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132-504: GKN Automotive is a multinational manufacturer of driveline components, all-wheel drive systems and plug-in hybrid systems for the automotive industry . It employs around 25,000 people across 47 manufacturing facilities and 6 technology centres in 19 countries. In 2018, Melrose Industries acquired GKN Ltd and renamed it GKN Automotive. This encompasses both the Driveline and ePowertrain divisions. GKN Automotive became

264-402: A 9,993 km (3,858 sq mi) metropolitan area also known as Greater Melbourne , comprising an urban agglomeration of 31 local municipalities , although the name is also used specifically for the local municipality of City of Melbourne based around its central business area . The metropolis occupies much of the northern and eastern coastlines of Port Phillip Bay and spreads into

396-505: A Hansom Cab (1886), the fastest-selling crime novel of the era, is set in Melbourne, as is Australia's best-selling book of poetry, The Songs of a Sentimental Bloke (1915) by C. J. Dennis . Contemporary Melbourne authors who have set novels in the city include Peter Carey , Helen Garner and Gerald Murnane . Melbourne has Australia's widest range of bookstores, as well as the nation's largest publishing sector. The city also hosts

528-766: 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

660-673: A campaign to revive the economy with an aggressive development campaign of public works coupled with the promotion of the city as a tourist destination with a focus on major events and sports tourism. During this period the Australian Grand Prix moved to Melbourne from Adelaide . Major projects included the construction of a new facility for the Melbourne Museum , Federation Square , the Melbourne Convention & Exhibition Centre , Crown Casino and

792-502: A contributing factor to the Australian economic depression of the 1890s and the Australian banking crisis of 1893 . The effects of the depression on the city were profound, with virtually no significant construction until the late 1890s. At the time of Australia's federation on 1 January 1901 Melbourne became the seat of government of the federated Commonwealth of Australia . The first federal parliament convened on 9 May 1901 in

924-508: 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

1056-429: 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

1188-463: A major renewal of the CBD and St Kilda Road which significantly modernised the city. New fire regulations and redevelopment saw most of the taller pre-war CBD buildings either demolished or partially retained through a policy of facadism . Many of the larger suburban mansions from the boom era were also either demolished or subdivided. To counter the trend towards low-density suburban residential growth,

1320-490: 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

1452-629: A pastoral estate in Bulleen , now the Heide Museum of Modern Art . The city is also home to the Australian Centre for Contemporary Art , as well as numerous independent galleries and artist-run spaces. In the 2000s, street art proliferated in Melbourne , with Banksy saying its graffiti scene "leads the world", and "laneway galleries" becoming major tourist sites; Hosier Lane for example attracts more Instagram hashtags than some of

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1584-727: A prominent example of the latter style in the CBD. The 1926 Nicholas Building is the city's grandest example of the Chicago School style, while the influence of Art Deco is apparent in the Manchester Unity Building , completed in 1932. The city also features the Shrine of Remembrance , which was built as a memorial to the men and women of Victoria who served in World War I and is now a memorial to all Australians who have served in war. Residential architecture

1716-456: A rapid clearing trend to sunny and relatively calm weather and the temperature rising back to what it was before the shower. This can occur in the space of minutes and can be repeated many times a day, giving Melbourne a reputation for having "four seasons in one day", a phrase that is part of local popular culture . The lowest temperature on record is −2.8 °C (27.0 °F), on 21 July 1869. The highest temperature recorded in Melbourne city

1848-432: Is Flinders Street station and its main regional rail and road coach terminus is Southern Cross station . It also has Australia's most extensive freeway network and the largest urban tram network in the world . Aboriginal Australians have lived in the Melbourne area for at least 40,000 years. When European colonisers arrived in the 19th century, at least 20,000 Kulin people from three distinct language groups –

1980-627: Is becoming unaffordable for some. Public housing is managed and provided by the Victorian Government's Department of Families, Fairness and Housing , and operates within the framework of the Commonwealth-State Housing Agreement, by which both federal and state governments provide funding for housing. Melbourne is experiencing high population growth, generating high demand for housing. This housing boom has increased house prices and rents, as well as

2112-619: Is home to more skyscrapers than any other Australian city , the tallest being Australia 108 , situated in Southbank. Melbourne's newest planned skyscraper, Southbank By Beulah (also known as "Green Spine"), has recently been approved for construction and will be the tallest structure in Australia by 2025. The CBD and surrounds also contain many significant historic buildings such as the Royal Exhibition Building ,

