This fascinating book examines international business and multinational enterprise as part of a bigger picture, considering the importance of two main components: space and time. Summarising the past five years, Mark Casson reviews the changing role of multinational enterprises within the global economy and how leading firms have generated profitability and growth not only from innovations in technology and marketing, but also by exploiting legal loopholes in tax and regulatory systems. This book examines the evolution of international business activity since the Middle Ages and analyses current trends within this long-term perspective. By seeking out low-cost sources of labour, international businesses have stimulated growth in developing countries but created industrial wastelands in mature economies. Global Business proposes an integrated social scientific approach to analysing the economic, social and political consequences of these continuing trends in the international business system. With a wide-ranging review of the latest thinking in the field, this book identifies promising research avenues and agendas for the future and will be an invaluable resource for students and scholars of business management and economic finance. Its practical guidance will also benefit policymakers and practitioners with a focus on business development.

In The Multinational Enterprise, Mark Casson - an important thinker in international business for more than 40 years - provides a state-of-the art review of recent developments in the economic theory of the multinational enterprise. He shows how recent developments in theory shed new light on the historical emergence of multinational enterprises, and explains the different forms that multinationality has taken in different industries and different regions of the world. Mark Casson brings together his leading research on internalisation theory as a general theory of the multinational enterprise. He offers cutting-edge analysis across four distinct sections: marketing and brands, supply chain coordination, methodology and the theory of the firm, and risk management. The book also sets out an exciting new research agenda, which explores the future place of the multinational in the evolving 'knowledge economy' and in a politically uncertain world. This book will appeal to doctoral students and faculty in business schools in need of the latest theoretical developments and also those in economics departments that specialise in business and industrial economics.

In The Multinational Enterprise, Mark Casson - an important thinker in international business for more than 40 years - provides a state-of-the art review of recent developments in the economic theory of the multinational enterprise. He shows how recent developments in theory shed new light on the historical emergence of multinational enterprises, and explains the different forms that multinationality has taken in different industries and different regions of the world. Mark Casson brings together his leading research on internalisation theory as a general theory of the multinational enterprise. He offers cutting-edge analysis across four distinct sections: marketing and brands, supply chain coordination, methodology and the theory of the firm, and risk management. The book also sets out an exciting new research agenda, which explores the future place of the multinational in the evolving 'knowledge economy' and in a politically uncertain world. This book will appeal to doctoral students and faculty in business schools in need of the latest theoretical developments and also those in economics departments that specialise in business and industrial economics.

Trust is increasingly recognized as a crucial aspect of successful economic relationships, albeit a difficult one to define, and Mark Casson has been at the forefront of recent research in this area.Mark Casson pioneered the use of transaction cost theory to explain the boundaries of the multinational firm. In The Organization of International Business, he extends the internalization theory of the firm to encompass, on the one hand, inter-firm networking and, on the other, the internal organization and managerial structure of the firm. The key innovation is the distinction between information cost - the cost of gathering information on the assumption that it is true - and transaction cost - the cost of ensuring that the information actually is true. This innovation facilitates a synthesis of transaction cost analysis and organizational behaviour. It also provides new insights into the dynamics of internationalization, and the role of learning in the growth of the firm. The Organization of International Business is a major extension of international business theory which synthesizes transaction cost analysis and organizational behaviour. Although it focuses on international business and multinational enterprises, the analysis can be applied to a wide variety of business units. Together with its companion volume, Entrepreneurship and Business Culture, this topical and wide-ranging book offers a definitive analysis of the importance of trust in economic life as well as the related concepts of networking, consultation and empowerment.

How far can efficiency be pursued without sacrificing equity? Do fiscal changes designed to improve incentives necessarily lead to greater inequality of incomes? Does the profitability of 'big business' really reflect economies of scale and scope or is it also a reflection of market power? In addressing these and other key questions, a group of internationally acclaimed economists demonstrates why issues of concentration and inequality in economic life are moving to the top of the political agenda in the 1990s. Drawing upon the pioneering work of Peter Hart, this volume reflects the range of his influence from theoretical examinations of measures of industrial concentration and income inequality, to detailed empirical explorations of changes in concentration over time. The volume includes essays on, among other issues, the Hart measure of income mobility, income distribution in Eastern Europe, the UK state pension scheme, trends in the concentration of UK manufacturing in the 1980s, the EC Merger Control Regulation, corporate research and development strategies and corporate technological specialization in international industries. Industrial Concentration and Economic Inequality will be particularly relevant for government policy makers, social analysts and economists concerned with income distribution and industrial policy.

