Browse by title

You are looking at 41 - 50 of 328 items :

  • Asian Economics x
  • Economics and Finance x
  • Asia Business x
Clear All
You do not have access to this content

The rise of multinationals from emerging markets: East Asian experiences

The ‘Flying-Geese’ Theory of Multinational Corporations and Structural Transformation

Terutomo Ozawa

This chapter examines state_industry linkages in the course of the rise of multinational coreporations (MNCs) in emerging markets by drawing on East Asian experiences. Multinationals are both a creature and an instrument of industrial structure change that characterizes the process of economic development. In order for emerging markets to sustain catch up with industrialization they need their own homegrown multinationals so that they can exploit overseas business opportunities at each stage of structural change. In this regard, Japan set important precedents in transplanting low-wage production abroad via outward foreign direct investment (FDI) as a catalyst for industrial upgrading at home (comparative advantage recycling in low-wage production) and combining its resources-seeking FDI with economic cooperation in emerging host economies. The precedent of low-wage production transplantation was first followed by the newly industrializing economies and then has begun to be replicated by China. The precedent of FDI-cum-economic cooperation is currently most actively repeated by China in its efforts to secure overseas minerals and fuels.

This content is available to you

Why Akamatsu’s original theory needs reformulation

The ‘Flying-Geese’ Theory of Multinational Corporations and Structural Transformation

Terutomo Ozawa

Kaname Akamatsu set forth the flying-geese theory of economic development as back as the 1930s, drawing on his statistical studies of Japan’s trade in manufactures in 1870_1939. He considered essential the old-fashioned, highly nationalistic, infant-industry protection strategy, a strategy that was designed to propel the three-step sequence of import, domestic production, and export, all by indigenous firms in avoidance of incursions by foreign interests. Arm’s-length trade was the major mode of exchange. Since then, however, the world economy has drastically changed. Multinational corporations (MNCs) are now ubiquitous, setting up production and marketing facilities in each other’s economies. The three-step sequence is carried out instantaneously at the hands of MNCs: local production is initiated simultaneously for export as well as for import substitution. MNCs’ involvement in the three-step sequence is explored.

This content is available to you

Barbara Krug

You do not have access to this content

Barbara Krug

You do not have access to this content

Barbara Krug

You do not have access to this content

Barbara Krug

State Capitalism offers an illuminating guide to the debate about contemporary state capitalism: does it simply use different tools from other variants of capitalism, or is it an altogether new kind of economic regime? Barbara Krug, a leading expert in this field, sets out to define the concept of contemporary state capitalism as an economic model and presents a nuanced view of state capitalism in action. She points the way to new areas for further study and analysis.
This content is available to you

Sumei Tang, Eliyathamby A. Selvanathan and Saroja Selvanathan

You do not have access to this content

Sumei Tang, Eliyathamby A. Selvanathan and Saroja Selvanathan

You do not have access to this content

China’s Economic Miracle

Does FDI Matter?

Sumei Tang, Eliyathamby A. Selvanathan and Saroja Selvanathan

This insightful book analyses the impact of Foreign Direct Investment (FDI) in China as well as making valuable contributions to the theory of FDI more broadly. The authors provide empirical analysis of key factors including the location-specific determinants of FDI; the impact of FDI on domestic investment, income distribution, consumption and tourism; the relationship between FDI inflows and income inequality; causality between FDI, domestic investment and economic growth; and causality between FDI and tourism. The study concludes that FDI plays a crucial and positive role in the economic development of China. Rather than crowding out domestic investment, FDI is found to stimulate economic growth by complementing it.
You do not have access to this content

Sumei Tang, Eliyathamby A. Selvanathan and Saroja Selvanathan