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Multinational Corporations and Foreign Direct Investment - Avoiding Simplicity, Embracing Complexity (Paperback, New)
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Multinational Corporations and Foreign Direct Investment - Avoiding Simplicity, Embracing Complexity (Paperback, New)
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The integrating thesis of this study is the inevitability of
heterogeneity in FDI and MNCs and, accordingly, the imperative of
disaggregation. Nuance is too pervasive to permit many valid
generalizations. This leads to a hardly earth-shattering, but
surprisingly infrequently-offered conclusion that FDI, i.e. that
any individual foreign-owned subsidiaries can, on balance, have a
positive, negative, neutral (and/or irrelevant), or indeterminate
effect. Foreign-owned subsidiaries are seldom if ever identical and
need to be considered on a case by case basis according to
circumstances. Hence, the phrase "it depends" is the mantra of this
study. Disaggregation is an essential diagnostic tool to identify
and measure the different levels of quality of MNCs subsidiaries.
Most policy advocates and researchers, whatever their ideological
persuasion, have failed to acknowledge the seemingly obvious:
different kinds of businesses engage in different kinds of
corporate activity and diverse results. The result of different
input is different output. A nearly limitless number of
characteristics are associated with three main variables: the
nature and the effects of tens of thousands of individual foreign
subsidiaries plus conditions in countries where they are located.
MNCs are better described as the middlemen of change since they
themselves are largely the effect of even larger phenomena, namely
technological changes that restructure the international economic
order. An opening exists for an even-handed, "no attitude" analysis
that incorporates a methodology and viewpoint different from the
thousands of books, articles, book chapters, and speeches written
about MNCs and FDI. A large majority have failed to explicitly
recognize how important perceptions, value judgments, ideology,
and, sometimes, self-interest are in shaping discussions by both
advocates and critics. People tend to view the FDI/MNC phenomena
through differently configured lenses that have been individually
molded by the unique mix of values and experiences that shapes our
thinking. Evaluations of FDI and MNCs are prime examples of
relatively oversimplified perceptions defining "truth". This book
argues that a different route to understanding is needed and
overdue: acknowledge the diversity and heterogeneity of phenomena
that are lumped under very broad rubrics. MNCs are different by
nature and therefore different in their respective mix of costs and
benefits.
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