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Depending on one's point of view, multinational enterprises are either the heroes or the villains of the globalized economy. Governments compete fiercely for foreign direct investment by such companies, but complain when firms go global and move their activities elsewhere. Multinationals are seen by some as threats to national identities and wealth and are accused of riding roughshod over national laws and of exploiting cheap labor. However, the debate on these companies and foreign direct investment is rarely grounded on sound economic arguments.
This book brings clarity to the debate. With the contribution of other leading experts, Giorgio Barba Navaretti and Anthony Venables assess the determinants of multinationals' actions, investigating why their activity has expanded so rapidly, and why some countries have seen more such activity than others. They analyze their effects on countries that are recipients of inward investments, and on those countries that see multinational firms moving jobs abroad. The arguments are made using modern advances in economic analysis, a case study, and by drawing on the extensive empirical literature that assesses the determinants and consequences of activity by multinationals. The treatment is rigorous, yet accessible to all readers with a background in economics, whether students or professionals. Drawing out policy implications, the authors conclude that multinational enterprises are generally a force for the promotion of prosperity in the world economy.
- Sales Rank: #1955488 in Books
- Brand: Brand: Princeton University Press
- Published on: 2006-08-20
- Released on: 2006-08-20
- Original language: English
- Number of items: 1
- Dimensions: 9.21" h x .78" w x 6.14" l, 1.10 pounds
- Binding: Paperback
- 352 pages
- Used Book in Good Condition
Review
"This lucid, authoritative and comprehensive book will be of great value to anyone interested in the role of multinational enterprises in the modern world."--John Driffill, Times Higher Education Supplement
"[This book] is an extremely welcome addition to the literature and profession. . . . [Multinational Firms in the World Economy] fills a very important niche of bringing together our current knowledge of multinational firm behavior and their economic effects on parent and host countries."--Bruce A. Blonigen, Journal of International Economics
From the Inside Flap
"This fine book contributes substantially to the large and rapidly growing literature on multinational corporations. It goes beyond other recent work in providing a much broader review of the theory, empirical aspects, and the impact on home and host nations. Its integration of theory and evidence is particularly nice; and its discussion of policy is also very welcome, since this is often overlooked in the serious literature."--Richard E. Baldwin, Graduate Institute of International Studies, Geneva, coauthor of "Economic Geography and Public Policy, managing editor of the journal "Economic Policy
"This book presents a comprehensive analysis of the economics of multinational enterprises. It thoroughly assesses what they are, why they exist, and what their economic impact on home and host countries is. It is a well-rounded analysis. Representing a rare attempt to bring together several important strands in the literature on the economics of multinationals, combining theory and rigorous econometric work, it will be of wide interest not only to researchers of these issues but also to students, policy makers, and interested general readers."--Holger Gorg, University of Nottingham
"This work is a valuable addition to the literature and will be of tremendous service to graduate students, scholars, and policy makers interested in multinational enterprises and foreign direct investment."--Gordon Hanson, University of California, San Diego
From the Back Cover
"This work is a valuable addition to the literature and will be of tremendous service to graduate students, scholars, and policy makers interested in multinational enterprises and foreign direct investment."--Gordon Hanson, University of California, San Diego
"This fine book contributes substantially to the large and rapidly growing literature on multinational corporations. It goes beyond other recent work in providing a much broader review of the theory, empirical aspects, and the impact on home and host nations. Its integration of theory and evidence is particularly nice; and its discussion of policy is also very welcome, since this is often overlooked in the serious literature."--Richard E. Baldwin, Graduate Institute of International Studies, Geneva, coauthor of Economic Geography and Public Policy, managing editor of the journal Economic Policy
"This book presents a comprehensive analysis of the economics of multinational enterprises. It thoroughly assesses what they are, why they exist, and what their economic impact on home and host countries is. It is a well-rounded analysis. Representing a rare attempt to bring together several important strands in the literature on the economics of multinationals, combining theory and rigorous econometric work, it will be of wide interest not only to researchers of these issues but also to students, policy makers, and interested general readers."--Holger Görg, University of Nottingham
Most helpful customer reviews
3 of 3 people found the following review helpful.
excellent book on the economics of multinationals
By Jeffrey Hart
This excellent book summarizes decades of research on the economics of multinational firms. A central puzzle economists pose is why multinational firms choose to establish an overseas presence rather than simply to export goods and services. The two main answers are to gain access to potentially large markets that would otherwise be closed--which the authors call horizontal foreign direct investment (HFDI)-- and to gain access to low-cost local inputs as part of a strategy of global competitiveness--termed vertical foreign direct investment (VFDI).