2244-561: Is known for its music, theatre and arts scenes, as well as its diverse range of cultural events and festivals, including the Melbourne International Arts Festival , Melbourne Fringe Festival and Moomba , Australia's largest free community festival. For much of the 2010s, Melbourne topped The Economist Intelligence Unit 's list of the world's most liveable cities , partly due to its cultural attributes. State Library Victoria , founded in 1854,

2376-437: Is largely protected from the ocean, resulting in greater temperature variation across seasons. Melbourne's urban area is approximately 2,704 km , the largest in Australia and the 33rd largest in the world. The Hoddle Grid , a grid of streets measuring approximately 1 by 1 ⁄ 2  mi (1.61 by 0.80 km), forms the nucleus of Melbourne's central business district (CBD). The grid's southern edge fronts onto

2508-693: Is not defined by a single architectural style, but rather an eclectic mix of large McMansion -style houses (particularly in areas of urban sprawl), apartment buildings, condominiums, and townhouses which generally characterise the medium-density inner-city neighbourhoods. Freestanding dwellings with relatively large gardens are perhaps the most common type of housing outside inner city Melbourne. Victorian terrace housing, townhouses and historic Italianate , Tudor revival and Neo-Georgian mansions are all common in inner-city neighbourhoods such as Carlton, Fitzroy and further into suburban enclaves like Toorak . Often referred to as Australia's cultural capital, Melbourne

2640-565: Is noted for its street art , live music and theatre scenes. It hosts major annual sporting events, such as the Australian Grand Prix and the Australian Open , and also hosted the 1956 Summer Olympics . Melbourne ranked as the world's most livable city for much of the 2010s. Melbourne Airport is the second-busiest airport in Australia and the Port of Melbourne is the nation's busiest seaport. Its main metropolitan rail terminus

2772-410: 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

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2904-484: Is often referred to as Australia's garden city, and the state of Victoria is known as the garden state . There is an abundance of parks and gardens in Melbourne , many close to the CBD with a variety of common and rare plant species amid landscaped vistas, pedestrian pathways and tree-lined avenues. Melbourne's parks are often considered the best public parks in all of Australia's major cities. There are also many parks in

3036-543: Is one of the world's oldest free public libraries and, as of 2018, the fourth most-visited library globally. During the 19th-century boom period, Melbourne-based authors and poets Marcus Clarke , Adam Lindsay Gordon and Rolf Boldrewood produced classic visions of colonial life, and many visiting writers recorded literary responses to the city: for Henry Kendall , it was a "wild bleak Bohemia", while Henry Kingsley stated that, in its rapid growth, Melbourne "surpasses all human experience". Fergus Hume 's The Mystery of

3168-865: 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

3300-538: The Australian Dream . This, coupled with the popularity of the private automobile after 1945, led to the auto-centric urban structure now present today in the middle and outer suburbs. Much of metropolitan Melbourne is accordingly characterised by low-density sprawl, whilst its inner-city areas feature predominantly medium-density, transit-oriented urban forms. The city centre, Docklands, St. Kilda Road and Southbank areas feature high-density forms. Melbourne

3432-454: The CityLink tollway . Other strategies included the privatisation of some of Melbourne's services, including power and public transport, and a reduction in funding to public services such as health, education and public transport infrastructure. Since the mid-1990s, Melbourne has maintained significant population and employment growth. There has been substantial international investment in

3564-594: The Empire of Japan , and the government requisitioned the Melbourne Cricket Ground for military use. In the immediate years after World War II , Melbourne expanded rapidly, its growth boosted by post-war immigration to Australia , primarily from Southern Europe and the Mediterranean . While the "Paris End" of Collins Street began Melbourne's boutique shopping and open air cafe cultures,

3696-602: The Heidelberg School of impressionists, named after a suburb where they camped to paint en plein air in the 1880s. The Australian tonalists followed in the 1910s, some of whom founded Montsalvat in Eltham , Australia's oldest surviving art colony. Mid-century Melbourne became a stronghold of figurative modernism through the paintings of the Antipodeans and Angry Penguins ; the latter group often met at

