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TRANSFORMATIONS OF GLOBAL PROSPERITY How Foreign Investment, Multinationals, and Value Chains are Remaking Modern Economy Caf Dowlah Transformations of Global Prosperity Caf Dowlah Transformations of Global Prosperity How Foreign Investment, Multinationals, and Value Chains are Remaking Modern Economy Caf Dowlah City University of New York New York, NY, USA ISBN 978-3-319-71104-1    ISBN 978-3-319-71105-8 (eBook) https://doi.org/10.1007/978-3-319-71105-8 Library of Congress Control Number: 2017961830 © The Editor(s) (if applicable) and The Author(s) 2018 This work is subject to copyright All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed The use of general descriptive names, registered names, trademarks, service marks, etc in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations Cover illustration: Kheng Ho Toh / Alamy Stock Photo Printed on acid-free paper This Palgrave Macmillan imprint is published by the registered company Springer International Publishing AG part of Springer Nature The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland Preface This book springs from the insight that the economic globalization of the twenty-first century—that has arguably been reversing the fortunes of the advanced industrialized economies of the North and the developing and emerging economies of the South—may be better understood by looking into the contemporary nexlus of three major economic forces: foreign direct investment (FDI), multinational enterprises (MNEs), and global value chains (GVCs) This book can also be viewed as a sequel to my earlier works on economic globalization In Backwaters of Global Prosperity (2004) I argued that greater integration of the less developed countries into the global economy may increase economic prosperity in these countries In International Trade, Competitive Advantage and Developing Countries (2016) I argued that greater integration of developing countries in the global economy has enabled them to capture larger shares in several key sectors of international trade This book argues that the emerging nexus of FDI–MNEs–GVCs may serve as a powerful harbinger for tilting global prosperity in favor of developing countries This book has been an ambitious project Discerning scopes and magnitude, patterns of growth, and the consequences of global forces such as FDI, MNEs, and GVCs from both historical and contemporary perspectives involved scrupulous weaving together of cutting-edge research and v vi  Preface contributions of numerous authors, scholars, and researchers from around the world I thank all such scholars and researchers The chapter on the automobile GVCs of emerging economies—Brazil, Central and Eastern European region, China, India, Mexico, and Thailand—in particular draws heavily on the works of scholars and researchers of the respective countries I owe them a very special thanks I am also grateful to many men and women who provided personal and professional insights and assistance at various stages of the book’s evolution First, I must express my profound thanks to Rachel Sangster, chief editor of Economics and Finance at Palgrave Macmillan, who, in course of our deliberations back in 2015, suggested that such a study would be a timely contribution to global knowledge She had also been very generous in providing me with detailed feedback and constructive suggestions during the preparation of the manuscript I am also grateful to Palgrave Macmillan’s anonymous reviewers, whose critical but highly constructive reviews forced me to refocus and reorganize the whole manuscript A special word of gratitude is also due to Professor Gary Hufbauer of the Petersen Institute of International Economics, who graciously guided my research and reviewed two major chapters of this book I also owe special thanks to Professors Jỗo Amador and Sónia Cabral of the Nova