The Multilateral Investment System and

Thomas L. Brewer and Stephen Young examine the future of the world economy- and the key economic and political forces that will shape it. They considerthe implications of historically important changes in the world economy inrecent yearsincluding the expansion of the international investments ofmultinational corporations and the new role of the World Trade Organization(WTO).The authors present numerous examples of how countries have changed theirinternational trade and investment policies, and examine how these changes areaffecting firms' strategies and operations worldwide. They explain theimportance to international investment, as well as trade and technologytransfer, of the many agreements being implemented by the WTO. The role of otherinternational agencies such as the UN, World Bank, OECD, EU, and NAFTA are alsodiscussed.This book will be essential reading for all those with an interest in thefuture of the world economy and international business.

Professor Brewer is Editor-in-Chief Designate of the Journal of International Business Studies.

List of Figures

xii

List of Tables

xiii

List of Boxes

xv

List of Appendices

xvi

Abbreviations

xvii

Introduction

1

(10)

Part I Context

Multinational Enterprises and Foreign Direct Investment Policy: Theory and Issues

11

(28)

The Nature of the Multinational Enterprise

11

(4)

The Economics of Multinational Firms and Foreign Direct Investment

15

(3)

Public Policy and the Multinational Enterprise: Rationales for International Agreements

18

(5)

The Present International Framework for Foreign Direct Investment and the Multinational Enterprise

23

(16)

Foreign Direct Investment and the World Economy: A Historical Overview

39

(26)

Influences on the Growth of FDI and the MNE

39

(3)

The Economic and Political Environment in the Post-War Years

42

(2)

Trade and Trade Policy

44

(3)

Capital Controls, Foreign Exchange Controls, and the Balance of Payments

47

(3)

Technology and Technology Policy

50

(2)

Foreign Direct Investment Policies

52

(3)

Patterns of Foreign Direct Investment

55

(10)

Part II Evolution of the System

Inauguration: The Demise of the ITO and the Rise of Bilateral Treaties (Mid-1940s---Late 1960s)

65

(21)

International Trade Organization (ITO)

66

(3)

General Agreement on Tariffs and Trade (GATT)

69

(1)

International Monetary Fund (IMF)

70

(1)

World Bank

71

(2)

Organization for Economic Cooperation and Development (OECD)

73

(1)

Bilateral Treaties

74

(4)

Other Agreements

78

(1)

Conclusion

79

(7)

Control: Codes and the Obligations of Multinational Enterprises (Late 1960s---Early 1980s)

86

(26)

Overview of the Period

86

(6)

Policies at the International Level

92

(4)

Policy at National, Bilateral, and Regional Levels

96

(9)

Conclusion

105

(7)

Liberalization: National and Regional Policy Changes and the Creation of the WTO (Early 1980s---Mid-1990s)

112

(26)

Introduction

112

(1)

Liberalization at the National Level

113

(4)

Regional Integration and Investment Issues

117

(4)

GATT Uruguay Round Negotiations and the Establishment of the WTO

121

(10)

Conclusion

131

(7)

Expansion: Multilateral, Regional, and Sectoral Developments (Late 1990s)

138

(21)

Introduction

138

(1)

Investment Issues at the WTO

139

(8)

The Multilateral Agreement on Investment (MAI) at the OECD

147

(2)

Regional Developments

149

(2)

Investment Protection: Political Risk Insurance Programmes

151

(1)

Conclusion

152

(7)

Part III Policy Problems

Policy Interactions: Regional and Multilateral Arrangements

159

(25)

An Overview of Regional-Level Arrangements

159

(11)

Regional Agreements: Building Blocks or Stumbling Blocks?

170

(6)

Conclusion

176

(8)

Policy Linkages: Investment, Trade, and Technology Transfer

184

(25)

Introduction

184

(1)

Investment-Trade Relationships

185

(11)

Technology and Intellectual Property

196

(11)

Conclusion

207

(2)

Policy Linkages: Competition Policy

209

(25)

Introduction

209

(1)

Competition Policy and the Problems of the Multinational Enterprise

209

(4)

Competition Policy Interrelationships and Coverage

213

(4)

Anti-dumping and Competition Policy

217

(4)

Competition Policies at National, Bilateral, and Regional Level

221

(4)

Competition Policy Developments at the International Level

225

(3)

The Future for International Competition Policy

228

(2)

Conclusion

230

(4)

Policy Dilemmas: Developing Countries

234

(21)

Introduction and Background Issues

234

(3)

The Economic Impact of MNEs in Developing Countries

237

(5)

Investment and Trade Policies in Developing Countries

242

(8)

Conclusion

250

(5)

Part IV Implications

Current and Future Challenges

255

(20)

Introduction

255

(1)

The Shifting Policy Pendulum

255

(5)

Policy Issues

260

(7)

Politics

267

(5)

Conclusion

272

(3)

Afterword to the Paperback Edition

275

(12)

References

287

(12)

Index

299

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The Multilateral Investment System and Multinational Enterprises

Summary

Author Biography

Table of Contents

Supplemental Materials