3828-617: The Melbourne Bounce genre and the Melbourne Shuffle dance style, both of which emerged from the city's underground rave scene. Established in 1861, the National Gallery of Victoria is Australia's oldest and largest art museum, and houses its collection across two sites: NGV International in Southbank and NGV Australia at Federation Square. Several art movements originated in Melbourne, most famously

3960-544: The Melbourne Town Hall and Parliament House . Although the area is described as the centre , it is not actually the demographic centre of Melbourne at all, due to an urban sprawl to the southeast, the demographic centre being located at Camberwell . Melbourne is typical of Australian capital cities in that after the turn of the 20th century, it expanded with the underlying notion of a 'quarter acre home and garden' for every family, often referred to locally as

4092-426: The Melbourne Town Hall , St Patrick's cathedral, though many remained incomplete for decades. The layout of the inner suburbs on a largely one-mile grid pattern, cut through by wide radial boulevards and parklands surrounding the central city, was largely established in the 1850s and 1860s. These areas rapidly filled with the ubiquitous terrace houses, as well as with detached houses and grand mansions, while some of

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4224-793: The Melbourne Writers Festival and the Victorian Premier's Literary Awards . In 2008, it became the second UNESCO City of Literature . Melbourne is home to many theatres , eight of which are concentrated in the East End Theatre District , including the Victorian era Athenaeum , Her Majesty's and Princess theatres, as well as the Forum and the Regent . Other heritage-listed theatres include

4356-739: The Mornington Peninsula , part of West Gippsland , as well as the hinterlands towards the Yarra Valley , the Dandenong Ranges , and the Macedon Ranges . As of 2023, the population of the metropolitan area was 5.2 million (19% of the population of Australia ); inhabitants are referred to as "Melburnians". The area of Melbourne has been home to Aboriginal Victorians for over 40,000 years and serves as an important meeting place for local Kulin nation clans. Of

4488-463: The Otway and Macedon Ranges , which block much of the rainfall arriving from the north and west. Port Phillip is often warmer than the surrounding oceans or the land mass, particularly in spring and autumn; this can set up a "bay effect", similar to the " lake effect " seen in colder climates, where showers are intensified leeward of the bay. Relatively narrow streams of heavy showers can often affect

4620-483: The Royal Exhibition Building , subsequently moving to the Victorian Parliament House, where it sat until it moved to Canberra in 1927. The Governor-General of Australia resided at Government House in Melbourne until 1930, and many major national institutions remained in Melbourne well into the twentieth century. During World War II the city hosted American military forces who were fighting

4752-792: The Selwyn fault , which transects Mount Martha and Cranbourne . The western portion of the metropolitan area lies within the Victorian Volcanic Plain grasslands vegetation community, and the southeast falls in the Gippsland Plains Grassy Woodland zone. Melbourne extends northward through the undulating bushland valleys of the Yarra Valley 's tributaries— Moonee Ponds Creek (toward Melbourne Airport ), Merri Creek , Darebin Creek and Plenty River . The city reaches southeast through Dandenong to

4884-644: 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 ,

5016-680: The United States to save its BRD subsidiary. This was the start of the company's globalization . GKN established a manufacturing presence in China in 1988. At the same time, GKN Driveline was investing in and growing its business in India , Brazil and Mexico . 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

5148-597: The World Heritage -listed Royal Exhibition Building (1880), the General Post Office (1867), Hotel Windsor (1884) and the Block Arcade (1891). Comparatively little remains of Melbourne's pre-gold rush architecture; St James Old Cathedral (1839) and St Francis' Church (1845) are among the few examples left in the CBD. Many of the CBD's Victorian boom-time landmarks were also demolished in

5280-676: The Wurundjeri , Bunurong and Wathaurong – resided in the area. It was an important meeting place for the clans of the Kulin nation alliance and a vital source of food and water. In June 2021, the boundaries between the land of two of the traditional owner groups, the Wurundjeri and Bunurong, were agreed after being drawn up by the Victorian Aboriginal Heritage Council . The borderline runs across

5412-505: The Yarra River . More recent office, commercial and public developments in the adjoining districts of Southbank and Docklands have made these areas into extensions of the CBD in all but name. A byproduct of the CBD's layout is its network of lanes and arcades , such as Block Arcade and Royal Arcade . Melbourne's CBD has become Australia's most densely populated area, with approximately 19,500 residents per square kilometre, and