School of Business and Economics, and James Jackson of the United States Congressional Research Service for allowing me to use some of their data and research in the book During the course of preparation of the manuscript, I had numerous discussions with many colleagues in my own campus—among them Professors Paul Marchese, Michael Atimari, and Edmund Clingun deserve special mention A good friend, Russel Sapienza, who has just retired from PricewaterhouseCoopers after a life-long career, deserves mention for sharing useful insights on the internationalization of production I must also thank Thomas Coughlan of Palgrave Macmillan, project coordinator of Springer Nature Julia Rosche, copy editor Elizabeth Stone, and the production team of M Senthil Kumar for adroit management of the production process of the book  Preface     vii Finally, while many others have contributed to the book, I alone am responsible for its errors and omissions Bay Ridge, NY January 27, 2018 Caf Dowlah Contents P  reface   v Acronyms and abbreviations   xi Abbreviation of Countries   xv List of Figures   xvii List of Tables   xxi List of Boxes   xxv 1 Introduction   1 2 The Traditional Nexus of Multinational Enterprises and Foreign Direct Investment   7 3 Theoretical Foundations of Traditional FDI–MNE Nexus  75 4 The Traditional Nexus of FDI–MNE—Empirical Findings 119 5 The New Nexus of Foreign Investment, Multinationals, and Global Value Chains 145 ix x  Contents 6 Global Value Chains in Automobiles 199 7 Case Studies on Global Value Chains in Automobiles 231 8 The New Nexus and the Emerging Trends in Global Employment and Specialization 307 9 The New Nexus of FDI–MNEs–GVCs and the Transformation of Global Prosperity 377 Index 395 Acronyms and Abbreviations AfDB AFTA AICO APEC APL ASEAN ATM BEC BIT BRIC BRICS CAAM CBU CIA CKD CTC DOE DR-CAFTA DTT EC ECA ECB EEA African Development Bank ASEAN Free Trade Area ASEAN Industrial Cooperation Scheme Asia-Pacific Economic Cooperation agreement Average propagation length Association of Southeast Asian Nations Automatic teller machine Broad Economic Classification Bilateral investment treaty Brazil, Russia, India and China Brazil, Russia, India, China and South Africa China’s Association of Automobile Manufacturers Completely built-up Central Intelligence Agency Complete knock-down Centre on Multinational Corporations Domestic-owned enterprises Dominican Republic-Central American Free Trade Agreement Double taxation treaty European Commission United Nations Economic Commission for Africa European Central Bank European Economic Area xi 394  C Dowlah Frank, A 1978 Dependent Accumulation and Underdevelopment London: Macmillan Press Hummels, D 2007 Transportation Costs and International Trade in the Second Era of Globalization Journal of Economic Perspectives 21 (3): 131–154 Johansson, A., and E. Olaberria 2014 Global Trade and Specialization Patterns Over the Next 50 Years OECD Economic Policy Paper No 10 Paris: OECD Publishing Maddison, A 1969 Economic Growth in Japan and the USSR New York: W. W Norton Manyika, J., M.  Chui, J.  Bughin, R.  Dobbs, P.  Bisson, and A.  Marrs 2013 Disruptive Technologies: Advances That Will Transform Life, Business, and the Global Economy Washington, DC: McKinsey Global Institute Michalopoulos, C., and F.  Ng 2013 Trends in Developing Country Trade 1980–2010 World Bank Policy Research Working Paper No 6334 Morrison, A., C. Pietrobelli, and R. Rabellotti 2008 Global Value Chains and Technological Capabilities: A Framework to Study Learning and Innovation in Developing Countries Oxford Development Studies 36 (1): 39–58 OECD 2016 Global Value Chains and Trade in Value-Added: An Initial Assessment of the Impact on Jobs and Productivity OECD Trade Policy Papers, No 190 Paris: OECD Publishing Taglioni, D., and D.  