This volume is the product of the "Sixth Annual SEEP-Conference on Economic Ethics and Philosophy" on the theme of 'Cultural Factors in Economic Growth' held at Marienrode Monastry, Hildesheim, in April 1998. Our thanks go to our colleagues (including Avner Offner, whose paper could not be included here), the staff at the monastry, and Professor Peter Koslowski of the Forschungsinstitut fUr Philo sophie Hannover, and editor of this series, for contributing to a very enjoyable conference and, we hope, an interesting collection of essays. Mark Casson and Andrew Godley University of Reading, March 2000 Contents Preface . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . v Chapter 1 Cultural Factors in Economic Growth MARK CASSON AND ANDREW GODLEY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Chapter 2 Trust as a Governance Device BART NOOTEBOOM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44 Chapter 3 A Measure of Culture: Trust and Defection in Southern Italy FRANCESCO L. GALASSI. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 Chapter 4 Entrepreneurial Minorities: A Typology WILLIAM D. RUBINSTEIN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . III Chapter 5 Cultural Determinants of Jewish Immigrant Entrepreneurship in the UK and USA and British and American Culture ANDREW GODLEY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125 CONTENTS Chapter 6 Jurisprudence, Expected Value, and the Culture ofInnovation FRED V. CARSTENSEN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142 Chapter 7 Constitutions, Liberties, and Growth in Pre-Modem Europe STEPHAN R. EpSTEIN . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152 Chapter 8 Culture and the Myth of Economic Determinism in Global History and World Politics KEN DARK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 182 Chapter 9 The Case for a Shared World Language ERIC L. JONES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 0 List of Authors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 237 Index of Names . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

This volume integrates the work of economists, management scientists and business historians. It applies the related concepts of transaction costs, internalisation, corporate strategy and market structure to explain the historical process of corporate growth in the international economy. Each chapter is written by a scholar who has specialized in a particular aspect of the growth of international business.

First published in 2000. Routledge is an imprint of Taylor & Francis, an informa company.

First published in 2000. Routledge is an imprint of Taylor & Francis, an informa company.

First published in 2000. Routledge is an imprint of Taylor & Francis, an informa company.

First published in 2000. Routledge is an imprint of Taylor & Francis, an informa company.

This set is the last of three sets of reprinted books charting the emergence, evolution and recent hegemony of international business. Each set of reprints has a separate introduction by the series editor. The first set, The Emergence of International Business 1200-1800, describes the changing patterns of international trade and technology transfer that underpinned the growth of international business over the millennium. The second set, The Evolution of International Business 1800-1945, analyses the role of information flows in the growth of international business. As the final set in the series, The Hegemony of International Business will examine the changing social and political environment in which international business has operated.

First published in 2000. Routledge is an imprint of Taylor & Francis, an informa company.

First published in 2000. Routledge is an imprint of Taylor & Francis, an informa company.

First published in 2000. Routledge is an imprint of Taylor & Francis, an informa company.

Multinational enterprises have played a crucial role in post-war international economic integration. They have promoted intra-firm trade, technology transfer and internal movements of capital and human resources. This book provides wide-ranging evidence on their role in globalizing the service sector - especially financial services - in establishing international networks of research and development and in developing trade and investment linkages in Asia. Particular attention is given to the participation of multinationals in management contracts and joint ventures and the significance of this for host country industrial policy. This book is designed to be of interest to students of business, management and finance, and economics.

This thoroughly revised and updated new edition of Mark Casson's modern classic The Entrepreneur presents a novel synthesis of the ideas of Joseph Schumpeter, Frank Knight and Friedrich Hayek, according to which the defining characteristic of the entrepreneur is the exercise of judgement in business decisions. This pathbreaking volume argues that good judgement is based on a unique combination of information, and that this information is typically exploited by founding a 'market-making' firm, which links customers and suppliers who could not otherwise make contact with each other. This assessment of entrepreneurship, Mark Casson contends, has important implications for the growth of firms, social mobility and 'enterprise culture'. This second edition is essential reading for scholars of economics, management, business history and economic history. Academics from a wide range of economic schools of thought, both orthodox and heterodox, will find the book to be an original and outstanding work.