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5544-781: 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

5676-552: The market town of Melbourne , Derbyshire . That year, the settlement's general post office officially opened with that name. Between 1836 and 1842, Victorian Aboriginal groups were largely dispossessed of their land by British colonists. In 1840, the Superintendent of the Port Phillip District , Charles La Trobe issued a directive to banish Aborigines from the immediate vicinity of Melbourne. This

5808-767: The 2010s the State Government of Victoria initiated a number of major infrastructure projects designed to reduce congestion in Melbourne and encourage economic growth, including the Metro Tunnel , the West Gate Tunnel , the Level Crossing Removal Project and the Suburban Rail Loop . New urban renewal zones were initiated in inner-city areas like Fisherman's Bend and Arden , while suburban growth continued on

5940-462: The 2024 Global Financial Centres Index . The city's eclectic architecture blends Victorian era structures, such as the World Heritage -listed Royal Exhibition Building , with one of the world's tallest skylines . Additional landmarks include the Melbourne Cricket Ground and the National Gallery of Victoria . Noted for its cultural heritage , the city gave rise to Australian rules football , Australian impressionism and Australian cinema , and

6072-608: The Bay was filled with teatree scrub where boorrimul (emu) and marram (kangaroo) were hunted. The first British settlement in Victoria , then part of the penal colony of New South Wales , was established by Colonel David Collins in October 1803, at Sullivan Bay , near present-day Sorrento . The following year, due to a perceived lack of resources, these settlers relocated to Van Diemen's Land (present-day Tasmania ) and founded

6204-598: The Colony of Victoria, with Melbourne as its capital. The discovery of gold in Victoria in mid-1851 sparked a gold rush , and Melbourne, the colony's major port, experienced rapid growth. Within months, the city's population had nearly doubled from 25,000 to 40,000 inhabitants. Exponential growth ensued, and by 1865 Melbourne had overtaken Sydney as Australia's most populous city. An influx of intercolonial and international migrants, particularly from Europe and China, saw

6336-551: 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

6468-663: 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

6600-575: 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

6732-476: The Melbourne CBD in the back-beaches of Rye , Sorrento and Portsea . Melbourne has a temperate oceanic climate ( Köppen climate classification Cfb ), with warm summers and cool winters. Melbourne is well known for its changeable weather conditions , mainly due to it being located on the boundary of hot inland areas and the cool southern ocean. This temperature differential is most pronounced in

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6864-574: 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

6996-558: 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,

7128-586: 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)

7260-464: 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

7392-636: 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

7524-450: 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

7656-506: 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

7788-558: 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

7920-461: 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

8052-418: 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

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8184-410: 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

8316-407: 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

8448-401: 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

8580-470: The area and established a settlement at the site of the current Melbourne Immigration Museum . Batman and his group arrived the following month and the two groups ultimately agreed to share the settlement, initially known by the native name of Dootigala. Batman's Treaty with the Aboriginal elders was annulled by Richard Bourke , the Governor of New South Wales (who at the time governed all of eastern mainland Australia), with compensation paid to members of

8712-418: The association. In 1836, Bourke declared the city the administrative capital of the Port Phillip District of New South Wales , and commissioned the first plan for its urban layout, the Hoddle Grid , in 1837. Known briefly as Batmania, the settlement was named Melbourne on 10 April 1837 by Bourke after the British Prime Minister , William Lamb, 2nd Viscount Melbourne , whose seat was Melbourne Hall in

8844-499: The availability of all types of housing. Subdivision regularly occurs in the outer areas of Melbourne, with numerous developers offering house and land packages. However, since the release of Melbourne 2030 in 2002, planning policies have encouraged medium-density and high-density development in existing areas with good access to public transport and other services. As a result of this, Melbourne's middle and outer-ring suburbs have seen significant brownfields redevelopment. On

8976-544: The avant-garde picture palace The Capitol and St Kilda's Palais Theatre , Australia's largest seated theatre with a capacity of 3,000 people. The Arts Precinct in Southbank is home to Arts Centre Melbourne (which includes the State Theatre and Hamer Hall ), as well as the Melbourne Recital Centre , Malthouse Theatre and Southbank Theatre , home of the Melbourne Theatre Company , Australia's oldest professional theatre company. The Australian Ballet , Opera Australia and Melbourne Symphony Orchestra are also based in