In the chapter on HFDI , the authors ask why multinational firms sometimes set up "greenfield" operations abroad rather than simply merging with or acquiring a local firm. Mergers and acquisitions "account for the dominant share of FDI flows, especially to high income countries." But greenfield investments are still important; most host countries prefer greenfield investments over mergers and acquisitions.
In the chapter on VFDI the central question is how a firm will divide its production processes across different locations with different factor prices in the presence of "trade costs" and "disintegration costs." VFDI flows between two countries will not occur unless factor endowments are sufficiently different. However, factor price equalization will occur over time, partly as a result of VFDI flows, and so VFDI may eventually be replaced by HFDI. Both, however, are dependent on trade and disintegration costs.
Why are the international operations of firms sometimes "organized internally, in wholly owned subsidiaries" and sometimes "externally, under arms-length contracts with independent local producers"? The main reason given for internalization is market failure connected with arms-length contracts. According to the authors, there are three types of market failures: the hold up problem, the dissipation of intangible assets, and principal-agent relationships between multinationals and local firms. The hold up problem occurs when a local firm has to make investments that are specific to the contracting relationship. The potential losses caused by an altered relationship result in underinvestment. The dissipation of intangible assets occurs when a foreign firm cannot avoid losing control over valued assets because of its contractual relationship with a local firm. The principal-agent problem occurs because of hidden actions or hidden information about local market conditions. The local firm may have an interest in concealing local market information from the foreign firm.
Another chapter summarizes large-n quantitative research on the determinants of FDI flows and other indicators of multinational activity. The main factors examined in this chapter are plant-level economies of scale, firm-level research intensity, home and host country market size, geographical distance (and other possible barrier-related factors), and transportation costs. The so-called "gravity model" explains much of the variance in country to country flows of FDI so most empirical research controls for gravity in measuring the impact of non-gravity factors. At the end of the chapter, the authors provide suggestions about how to improve existing quantitative research by allowing for a variety of motives for foreign investment (HFDI, VFDI, and combinations thereof), by including both firm-level and country-level variables in the analysis, and by separating mergers and acquisitions from greenfield investments empirically.
In summarizing many empirical studies on the impact of multinationals on host countries, the basic conclusion is that "MNEs are indeed very different from local firms." They are larger and more efficient, they pay higher wages and employ more skilled personnel. "This is so because MNEs bring to host countries a bundle of characteristics that are not necessarily available locally: technologies, brands, management procedures, market access, and so on."
A case study of foreign investment in Ireland, which has been successful in attracting increasing inward flows of FDI, mainly from the United States, shows that Irish tax incentives had a lot to do with the decision of multinationals to locate operations there. The authors conclude with a warning of the possible negative consequences of Ireland's having to harmonize its taxes with other member states of the European Union.
A further chapter on the impact of foreign investment on home countries concludes that this is generally positive because "foreign investments are more likely to strengthen than to deplete home activities." The authors are correct in noting, however, that home country effects are less well studied than host country effects.
In the concluding chapters, the authors call for "coordination and supranational regulations...to ensure that international markets work in an efficient and beneficial way." But they also argue that "multinationals are a fundamental and efficient component of a globalized world, not an enemy within." They advise developing countries to emulate Ireland which, in their view, "successfully managed to use its initial cost advantage to create long-lasting linkages with foreign investors."
This is an excellent book about the economics of multinationals and foreign direct investment, though it will not be a popular work among opponents of globalization. Unlike other works, it does not ignore negative effects of multinationals. It does not, however, discuss potentially negative cultural impacts of the branding and marketing strategies of global oligopolies. The authors put the onus on governments to see to it that the positive benefits of globalization can be felt beyond the narrow circle of industrialized and industrializing countries.
I would recommend this book for graduate students and for advanced undergraduates in economics or political economy programs. It is comprehensive in its coverage and clearly written, a worthy successor to earlier summaries of the field.
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