Winkler 2014 Making Global Value Chains Work for Development Economic Premise World Bank Number 143 May Tolentino, P 2000 Multinational Corporations: Emergence and Evolution London: Routledge UNIDO (United Nations Industrial Development Organization) 2013 Industrial Development Report 2013 Vienna: UNIDO ——— 2016 Industrial Development Report 2016 The Role of Technology and Innovation in Inclusive and Sustainable Industrial Development Vienna: UNIDO Wallerstein, I 1979 Capitalist World-Economy London: Cambridge University Press WEF (World Economic Forum) 2013 Enabling Trade: Valuing Growth Opportunities Geneva World Bank Various years Logistics Performance Index Yonekawa, S 1985 The Formation of General Trading Companies: A Comparative Study Japanese Yearbook on Business History, 1–31 Index A African Development Bank (AfDB), 362 Alphabet, 50–52 See also Google Amazon, 50–52 APEC, see Asia–Pacific Economic Cooperation agreement Apple, 49–52, 170, 382 ASEAN Free Trade Area (AFTA), 285, 298 ASEAN Industrial Cooperation Scheme (AICO), 285 Asia-Pacific Economic Cooperation agreement (APEC), 38, 160, 187 Association of Southeast Asian Nations (ASEAN), 291, 292, 298 ATM, see Automatic Teller Machine © The Author(s) 2018 C Dowlah, Transformations of Global Prosperity, https://doi.org/10.1007/978-3-319-71105-8 Automatic Teller Machine (ATM), 354 B Bechtel, 51 Berkshire Hathaway, 50–52 Bilateral investment treaty (BIT), 34, 38, 164 BMW, 254, 257, 258, 264, 265, 289 Boeing, 20, 66, 382 Bosch, 207–209, 213, 215, 216, 226, 245, 255, 265, 275, 286 Bretton Wood Conference, 20 BRIC (Brazil, Russia, India and China), 41, 42, 51, 94, 178 BRICS (Brazil, Russia, India, China and South Africa), 41, 42, 94 395 396  Index British Petroleum (BP), 13, 133 Broad Economic Classification (BEC), 190 C Cargill, 49, 51, 190 Caterpillar, 20, 363 Central Intelligence Agency (CIA), 131 Centre on Multinational Corporations (CTC), 131 China’s Association of Automobile Manufacturers (CAAM), 322 CIA, see Central Intelligence Agency CK Hutchison, 51 Clusters of GVCs, 185 Complete knock-down (CKD), 236, 284, 285, 296 Completely built-up (CBU), 262, 263, 285 Continental AG, 207, 208, 216 Credit Swiss Global Family 900, 49, 51, 53, 67, 68 D Daewoo, 242, 244, 245, 271 Deepwater Horizon, 133, 138 Delphi, 153, 213, 216, 235, 255, 275, 286 Denso, 155, 191, 207–209, 213, 215, 216, 255, 275, 286 Diaspora, 47, 99, 105, 109 Distance and length of GVCs, 184 Domestic-owned enterprises (DOEs), 335, 355 Double taxation treaty (DTT), 129 E Economic Partnership Programs (EPAs), 38, 39 European Commission (EC), 170, 323 European Economic Area (EEA), 137 European Free Trade Agreement (EFTA), 137 Exxon Valdez, 133 F Facebook, 51–53 FDI, see Foreign direct investment Fiat, 218, 223, 232–235, 239, 241, 242, 244, 249, 252, 272, 282 Ford, 20, 46, 49, 64, 151, 153, 189, 203, 205, 207, 211, 218, 226, 232–235, 247, 249, 252, 254, 257, 260, 263, 265, 270–273, 279–282, 286, 289, 290, 296 Foreign direct investment (FDI), 1, 8–68, 75, 78, 80, 102, 105, 109, 145, 199, 249, 251, 260, 270, 275, 307, 317, 319–343, 345, 377 clusters of FDI, 28–30 conceptual context, 10–11 determinants of FDI, 107 developing country perspectives, 333–334 host country perspectives, 107 investing firm perspectives, 107 dynamics of FDI flows, 36–40 evolution, 9–12 pre-WWI Period, 12–15 since the 1980s, 22–23  Index     from 1920s through the 1940s, 15–19 from 1950s through the 1970s, 19–22 FDI and employment empirical findings, 334 global FDI inflows and outflows Chinese Outward FDI, 94, 99 India’s outward FDI, 94, 99 outward FDI from developing and emerging countries, 41 shares of country groups, 25 global FDI inflows, major recipients, 23 global FDI outflows major source countries, 19, 94 shares of BRICS, 42 shares of developing and emerging economies, 40 global FDI stocks FDI stocks in Central and Eastern Europe, 251 outward and inward FDI Stocks, 35, 36 stocks of inward and outward FDI/GDP Ratios, 97 top emerging countries in outward