9108-436: The back of the 1850s gold rush and 1880s land boom, Melbourne became renowned as one of the world's great Victorian-era cities, a reputation that persists due to its diverse range of Victorian architecture . High concentrations of well-preserved Victorian-era buildings can be found in the inner suburbs, such as Carlton , East Melbourne and South Melbourne . Outstanding examples of Melbourne's built Victorian heritage include

9240-408: 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 ,

9372-434: The blocks. The Aboriginal population continued to decline, with an estimated 80% total decrease by 1863, due primarily to introduced diseases (particularly smallpox ), frontier violence and dispossession of their lands. The 1880s saw extraordinary growth: consumer confidence, easy access to credit, and steep increases in land prices led to an enormous amount of construction. During this "land boom", Melbourne reputedly became

9504-551: The city centre was seen by many as stale—the dreary domain of office workers—something expressed by John Brack in his famous painting Collins St., 5 pm (1955). Up until the 21st century, Melbourne was considered Australia's "industrial heartland". Height limits in the CBD were lifted in 1958, after the construction of ICI House , transforming the city's skyline with the introduction of skyscrapers. Suburban expansion then intensified, served by new indoor malls beginning with Chadstone Shopping Centre . The post-war period also saw

9636-399: The city from west to east, with the CBD , Richmond and Hawthorn included in Wurundjeri land, and Albert Park , St Kilda and Caulfield on Bunurong land. However, this change in boundaries is still disputed by people on both sides of the dispute including N'arweet Carolyn Briggs . The name Narrm is commonly used by the broader Aboriginal community to refer to the city, stemming from

9768-546: The city of Hobart . It would be 30 years before another settlement was attempted. In May and June 1835, John Batman , a leading member of the Port Phillip Association in Van Diemen's Land, explored the Melbourne area, and later claimed to have negotiated a purchase of 2,400 km (600,000 acres) with eight Wurundjeri elders. However, the nature of the treaty has been heavily disputed, as none of

9900-430: The city's industries and property market. Major inner-city urban renewal has occurred in areas such as Southbank , Port Melbourne , Melbourne Docklands and South Wharf . Melbourne sustained the highest population increase and economic growth rate of any Australian capital city from 2001 to 2004. From 2006, the growth of the city extended into "green wedges" and beyond the city's urban growth boundary . Predictions of

10032-660: The city's population reaching 5 million people pushed the state government to review the growth boundary in 2008 as part of its Melbourne @ Five Million strategy. In 2009, Melbourne was less affected by the Great Recession in comparison to other Australian cities. At this time, more new jobs were created in Melbourne than any other Australian city—almost as many as the next two fastest growing cities, Brisbane and Perth, combined, and Melbourne's property market remained highly priced, resulting in historically high property prices and widespread rent increases. Beginning in

10164-441: The city. Nauru 's then booming economy resulted in several ambitious investments in Melbourne, such as Nauru House . Melbourne remained Australia's main business and financial centre until the late 1970s, when it began to lose this primacy to Sydney. Melbourne experienced an economic downturn between 1989 and 1992, following the collapse of several local financial institutions. In 1992, the newly elected Kennett government began

10296-532: The city. The establishment of the Melbourne Hydraulic Power Company in 1886 led to the availability of high-pressure piped water, allowing for the installation of hydraulically powered elevators , which led to the construction of the first high-rise buildings in the city. The period also saw the huge expansion of a significant radial rail-based transport network throughout the city and suburbs. Melbourne's land-boom peaked in 1888,

10428-742: 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

10560-654: 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

10692-510: 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

10824-564: The countryside from the late 1850s. Construction started on further major public buildings in the 1860s and 1870s, such as the Supreme Court , Government House , and the Queen Victoria Market . The central city filled up with shops and offices, workshops, and warehouses. Large banks and hotels faced the main streets, with fine townhouses in the east end of Collins Street, contrasting with tiny cottages down laneways within

10956-643: 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

11088-561: The debate from a neo-liberal perspective in Storm over the Multinationals (1977). Melbourne Melbourne ( / ˈ m ɛ l b ər n / MEL -bərn , locally [ˈmæɫbən] ; Boonwurrung / Woiwurrung : Narrm or Naarm ) is the capital and most populous city of the Australian state of Victoria , and the second-most populous city in Australia, after Sydney . Its name generally refers to

