Global Engagement : How American Companies

Discusses American trade policies and exports, explaining the reason for the American trade deficit, opining that it is due to a lack of understanding of the complicated world of global competition. DLC: Investments--American.

Joseph P. Quinlan is a senior global economist with Morgan Stanley Dean Witter in New York. He also lectures on global trade and finance at New York University.

Acknowledgments

ix

Introduction

xi

Key Terms and Definitions

xvii

Part I: Setting the Global Stage

1

(74)

The Global Economy at the Dawn of a New Century

5

(16)

The Beat Goes On

7

(2)

The Global Economy: The Long View

9

(4)

Globalization Part II: Forces of Change

13

(4)

The United States and the Illusion of Being an Island

17

(4)

Why Firms Invest Abroad: Understanding the Dynamics of Foreign Direct Investment

21

(24)

What Motivates Firms to Invest Overseas?

22

(5)

Some Theories on Foreign Investment

27

(6)

The Urge to Merge

33

(4)

My Enemy's Enemy Is My Friend: The Rise of Alliance Capitalism

37

(4)

Foreign Direct Investment and Trade: The Interlinkages

41

(4)

Beyond Trade: Transnationals and Global Foreign Direct Investment Trends

45

(30)

The Making of a Transnational

46

(2)

The Transnational Profile

48

(2)

The Global Boom in Foreign Direct Investment

50

(1)

Sources of Global FDI Outflows

51

(1)

Japan Goes Global

52

(1)

Europe Steps Up

53

(2)

New and Emerging Transnationals

55

(4)

Global FDI Inflows: A Larger Claim for the Developing Nations . . . Even in Times of Crisis

59

(4)

Asia: Transnationals Make the Most of the Crisis Latin America: A Refurbished Image Equals More Capital Inflows

63

(4)

Central Europe and Russia: In from the Cold

67

(1)

Africa: Lots of Potential but Still on the Margin

68

(2)

The Chosen Few: Investment Flows to the Developing Nations

70

(3)

The Sectoral Shift in Global Foreign Direct Investment

73

(2)

Part II: U.S. Global Engagement Through Foreign Direct Investment

75

(82)

Global Linkages Through U.S. Foreign Direct Investment

79

(24)

Global Linkages: Trade Tells Just One Part of the Story

80

(2)

Asian Aftershocks

82

(2)

Global Linkages Part II: Foreign Investment and the Ties That Really Bind

84

(1)

U.S. Foreign Direct Investment: A Historical Perspective

85

(1)

The 1950--1979 Cycle: Europe Beckons

86

(4)

The Investment Boom Goes Bust in the Early 1980s

90

(2)

The Booming 1990s

92

(2)

The NAFTA Surprise

94

(2)

In Asia, Smaller Is Better

96

(2)

In-Country Sales of Affiliates: The Best Measure of Global Engagement

98

(3)

Revisiting the Asian Crisis

101

(2)

On the Front Lines: The Strategic Role of U.S. Foreign Affiliates

103

(26)

Affiliates: Neither Outliers nor Outlaws

104

(1)

When Parents Become Affiliates

105

(1)

U.S. Foreign Affiliates: A Lot Like California

106

(1)

Dissecting the Functions of U.S. Foreign Affiliates

107

(8)

The Bottom Line: So, Where Do Global Profits Come From?

115

(3)

The Different Modes of Foreign Direct Investment

118

(2)

The Strategic Mandate of Affiliates: It All Depends

120

(5)

The Big Picture: Perspectives on U.S. Parents

125

(4)

Who Are Us? Foreign Investment and Foreign Affiliates in the United States

129

(28)

1950--1975: Asymmetrical Investment Flows

130

(1)

The Mid-'70s and the Beginning of Something Big

131

(1)

The Pendulum Swings in the 1980s

132

(3)

Japan: Better Late than Never

135

(2)

``The Selling of America'': The Backlash Comes but Quickly Goes

137

(1)

Inflows in the 1990s: Weak Start, Robust Finish

138

(1)

The ``Old World'' Invasion

139

(3)

The Foreign Direct Position in the United States as a New Century Dawns

142

(4)

Affiliate Activities in the United States

146

(3)

The Outsized Impact on U.S. Trade

149

(2)

Beyond Imports: The Sales of Foreign Affiliates in the United States

151

(3)

America: Some Implications as Host to the World

154

(3)

Part III: Unique Dimensions of U.S. Global Engagement

157

(78)

Japan: Always the Exception

161

(26)

U.S.-Japan Foreign Direct Investment Linkages: The Long View

163

(2)

Bilateral Investment Flows from 1950 to 1979---Advantage: The United States

165

(3)

Bilateral Investment Flows in the 1980s--Advantage: Japan

168

(3)

Profiling Japan's Investment Advantage

171

(2)

Japan's Stranglehold on U.S. Trade

173

(4)

The ``Lost Decade'': Reality Overcomes Resistance

177

(3)

``Open the Market and They Will Come''

180

(4)

Toward a Level Playing Field

184

(3)

Services: The New Dynamic of U.S. Global Engagement

187

(18)

The Globalization of Services

188

(2)

Technology and the ``Death of Distance''

190

(2)

U.S. Trade in Global Services

192

(4)

U.S. Foreign Direct Investment in Global Services

196

(4)

The Service Activities of Global U.S. Manufacturers

200

(3)

Sales of U.S. Foreign Affiliates: The Preferred Mode for Delivery of Services

203

(2)

Unfinished Business: U.S. Global Engagement with the Developing Nations

205

(30)

The ``Triad'' Plus One

207

(3)

Some Perspectives on U.S. Foreign Investment in the Developing Nations

210

(5)

Top 10 Destinations Among the Developing Nations

215

(9)

Meeting the Microchallenges

224

(4)

Regional Spheres of Influence

228

(3)

Trade Versus Investment: Taking Stock of U.S. Global Engagement with the Developing Nations

231

(4)

Epilogue

235

(4)

Notes

239

(14)

Bibliography

253

(8)

Index

261

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Global Engagement : How American Companies Really Compete in the Global Economy

Summary

Author Biography

Table of Contents

Supplemental Materials