and inward FDI stocks, 36 national regulatory changes and FDI, 39 relationships between Global GDP, exports and outward FDI, 345 reverse FDI outflows, 40–47 Foreign-funded enterprises (FFEs), 336 Foreign Investment Advisory Service (FIAS), 39 397 Foreign-owned enterprises (FOE), 335 Foreign Portfolio Investment (FPI), 10–12, 15, 18, 75, 77, 80, 102, 103, 321 Foxconn, 51, 53 Free Standing Company (FSC), 63, 103 Free trade agreement (FTA), 38, 66, 274, 286, 315 FTA, see Free trade agreement G GATS, see General Agreement on Trade in Services GATT, see General Agreement on Tariffs and Trade Geely, 46, 256, 260, 261 General Agreement on Tariffs and Trade (GATT), 38, 132 General Agreement on Trade in Services (GATS), 39, 161, 297 General Motors (GM), 10, 20, 49, 66, 67, 153, 189, 203, 207, 213, 218, 221, 223, 232–235, 244, 249, 252, 253, 258, 261, 263, 265, 272, 273, 279–282, 286, 289, 296, 382 GlaxoSmithKline, 130, 137 Global Commodity Chain (GCC), 150–152, 156 Global merchandize trade, 346 Global Production Network (GPN), 4, 146, 150, 152, 156, 158, 380 398  Index Global Trade Analysis Project (GTAP), 172, 174, 190 Global Trends in Trade, Employment, and Specialization aggregate wage bills as shares in GDP, 356 business sector jobs that depend on foreign final demand, 340, 341 demand for skilled jobs, 350 employment and real output in manufacturing sector, 318 gaps between productivity and typical worker’s compensation, 356, 357 timeline, 163 global GDP, FDI stock, and trade, 346 global merchandize trade, 346 global trends in household and corporate savings, 358 global working age population and employment, 354 GVC and employment empirical findings, 339–343 manufacturing jobs that depend on foreign final demand, 341 manufacturing value-added and employment share in GDP by region, 347, 348 relationship between productivity and unemployment, 352 relationships between imports and unemployment, 316 relationships between tariff and employment, 314 tariff rates around the world, 313 theoretical context, 337–339 linkage between MNEs-FDIs-­ GVCs and employment empirical findings, 321–322 theoretical context, 308–312, 319–321 trends in employment and specialization automation and unemployment, 351–355 declining share of wage in GDP, 355–358 flexible mass production, 360–361 job polarization, 358–360 labor productivity and employment, 351 technological innovations, 349–351 wage as a share of GDP, 357 Worldwide annual supply of industrial robots, 352 Global Value Chain Approach, 155 Global Value Chains (GVCs) conceptual and theoretical contexts, 149–150 Global Commodity Chain, 150–152 Global Production Network, 152 Global Value Chain Approach, 155–158 International Fragmentation Theory, 152–154 Value Chain Network, 150  Index     foreign value-added share of gross exports, non-OECD countries, 184 forward participation in GVCs by non-OECD countries, 180 by OECD countries, 178 GVC participation backward and forward participation in GVC trade, 174 backward participation in GVCs, 176 in non-OECD countries, 178, 180 in OECD countries, 178 income measure of embeddedness in GVCs, 184 international databases of GVCs, 171–172 methodological developments clusters of GVCs, 185–188 distance and length of GVCs, 184–185 GVC participation index, 173, 176–184 measurement of GVC participation, 175–188 regional concentration, 185–188 re-exported intermediate imports, 181 reexported intermediate imports in GVC trade, 181 reimported intermediate goods in GVC trade, 181 share of domestic services value-­ added in gross exports, 183 total GVC participation index 399 in non-OECD countries, 179, 180 in OECD countries, 178 Google, 51, 52, 130 GPN, see Global Production Network Granger Causality, 123, 136n2 Great Wall, 257, 258 Gross value added (GVA), 276, 356, 363 Gulf of Mexico Oil Spill, 133 GVC participation, 171, 173, 175–188, 191, 338, 386 GVC participation index, 173, 176 GVCs in