Multinational Investment and Economic

Multinational Investment and Economic Structure axmines the relationship between industrial development and foreign direct investment (FDI) activities, and the interaction between multinational (MNE) activity and economic structures. It deals with the changingstructure of the world economy as a whole, and the dynamics of the relationship between industrial development and the extent of FDI activities across countries. It evaluates the concurrent (and interrelated) evolutionary processes behind economic growth and MNE activity and how theseevolutionary forces impact on the economic structure of individual economies in the industrialized world as their economies converge through globalization.

List of figures

vii

List of tables

viii

Foreword

xi

Acknowledgements

xv

Abbreviations

xvii

Introduction

1

(10)

The research objectives and why it matters

1

(3)

Dynamic aspects of FDI and growth: the link to `new' growth theories

4

(4)

How this book is organised

8

(3)

The Dynamics of FDI And Economic Growth

11

(26)

Introduction

11

(1)

The theory of international production

12

(3)

The analytical framework

15

(19)

Summary and conclusions

34

(3)

A Cross-Sectional Test of the IDP

37

(16)

Introduction

37

(1)

The limitations of cross-sectional analysis

38

(4)

Testing the IDP

42

(2)

A comparison of the IDP in 1975 and 1988

44

(7)

Summary and conclusions

51

(2)

Natural and Created Assets as Determinants of FDI

53

(15)

Introduction

53

(1)

Data and propositions

54

(2)

Explanatory variables

56

(4)

Discussion of results

60

(5)

Summary and conclusions

65

(3)

Globalisation, Homogeneity Among Industrialised Countries and Differences in FDI Patterns

68

(27)

Introduction

68

(1)

The link between created assets, natural assets and FDI activity

69

(9)

Introspection within the Triad: general FDI trends

78

(14)

Summary and conclusions

92

(3)

Country-Specific Factors, Trade and FDI Patterns Over the 1980s

95

(45)

Introduction

95

(1)

Explaining the paradox

96

(3)

The relationship between FDI and trade

99

(2)

The analytical framework

101

(5)

The extent of specialisation of countries and firms

106

(16)

The stability of outward FDI, exports and technological advantage over the 1980s

122

(4)

The sectoral pattern of specialisation of firms and countries

126

(2)

FDI and exports: substitutes or complements?

128

(2)

Exports and FDI: the relationship to country-specific factors

130

(6)

Summary and conclusions

136

(4)

Transpacific FDI: A Forty-Year View of Changing Competitiveness

140

(37)

Introduction

140

(1)

Underlying differences in country-specific advantages

141

(2)

The evidence

143

(31)

Summary and conclusions

174

(3)

Summary, Conclusions and Policy Implications

177

(11)

Policy implications

183

(5)

Appendix 1

188

(1)

Appendix 2

189

(1)

Notes

190

(8)

Bibliography

198

(11)

Index

209

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Multinational Investment and Economic Structure: Globalisation and Competitiveness

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Table of Contents

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