11220-660: The decades after World War II, including the Federal Coffee Palace (1888) and the APA Building (1889), one of the tallest early skyscrapers upon completion. Heritage listings and heritage overlays have since been introduced in an effort to prevent further losses of the city's historic fabric. In line with the city's expansion during the early 20th century, suburbs such as Hawthorn and Camberwell are defined largely by Federation and Edwardian architectural styles. The City Baths , built in 1903, are

11352-471: The eastern fringe at Gembrook . Melbourne receives 48.6 clear days annually. Dewpoint temperatures in the summer range from 9.5 to 11.7 °C (49.1 to 53.1 °F). Melbourne is also prone to isolated convective showers forming when a cold pool crosses the state, especially if there is considerable daytime heating. These showers are often heavy and can include hail, squalls, and significant drops in temperature, but they often pass through very quickly with

11484-639: The establishment of Dowlais Ironworks by Thomas Lewis and Isaac Wilkinson . In the early 19th century, the company was actively involved in the railway boom through its production of iron. This was followed by a shift to steel production in the 1860s. After World War I , GKN diversified into the automotive industry. In 1966, after being advised GKN Steel would be nationalised for the second time, GKN bought CVJ market leaders Birfield Industries with its subsidiaries Hardy Spicer and Laycock Engineering with their interests and subsidiaries in Europe , Japan and

11616-472: The establishment of slums, including Chinatown and a temporary "tent city" on the southern banks of the Yarra. In the aftermath of the 1854 Eureka Rebellion , mass public support for the plight of the miners resulted in major political changes to the colony, including improvements in working conditions across mining, agriculture, manufacturing and other local industries. At least twenty nationalities took part in

11748-481: 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

11880-575: The five peoples of the Kulin nation, the traditional custodians of the land encompassing Melbourne are the Boonwurrung , Woiwurrung and the Wurundjeri peoples. In 1803, a short-lived British penal settlement was established at Port Phillip, then part of the Colony of New South Wales . Melbourne was founded in 1835 with the arrival of free settlers from Van Diemen's Land (modern-day Tasmania ). It

12012-547: The government began a series of controversial public housing projects in the inner city by the Housing Commission of Victoria , which resulted in the demolition of many neighbourhoods and a proliferation of high-rise towers. In later years, with the rapid rise of motor vehicle ownership, the investment in freeway and highway developments greatly accelerated the outward suburban sprawl and declining inner-city population. The Bolte government sought to rapidly accelerate

12144-557: The growth corridor of Pakenham towards West Gippsland . In the west, it extends along the Maribyrnong River and its tributaries north towards Sunbury . Melbourne's major bayside beaches are in the various suburbs along the shores of Port Phillip Bay, in areas like Port Melbourne , Albert Park , St Kilda , Elwood , Brighton , Sandringham , Mentone , Frankston , Altona , Williamstown and Werribee South. The nearest surf beaches are 85 km (53 mi) south of

12276-416: 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

12408-415: 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

12540-460: 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)

12672-580: The late 1970s and early 1980s, including the Little Band scene and St Kilda 's Crystal Ballroom scene, which gave rise to Dead Can Dance and Nick Cave and the Bad Seeds . More recent independent acts from Melbourne to achieve global recognition include The Avalanches , Gotye and King Gizzard and the Lizard Wizard . Melbourne is also regarded as a centre of EDM , and lends its name to

12804-474: 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 ,

12936-662: The major roads developed as shopping streets. Melbourne quickly became a major finance centre, home to several banks, the Royal Mint , and (in 1861) Australia's first stock exchange . In 1855, the Melbourne Cricket Club secured possession of its now famous ground, the MCG . Members of the Melbourne Football Club codified Australian football in 1859, and in 1861, the first Melbourne Cup race

13068-494: 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

13200-543: 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

13332-430: The modernisation of Melbourne. Major road projects including the remodelling of St Kilda Junction , the widening of Hoddle Street and then the extensive 1969 Melbourne Transportation Plan changed the face of the city into a car-dominated environment. Australia's financial and mining booms during 1969 and 1970 resulted in establishment of the headquarters of many major companies ( BHP and Rio Tinto , among others) in