Automobile Industry automotive production of leading countries, 224 classification of automobile producing countries and their share in output, 206 comparative growth rates of annual salary of automotive workforce, 274 evolution of automobile industry evolution of GVCs in automobile industry, 206–216 relationships between auto assemblers and component suppliers, 211–216 trends in global automobile production, 217–225 global automobile production, share in exports, and share in absorption in exports, 204 mega suppliers of automotive parts and components, 207–208 400  Index GVCs in Automobile Industry (cont.) output and employment changes in automobile production and employment, 343 share of major developed countries in global automobile production, 221 top car manufacturing countries in the world and their shares, 222 top global original equipment manufacturers (OEM) and their shares, 216 top motor vehicle assemblers in the world and their shares, 223 top motor vehicles producers in the world and their shares, 220 GVCs in automobiles, case studies Brazilian auto industry, 232–240 auto exports and imports, 238, 239 auto parts production and exports, 238 auto production, 237 market shares of top automakers, 235 Central and East European auto industry, 241–251 foreign investment stocks, 243, 251 major features of, 250 motor vehicle production, 248, 249 privatization of automotive manufacturing, 242 share of automotive products in total exports, 249 top multinational auto assemblers and auto parts suppliers, 245 Chinese auto industry, 251–261 foreign joint ventures, 254 private vehicle ownerships, 259 production and exports of passenger cars and light vehicles, 260 top auto assemblers and best-selling car brands, 258 Indian auto industry, 261–271 exports and domestic sales, 269 major joint ventures/foreign companies, 264 motor vehicles production trends, 267, 268 top auto assemblers and their market shares, 268 Mexican auto industry, 271–282 auto production and exports, 278, 281 inflows of FDI in auto industry, 275 share of foreign automakers in auto production and exports, 280 Thai auto industry, 282–293 auto exports, 292, 293 auto production, 283, 289 FDI inflows, 291 production of passenger cars and commercial vehicles, 290 top automakers, 290  Index     H HDI, see Human Development Index Honda, 10, 66, 218, 223, 233–235, 253, 254, 258, 263–266, 268, 273, 280–282, 286, 287, 289, 290 Human Development Index (HDI), 121, 136n1 I ICT, see Information and communication technology IFC, see International Financial Corporation IKEA, 51 Industrial Development Report, 353 Industrial robots, 351–353, 364n27 Information and communication technology (ICT), 76, 106, 154, 159, 160, 365n35, 379 Intellectual property rights (IPR), 37–39, 161, 166, 387 Inter-American Development Bank (IADB), 362n5 Inter-Country Input-Output (ICICO), 173, 340 Inter-firm trading, 127 International Collaborative Initiative on Trade and Employment (ICITE), 315, 316, 319, 362n5 International databases of GVCs, 171 International Federation of Robotics (IFR), 352, 354, 364n26 International Financial Corporation (IFC), 39 401 International Fragmentation Theory, 152 International investment agreement (IIA), 38 International Labor Organization (ILO), 356–358, 362n5 International Monetary Fund (IMF), 10, 23, 37, 126, 188n2, 188n3 International Organization of Motor Vehicles Manufacturers (OICA), 220, 222, 223, 248, 278, 296n25, 297n25 International Standard Industrial Classification (ISIC) International Telephone and Telegraph (ITT), 131 Investment Policy Reviews (IPR), 39 IPR, see Intellectual property rights ISIC, see International Standard Industrial Classification J Japan–Thailand Economic Partnership Agreement (TNZFTA), 286 John Deere, 20 Johnson and Johnson, 51, 52 Johnson Control, 207, 208, 215, 216, 256, 275, 286 JPMorgan, 132, 137n7 K Kearney, A T, 105 Kellogg’s, 20 Koch, 51 Kuznet’s