A Century of Foreign Investment in the Third

Based on thorough statistical analysis Twomey presents comprehensive case studies of policy in "metropolitan" countries and of experiences of "host" countries in Africa, Asia and Latin America. The findings reveal that foreign direct investment in, and therefore control over, third world countries was relatively higher at the beginning of the century than at the end.

Michael J. Twomey is Professor of Economics at the University of Michigan, Dearborn.

Index of tables

x

Index of graphs

xiv

List of abbreviations and currencies

xv

Introduction

1

(5)

Major themes

1

(2)

Outline of the book

3

(2)

Acknowledgments

5

(1)

Dedication

5

(1)

Conceptualizing and measuring foreign investment

6

(25)

Theoretical perspectives

6

(2)

Dunning's ``eclectic model'' of FDI

8

(2)

The Product Cycle and the Investment Development Path

10

(1)

The obsolescing bargain

11

(1)

Free Standing Companies

12

(1)

Expatriate investment

13

(1)

The Third World and colonies

14

(1)

Colonial policy and FDI

15

(5)

Measuring and comparing the size of FDI

20

(2)

Capital and the capital--output ratio

22

(4)

Further measurement issues

26

(2)

Final comments

28

(1)

Notes

29

(2)

The major source countries

31

(33)

Global overview

31

(9)

FDI in services

40

(1)

Foreign Portfolio Equity Investment

41

(1)

British investment

42

(3)

Trends in British direct investment

45

(2)

French overseas investment

47

(4)

Issues in the measurement of French colonial investment

51

(1)

The United States

52

(3)

Belgium

55

(1)

The Netherlands

56

(1)

Japan

57

(4)

Concluding comments

61

(1)

Notes

62

(2)

Africa

64

(47)

Egypt

64

(3)

Algeria

67

(7)

Morocco

74

(2)

Tunisia

76

(1)

French sub-Saharan Africa

76

(4)

Cote d'Ivoire

80

(3)

Liberia

83

(2)

Zaire

85

(4)

British Tropical Africa

89

(1)

Ghana

90

(3)

Nigeria

93

(1)

Kenya

94

(3)

Uganda

97

(1)

Union of South Africa

97

(7)

North and South Rhodesia

104

(1)

Zimbabwe

105

(2)

Zambia

107

(1)

Notes

107

(4)

Asia and the Middle East

111

(43)

Australia

111

(1)

China

112

(4)

India

116

(7)

Indo-China

123

(6)

Indonesia

129

(4)

Korea

133

(5)

Malaysia

138

(3)

Philippines

141

(1)

Taiwan

142

(3)

Thailand

145

(1)

The Middle East and Petroleum

146

(4)

Turkey

150

(2)

Notes

152

(2)

Latin America, the Caribbean and Canada

154

(39)

Argentina

154

(5)

Brazil

159

(4)

Canada

163

(2)

Chile

165

(5)

Colombia

170

(2)

Cuba

172

(3)

Honduras

175

(2)

Jamaica

177

(2)

Mexico

179

(5)

Peru

184

(3)

Venezuela

187

(3)

Notes

190

(3)

General results

193

(35)

Long-term trends

193

(5)

Estimates of the foreign ownership of domestic capital

198

(2)

The relative importance of expatriate investment

200

(2)

Econometric explanation of pre-World War I FDI

202

(3)

The relative size of railroads

205

(5)

Railroad financing

210

(3)

The Investment Development Path

213

(3)

The ``Big Push'' and domestic growth

216

(1)

Source country determinants of FDI growth

217

(2)

Policies in host countries

219

(2)

Location specific advantages in host countries

221

(1)

Privatization and FDI

222

(1)

Future trends

223

(1)

Overall summary

224

(1)

Notes

225

(3)

Bibliography

228

(18)

Index

246

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A Century of Foreign Investment in the Third World

Summary

Author Biography

Table of Contents

Supplemental Materials