13464-561: The most famous Melburnian of the Edwardian era. The Sidney Myer Music Bowl in Kings Domain hosted the largest crowd ever for a music concert in Australia when an estimated 200,000 attendees saw Melbourne band The Seekers in 1967. Airing between 1974 and 1987, Melbourne's Countdown helped launch the careers of local acts as diverse as AC/DC and Kylie Minogue . Several distinct post-punk scenes flourished in Melbourne during

13596-440: The nation's largest city in 2029–30 at just over 5.9 million, exceeding 6 million people the following year. Melbourne is in the southeastern part of mainland Australia, within the state of Victoria . Geologically, it is built on the confluence of Quaternary lava flows to the west, Silurian mudstones to the east, and Holocene sand accumulation to the southeast along Port Phillip . The southeastern suburbs are situated on

13728-446: The north and Dandenong Ranges National Park to the east. There are also a number of significant state parks just outside Melbourne. The extensive area covered by urban Melbourne is formally divided into hundreds of suburbs (for addressing and postal purposes), and administered as local government areas, 31 of which are located within the metropolitan area. Melbourne has minimal public housing and high demand for rental housing, which

13860-483: The parties spoke the same language, and the elders likely perceived it as part of the gift exchanges which had taken place over the previous few days amounting to a tanderrum ceremony which allows temporary, not permanent, access to and use of the land. Batman selected a site on the northern bank of the Yarra River , declaring that "this will be the place for a village" before returning to Van Diemen's Land. In August 1835, another group of Vandemonian settlers arrived in

13992-563: The precinct. Many of Melbourne's theatres join the Melbourne Town Hall in hosting the annual Melbourne International Comedy Festival , one of the world's three largest comedy festivals. Melbourne has been called "the live music capital of the world"; one study found it has more music venues per capita than any other world city sampled, with 17.5 million patron visits to 553 venues in 2016. Australia's first global music star, opera singer Nellie Melba , took her stage name from her hometown. Composer Percy Grainger followed her in becoming

14124-560: 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

14256-611: 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

14388-637: The rebellion, giving some indication of immigration flows at the time. With the wealth brought in from the gold rush and the subsequent need for public buildings, a program of grand civic construction soon began. The 1850s and 1860s saw the commencement of Parliament House , the Treasury Building , the Old Melbourne Gaol , Victoria Barracks , the State Library , University of Melbourne , General Post Office , Customs House ,

14520-667: The richest city in the world, and the second-largest (after London) in the British Empire . The decade began with the Melbourne International Exhibition in 1880, held in the large purpose-built Exhibition Building . A telephone exchange was established that year, and the foundations of St Paul's were laid. In 1881, electric light was installed in the Eastern Market , and a generating station capable of supplying 2,000 incandescent lamps

14652-399: The same places (usually the eastern suburbs) for an extended period, while the rest of Melbourne and surrounds stays dry. Overall, the area around Melbourne is, owing to its rain shadow, nonetheless significantly drier than average for southern Victoria. Within the city and surrounds, rainfall varies widely, from around 425 mm (17 in) at Little River to 1,250 mm (49 in) on

14784-462: 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,

14916-416: The spring and summer months and can cause strong cold fronts to form. These cold fronts can be responsible for varied forms of severe weather from gales to thunderstorms and hail , large temperature drops and heavy rain. Winters, while exceptionally dry by southern Victorian standards, are nonetheless drizzly and overcast. The lack of winter rainfall is owed to Melbourne's rain shadowed location between

15048-510: The surrounding suburbs of Melbourne, such as in the municipalities of Stonnington , Boroondara and Port Phillip , southeast of the central business district. Several national parks have been designated around the urban area of Melbourne, including the Mornington Peninsula National Park , Port Phillip Heads Marine National Park and Point Nepean National Park in the southeast, Organ Pipes National Park to

15180-404: 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

15312-650: The traditional name recorded for the area on which the Melbourne city centre is built. The word is closely related to Narm-narm , being the Boonwurrung word for Port Phillip Bay . Narrm means scrub in Eastern Kulin languages which reflects the Creation Story of how the Bay was filled by the creation of the Birrarung (Yarra River). Before this, the dry Melbourne region extended out into the Bay and