Inequality Curve, 162n3 402  Index L Lear, 207, 208, 215, 216, 245, 256, 275 Lego, 51 Local-content requirements (LCR), 39, 205, 232, 261, 263, 272, 273, 284, 285, 287, 297n30 M M&A, see Merger and acquisition Magna, 207–209, 215, 216, 256, 275, 286 Major international agreements and regulations on MNEs food safety, 162 global quality assurance, 162 social and environmental standards, 162 Majority-owned foreign affiliates (MOFA), 324–327, 362n11 Maquiladora Manufacturing Industry and Export Services (IMMEX), 277 Measurement of GVC participation, 175–188 Mercedes-Benz, 65n14, 203, 233, 244, 263, 265, 272, 273, 279 Merger and acquisition (M&A), 3, 10, 12, 13, 37, 46, 60, 76, 99, 212, 213, 261 Microsoft, 50, 52 MIGA, see Multilateral Investment Grant Agency Ministry of Industry and Information Technology (China), 296n17 Mitsubishi, 21, 52, 66n19, 284, 286, 289, 290 MNCs, see Multinational corporations MNEs, see Multinational Enterprises Monsanto, 20 Montreal Protocol, 135, 138n14 Multilateral Investment Grant Agency (MIGA), 39 Multinational corporations (MNCs), 10, 12, 59, 79, 297n30 Multinational enterprises, 48–63, top MNEs complexities in ownerships, 59–63 global ultimate owners of foreign affiliates, 63 patterns of ownerships, 50–59 ultimate beneficiary owners, 59 evolution, 9–12 evolution from 1920s through the 1940s, 15–19 evolution from 1950s through the 1970s, 19–22 evolution pre-WWI period, 12–15 evolution since the 1980s, 22–23 implications for innovations in developing countries, 383–384 largest non-financial state-owned MNEs, 55–58 location choices, 105 numbers of MNEs in the world, 48 rankings of MNEs, 49–50 top MNEs in assets, 52 from emerging economies, 43 in employment, 52  Index     top MNEs in market capitalization, 52 top MNEs in profits, 52 top non-financial MNEs from developing and transition economies, 61 top privately-owned MNEs, 53 US-based MNEs, 2, 17, 19–21, 50, 80, 131–133, 158, 208, 213, 215, 261, 272, 289, 324, 361 employment by nonbank US foreign affiliates, 331 share in domestic employment creation, 326 share in employment and private gross product, 329 share in foreign employment creation, 254, 327 share in intra-MNE trade share in US exports and imports, 329 (see also Transnational corporations) Multinational Enterprises (MNEs), 1–4, 7–68, 75, 76, 95, 96, 98, 100–108, 110n15, 110n16, 119–137, 145–149, 153–155, 158, 161, 167–169, 187, 188, 190n9, 199, 206, 234, 235, 307, 320–329, 333, 335, 336, 339, 344, 360, 361, 362n11, 362n12, 377, 385, 386 N NAFTA, see North American Free Trade Agreement 403 Newly industrialized economies (NIEs), 36, 37, 95, 102, 125, 320 New path for industrialization, 5, 165–167, 377, 382–387 Nexus of FDI and MNEs, theoretical undercurrents empirical findings, 119–120 in respect to economic growth and development, 120–121 in respect to income inequality in host developing countries, 123–125 in respect to transfer of knowledge and technology, 121–123 evolution, 9–15 pre-WWI period from 1920s through the 1940s, 15, 17–19 since the 1980s, 22–23 from 1950s through the 1970s, 19–22 major criticisms of, 125–127 in respect to health hazards and environment, 133–136 in respect to intra-firm trading, in respect to political meddling, 130–133 in respect to tax avoidance, 129–130 in respect to transfer pricing, 127–129 nexus of FDI, MNEs and GVCs, 145–158 decline in transportation and communication costs, 159–160 404  Index Nexus of FDI and MNEs, theoretical undercurrents (cont.) drivers of the GVC revolution, 158–159 liberalization of investment and trade, 160–165 new path for industrialization, 165–167 push by the traditional FDI-MNE nexus, 167–169 theoretical undercurrents drivers of FDI-MNE nexus, 102–108 Dunning’s eclectic paradigm, 84–86 Hymer’s seminal theory, 79–81 Knickerbocker’s oligopolistic theory, 89 knowledge-based theories, 91–92 Kojima’s trade-complementing theory, 89–90 Krugman’s new trade