Globalization, foreign direct investment and innovation
2003
This book starts from the premise that foreign direct investment (FDI) is one of the most
important mechanisms underlying what is generally known as globalization. Alongside
financial deregulation and liberalization, it has been one of the factors that has changed the
way countries integrate into the international or more precisely the world economy,
modifying the scope of government policies in the area of trade and competitiveness along
with the array of instruments at their disposal. The important impact of FDI must be
taken into account in order to gain a correct understanding of the dynamics of
investment, trade and growth, the changes in the process of competition, the
accumulation of technological knowledge, the patterns of convergence and divergence
observed both between and within countries, and the institutional structure that leads to
more employment and social cohesion. The presence of an increasing number of large
transnational corporations (TNCs) that operate on a global scale has become so pervasive
that their operations reach, directly or indirectly, almost every aspect of economic
activity.
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