This paper examines the effects of Globalization and Transnational Corporations on developing countries as it relates to human rights of peoples everywhere. The importance of the impact of transnational corporations (TNCs) on ordinary citizens across the globe has increased tremendously in the wake of globalization. Therefore, TNCs, by virtue of their operations in developing countries in particular, play a significant role in the practicalization of human rights and socioeconomic rights of peoples around the world. I analyze the response of the international community, led by the United Nations, through its Declarations and Conventions and the efficacy of these interventions. Through the Norms on Responsibilities of Transnational Corporations and Other Business Enterprises with Regard to Human Rights by the Sub-Commission on the Promotion and Protection of Human Rights in August 2003, the Global Compact Initiative, as well as a number of the conventions, the UN, and other concerned stakeholders, have continued to grapple with providing a lasting, comprehensive solution to this issue. The norms of Corporate Social Responsibility (CSR) are gradually taking hold, mainly due to the business case and these companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis. Thus, CSR norms today anticipate self-regulation by companies in the form of internal regulations, codes of conduct, and self-sanctioning. Although the norms remain soft law for the time being, more and more TNCs have begun to take CSR more seriously – particularly as the behavior of TNCs across various industries, in conflict zones or otherwise have begun to reflect the price which these companies pay by way of reputation and revenue when they refuse to conform. In the end, while much has been achieved in the last 40 years, much more remains to be accomplished.