theory, 87–88 market imperfection-based theories, 78–79 perfect competition-based theories, 76–78 perspectives of developing economies, 94–108 rationale for seeking FDI, 100–102 role of diaspora, 99–100 state-centered theories, 92–94 theories focused on selective dimensions, 89–94 transaction cost theories, 83–84 Uppsala school, 90–91 Vernon’s product cycle theory, 81–83 NIEs, see Newly industrialized economies Nike, 53, 151, 154, 155 Nissan, 66n19, 218, 252, 263, 265, 271, 273, 279, 280, 282, 284, 286, 289, 290, 297n28 Non-equity modes (NEM), 339 Non-governmental organization (NGOs), 162 North American Free Trade Agreement (NAFTA), 37, 38, 66n21, 132, 160, 161, 164, 165, 186, 272, 273, 277, 279 Novartis, 51, 53 O OECD, see Organisation for Economic Co–operation and Development OEM, see Original Equipment Manufacturers OFDI, see Outward Foreign Direct Investment Offshore hubs, 129, 130 Offshoring, 127, 147, 150, 153, 154, 189n4, 310, 315–317, 337, 359, 364n28, 365n35, 379 OPEC, see Organization of Petroleum Exporting Countries Oracle, 53 Organisation for Economic Co-operation and  Index     Development (OECD), 10, 22, 39, 47, 65n15, 120, 122, 127, 136n4, 154, 159, 160, 168–171, 173, 174, 176, 178, 186, 311, 313, 315–317, 332, 337, 339–342, 344, 350, 362n5, 387, 388 Organization of American States (OAS), 362n5 Original Equipment Manufacturers (OEM), 66n22, 207–209, 211, 215–217, 265, 273–275, 286–288, 295n15 Outsourcing, 12, 66n22, 84, 86, 93, 147, 150, 152–154, 165, 187, 189n4, 205, 217, 315, 316, 339, 379 Outward Foreign Direct Investment (OFDI), 30, 32, 35, 40, 42, 44–47, 270–271, 345 405 Q QRS, see Quantitative restrictions Quantitative restrictions (QRS), 205, 232, 252, 261, 263, 285 R Rankings of multinational enterprises, 49–50, 66n35, 67n33 RCAI, see Revealed Comparative Advantage Index RCEP, see Regional Comprehensive Economic Partnership Regional Comprehensive Economic Partnership (RCEP), 38 Regional concentration of GVCs, 185–188 Renault, 57, 218, 223, 233, 234, 241, 242, 244, 249, 252, 264, 268, 272, 286 Revealed Comparative Advantage Index (RCAI), 288 Roche, 53 P Peugeot, 218, 222, 233, 235, 241, 244, 247, 248, 252, 253, 265, 272, 273, 295n14 Philips, 13, 53 Policy Framework on Investment (PFI), 39 Political meddling, 130–133 Preferential trade agreement (PTA), 38, 126 PricewaterhouseCooper (PwC), 51, 105, 216, 294n8, 295n15 PTA, see Preferential trade agreement PwC, see PricewaterhouseCooper S SADC, see South African Development Community Samsung, 51–53, 61, 132 SITC, see Standard International Trade Classification Skoda, 242, 245, 246, 248, 264 Small and medium-sized enterprise (SME), 95, 146–148, 165, 166, 168, 201, 215, 226n9, 236, 382 SME, see Small and medium–sized enterprise 406  Index Smiley-shaped curve, 157, 338 SOE, see State–owned enterprise South African Development Community (SADC), 39 Sovereign Wealth Fund (SWF), 46 Standard International Trade Classification (SITC), 190 State-owned enterprise (SOE), 22, 46, 54, 58, 68n37, 160, 252, 253, 255, 256, 358 State-owned multinational enterprise (SOMNE), 53, 55 SWF, see Sovereign Wealth Fund T Tariff rates, 160, 164, 232, 252, 258, 279, 284, 285, 312–314 Tata, 43, 47, 51, 53, 57, 61, 246, 262, 265, 266, 268, 270–271 T&C, see Textiles and Clothing Textiles and Clothing (T&C), 334, 342 Thai-Australia FTA (TAFTA), 286 Thailand Board of Investment (TBOI), 282, 286–288 Thai-New Zealand FTA (TNZFTA), 286 TiVA, see Trade in Value Added Toyota, 49, 52, 65n14, 66n19, 90, 109n4, 151, 189n8, 207, 208, 213, 217, 218, 221, 222, 232, 233, 235, 248, 252, 257, 258, 263–265, 280, 281, 284, 286, 289, 290, 298n44 Trade in Value Added (TiVA), 173, 175–177, 181, 190n11, 190n12, 190n15, 339, 383, 393n7 Trade-Related Intellectual Property Rights (TRIPs), 132, 161, 297n30 Trade-Related Investment Measures (TRIMs), 39, 132, 161, 297n30 Transatlantic Trade and Investment Partnership (TTIPs), 38 Transfer