IELTS Essay: Large Businesses

Vocabulary

What do the words in bold below mean?

The rise of large corporations has led to a fundamental shift in the workforce towards large businesses. The chief advantages of this relate to opportunity and the downsides are larger, societal dilemmas.

Proponents of big business can point to career advancement and the variety of roles within a large company. Small businesses, by their nature, draw on a limited possible source of revenue that naturally caps promotions. Large companies have nearly unlimited profit potential and can thus employ a large number of managers, executives and other high-salaried positions. Moreover, a small business is more likely to be limited in the number of roles, while larger companies will have departments ranging from legal to marketing to research and development to human resources, all of which are potential destinations for motivated employees.

The disadvantages of these large companies relate less directly to individuals and more to society at large. Firstly, although there are more quality jobs available in big companies, the disappearance of small, local entrepreneurs means that capital becomes concentrated in the company’s chief shareholders, who are often living in other countries and already extremely rich. Over time this has led to the division of wealth that defines the 21st century. Secondly, as executive decisions become further removed from local communities it is harder to regulate large companies. A good example of this would be the environmental cost of drilling for oil and extracting natural gas, which hurts local residents but continues unabated because those in authority are unaffected.

In conclusion, the opportunities provided by big business do not outweigh the negative potential for all of society when power becomes concentrated and distant. It is therefore important to check the reach of corporations and empower individuals.