Iran was unable to sell any of its oil. In August 1953,

8415-404: 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 the strong influence of

8514-502: The watch industry. Waltham Watch Company opened its factory in Waltham in 1854 and was the first company to make watches on an assembly line. It won the gold medal in 1876 at the Philadelphia Centennial Exposition . The company produced over 35 million watches, clocks, and instruments before it closed in 1957. Waltham borders Watertown and Belmont to the east, Lexington to the north, Lincoln and Weston to

8613-606: The west, and Newton to the south. Waltham was first colonized by Europeans in 1634 as part of Watertown , and was officially incorporated as a separate town in 1738, but the area was inhabited for thousands of years prior to English colonization. At the time of European arrival, Waltham was in a border zone between the territories of the Pawtucket confederation and the Massachusett , with nearby native settlements at Nonantum and Pequosset (Watertown). Early colonizers recorded

8712-665: The western part of the city. Exits in Waltham are 26, 27, and 28. Interstate 90 , which is also the Massachusetts Turnpike , is just to the south in Newton . Due to its proximity to the center of the Greater Boston metropolitan area, a number of state highways are within a few miles. The MBTA commuter rail has two stops in Waltham as part of the Fitchburg-Boston Line : one in Central Square Waltham across from

8811-573: 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

8910-503: 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

9009-447: Was a white knight move against hostile takeover designs by Gould . At one point, the military portion of UTC's business, whose sensitivity to "excess profits" and boom/bust demand drove UTC to diversify away from it, actually carried the weight of losses incurred by the commercial M&A side of the business. Although M&A activity was not new to United Aircraft, the M&;A activity of

9108-518: Was also the home of the Walter E. Fernald State School , the western hemisphere's oldest publicly funded institution serving people with developmental disabilities . The storied and controversial history of the institution has long been covered by local and, at times, national media. The name of the city is pronounced with the primary stress on the first syllable and a full vowel in the second syllable, / ˈ w ɔː l θ æ m / WAWL -tham , though

9207-522: Was completed in April 2020. In March 2020, United Technologies Corporation announced the separations of Carrier Global and Otis Worldwide . In April 2008, Louis Chênevert succeeded George David as the company's chief executive officer (CEO). Chênevert served until 2014, when he was succeeded by Gregory Hayes . The chief financial officer 's (CFO) position was held by Gregory Hayes until 2014, when he succeeded Louis Chênevert as CEO. The chairman of

9306-652: Was discovered that UTC sold military technology to the Chinese. For pleading guilty to violating the Arms Export Control Act and making false statements, United Technologies and its subsidiaries were fined $ 75 million. In February 2013, UTC Power was sold to ClearEdge Power . In October 2014, Toshiba and United Technologies made a deal to expand their joint venture outside Japan . In February 2016, UTC subsidiary Carrier Air Conditioner announced to employees at its Indianapolis and Huntington plants, that Carrier

9405-448: 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

9504-546: 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

9603-489: 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 was the world's largest oil producer. However, their reserves were declining due to high demand. Therefore,

9702-500: Was partially to balance civilian business against any overreliance on military business. UTC became a mergers and acquisitions (M&A)–focused organization, with various forced takeovers of unwilling smaller corporations. The next year (1976), UTC forcibly acquired Otis Elevator . In 1979, Carrier Refrigeration and Mostek were acquired; the Carrier deal was forcible, while the Mostek deal

9801-447: Was valued at US$ 98.6 billion in October 2018. UTC ranked No. 51 in the 2018 Fortune 500 list of the largest United States corporations by total revenue. During the 2004 election cycle , UTC was the sixth largest defense industry donor to political campaigns, contributing a total of $ 789,561; 64% went to Republicans. In the 2006 election cycle , UTC was again the sixth largest donor to federal candidates and political parties; 53% of

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