pricing, 127–129 Transformation of global prosperity, 377 changing shares of countries in global GDP, 378 composition of global GDP, 388 new paths for industrialization, 382–387 reversal of fortunes of the North and the South, 378–380 share of output and employment in automobile production, 343 shares of countries in global FDI flows and stocks, 390, 391 shares of countries in manufacturing GDP and employment, 234, 279 shift of global center of growth, 387–391 shift of manufacturing activities, 380–381 Transnational corporations, 11 Transnationality Index (TNI), 48, 59 TRW, 208, 216, 226n8, 235, 286  Index     U UNCED, see United Nations Conference on Environment and Development UNCTAD, see United Nations Conference on Trade and Development UNCTC, see United Nations Centre on Transnational Corporations UNDP, see United Nations Development Program UNECA, see United Nations Economic Commission for Africa UNECLAC, see United Nations Economic Commission for Latin American Countries Union Carbide, 133, 135, 137n9 United Fruit Company, 13, 131 United Nations Centre on Transnational Corporations (UNCTC), 135 United Nations Conference on Environment and Development (UNCED), 131 United Nations Conference on Trade and Development (UNCTAD), 11, 23, 38–40, 44, 47–49, 51, 54, 58, 59, 62, 68n37, 68n38, 104, 109n8, 124, 129–131, 146, 167, 168n3, 189n7, 362n5 United Nations Development Program (UNDP), 121, 136n1 407 United States International Trade Commission (USITC), 362n6 USAID, see United States Agency for International Development USITC, see United States International Trade Commission USTA, see United States Trade Administration V Value chain network, 149, 150, 155, 165, 212, 393n8 Vertical specialization-imports (VSi), 175 Volkswagen, 52, 53, 56, 134, 138n12, 218, 222, 232–235, 241, 242, 244, 246, 247, 249, 252–254, 257, 265, 266, 272, 273, 280, 282, 382 Volvo, 46, 260, 272, 279, 286 W Walmart, 49, 50, 52, 53, 134, 155, 189n8 Wells Fargo, 52 WIR, see World Investment Report World Input-Output Database (WIOD), 170, 171, 184, 339 World Investment Report (WIR), 58, 62, 68n38 World Robotic Report (WRR), 351–352 408  Index World Trade Organization (WTO), 20, 23, 37–39, 45, 126, 132, 133, 159–161, 164, 169, 170, 176, 186, 189n7, 190n14, 205, 253, 255, 256, 259, 285, 297n30, 298n41, 362n5 WTO, see World Trade Organization Z Zaibatsu, 21 ZF Friedrichshafen AG, 207, 208, 216, 226n8, 256, 275 .. .Transformations of Global Prosperity Caf Dowlah Transformations of Global Prosperity How Foreign Investment, Multinationals, and Value Chains are... EU European Union FDI Foreign direct investment FFS Foreign- funded enterprises FIAS Foreign Investment Advisory Service FOE Foreign- owned enterprises FPI Foreign portfolio investment FSC Free standing... Abbreviation of Countries   xv List of Figures   xvii List of Tables   xxi List of Boxes   xxv 1 Introduction   1 2 The Traditional Nexus of Multinational Enterprises and Foreign Direct Investment    7

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  • Preface

  • Contents

  • Acronyms and Abbreviations

  • Abbreviation of Countries

  • List of Figures

  • List of Tables

  • List of Boxes

  • 1: Introduction

  • 2: The Traditional Nexus of Multinational Enterprises and Foreign Direct Investment

    • 2.1 Historical Evolution

    • 2.2 Trends in Global FDI Flows

    • 2.3 Trends in Global FDI Stocks

    • 2.4 Underlying Dynamics of FDI Flows

    • 2.5 Reverse FDI Outflows

    • 2.6 Growth of MNEs

    • References

    • 3: Theoretical Foundations of Traditional FDI–MNE Nexus

      • 3.1 Major Theories of FDI–MNE Nexus

      • 3.2 Theories Focused on Particular Dimensions

      • 3.3 The Perspectives of Developing Economies

      • References

      • 4: The Traditional Nexus of FDI–MNE—Empirical Findings

        • 4.1 Economic Growth and Development

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