15444-560: The urban periphery in Melbourne's outer west and east in suburbs like Wyndham Vale and Cranbourne . Middle suburbs like Box Hill became denser as a greater proportion of Melburnians began living in apartments. A construction boom resulted in 34 new skyscrapers being built in the central business district between 2010 and 2020. In 2020, Melbourne was classified as an Alpha city by the Globalization and World Cities Research Network . Out of all major Australian cities, Melbourne

15576-573: 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

15708-482: The world's largest and wealthiest metropolises. After the federation of Australia in 1901, Melbourne served as the interim seat of government of the new nation until Canberra became the permanent capital in 1927. Today, Melbourne is culturally diverse and, among world cities, has the 4th largest foreign born population . It is a leading financial centre in the Asia-Pacific region, ranking 28th globally in

15840-486: The world's largest producer of constant-velocity joints (CVJs), which it began manufacturing in the 1960s for early front-wheel drive cars. Its other products include sideshafts, propshafts , modular eDrive systems, multi-mode hybrid transmissions for plug-in hybrid electric vehicles , torque vectoring systems for electric drivelines and a range of all-wheel drive and four-wheel drive systems. GKN, originally known as Guest, Keen & Nettlefolds, first began in 1759 with

15972-503: 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

16104-473: The year it hosted the Centennial Exhibition. The brash boosterism that had typified Melbourne during that time ended in the early 1890s. The bubble supporting the local finance and property industries burst, resulting in a severe economic depression. Sixteen small land banks and building societies collapsed, and 133 limited companies went into liquidation. The Melbourne financial crisis was

16236-548: Was 46.4 °C (115.5 °F), on 7 February 2009 . While snow is occasionally seen at higher elevations in the outskirts of the city, and dustings were observed in 2020, it has not been recorded in the Central Business District since 1986. The sea temperature in Melbourne is warmer than the surrounding ocean during the summer months, and colder during the winter months. This is predominately due to Port Phillip Bay being an enclosed and shallow bay that

16368-548: Was enforced later that same year by the mass-arrest and imprisonment of hundreds of Indigenous people during the Lettsom raid . However, Aboriginal people still managed to continue living near the settlement and by January 1844 there were said to be 675 residing in squalid camps around Melbourne. The British Colonial Office had appointed five Aboriginal Protectors for the Aboriginal people of Victoria, in 1839, but their work

16500-448: 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

16632-461: Was held. Melbourne acquired its first public monument, the Burke and Wills statue, in 1864. With the gold rush largely over by 1860, Melbourne continued to grow on the back of continuing gold-mining, as the major port for exporting the agricultural products of Victoria (especially wool) and with a developing manufacturing sector protected by high tariffs. An extensive radial railway network spread into

16764-499: Was in operation by 1882. The Melbourne cable tramway system opened in 1885 and became one of the world's most extensive systems by 1890. In 1885, visiting English journalist George Augustus Henry Sala coined the phrase "Marvellous Melbourne", which stuck long into the twentieth century and has come to refer to the opulence and energy of the 1880s, during which time large commercial buildings, grand hotels, banks, coffee palaces , terrace housing and palatial mansions proliferated in

16896-490: Was incorporated as a Crown settlement in 1837, and named after the then- Prime Minister of the United Kingdom , William Lamb, 2nd Viscount Melbourne . Declared a city by Queen Victoria in 1847, it became the capital of the newly separated Colony of Victoria in 1851. During the 1850s Victorian gold rush , the city entered a lengthy boom period that, by the late 1880s, had transformed it into Australia's, and one of

17028-546: 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

17160-532: Was nullified by a land policy that favoured squatters who took possession of Aboriginal lands. By 1845, fewer than 240 wealthy Europeans held all the pastoral licences then issued in Victoria and became a powerful political and economic force in Victoria for generations to come. Letters patent of Queen Victoria , issued on 25 June 1847, declared Melbourne a city. On 1 July 1851, the Port Phillip District separated from New South Wales to become

17292-501: 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,

17424-476: Was the worst affected by the COVID-19 pandemic and spent a long time under lockdown restrictions, with Melbourne experiencing six lockdowns totalling 262 days. While this contributed to a net outflow of migration causing a slight reduction in Melbourne's population over the course of 2020 to 2022, Melbourne is projected to be the fastest growing capital city in Australia from 2023–24 onwards, overtaking Sydney as

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