Networks have a widespread economic significance. They structure the way that market traders interact and configure relations within and between social groups, urban centres and nation states. Networks also determine patterns of authority and dominance in hierarchical organisations such as governments. This authoritative selection of recent work on the economics of networks will appeal to researchers in microeconomics, spatial and business economics as well as international economics and development. Social scientists and natural scientists will also find the book useful as a guide to the increasing wealth of economic literature on networks.

Local enterprise, institutional quality and strategic location were of central importance in the growth of medieval towns. This book, comprising a study of 112 English towns, emphasises these key factors. Downstream locations on major rivers attracted international trade, and thereby stimulated the local processing of imports and exports, while the early establishment of richly endowed religious institutions funnelled agricultural rental income into a town, where it was spent on luxury goods produced by local craftsmen and artisans, and on expensive, long-running building schemes. Local entrepreneurs who recognised the economic potential of a town developed residential suburbs which attracted wealthy residents. Meanwhile town authorities invested in the building and maintenance of bridges, gates, walls and ditches, often with financial support from wealthy residents. Royal lordship was also an advantage to a town, as it gave the town authorities direct access to the king and bypassed local power-brokers such as bishops and earls. The legacy of medieval investment remains visible today in the streets of important towns. Drawing on rentals, deeds and surveys, this book also examines in detail the topography of seven key medieval towns: Bristol, Gloucester, Coventry, Cambridge, Birmingham, Shrewsbury and Hull. In each case, surviving records identify the location and value of urban properties, and their owners and tenants. Using statistical techniques, previously applied only to the early modern and modern periods, the book analyses the impact of location and type of property on property values. It shows that features of the modern property market, including spatial autocorrelation, were present in the middle ages. Property hot-spots of high rents are also identified; the most valuable properties were those situated between the market and other focal points such transport hubs and religious centres, convenient for both, but remote from noise and pollution. This book takes an interdisciplinary approach, drawing on expertise from the disciplines of economics and history. It will be of interest to historians and to social scientists looking for a long-run perspective on urban development.

Trust is increasingly recognized as a crucial aspect of successful economic relationships, albeit a difficult one to define, and Mark Casson has been at the forefront of recent research in this area.In this sequel to his classic work The Entrepreneur, Professor Casson examines how the entrepreneurial firm succeeds by synthesizing information from different sources. The quality of this information is just as important as the quantity and the cheapest way to ensure quality is through a moral obligation to tell the truth. The author argues that a nation needs to invest in social institutions, such as schools, families and organized religion, in order to instil a sense of moral obligation and so sustain entrepreneurial success. Themes raised in this important volume include cultural perspectives on economic issues, entrepreneurship in a cultural context and the political economy of national culture. Entrepreneurship and Business Culture presents a state-of-the-art analysis of entrepreneurship and the social structures in which it is embedded. Together with its companion volume, The Organization of International Business, this topical and wide-ranging book offers a definitive analysis of the importance of trust in economic life as well as the related concepts of networking, consultation and empowerment.

What are the secrets of a successful entrepreneur? When did the origins of enterprise occur? This important two-volume set addresses such questions by uniting historical case studies of entrepreneurial behaviour from 1200-2000. Key features of this collection include a thematic and chronological comparison of relevant studies as well as coverage of a range of industries, including the software industry. The editors have also selected papers which allow for an examination of a range of entrepreneurial backgrounds and personalities, including female entrepreneurs. This topical set will be of great use to both students and academics who will benefit from the ability to contrast case-studies of large-firms and their executives with small firm-start-ups and their founders.

This thoroughly revised and updated new edition of Mark Casson's modern classic The Entrepreneur presents a novel synthesis of the ideas of Joseph Schumpeter, Frank Knight and Friedrich Hayek, according to which the defining characteristic of the entrepreneur is the exercise of judgement in business decisions. This pathbreaking volume argues that good judgement is based on a unique combination of information, and that this information is typically exploited by founding a 'market-making' firm, which links customers and suppliers who could not otherwise make contact with each other. This assessment of entrepreneurship, Mark Casson contends, has important implications for the growth of firms, social mobility and 'enterprise culture'. This second edition is essential reading for scholars of economics, management, business history and economic history. Academics from a wide range of economic schools of thought, both orthodox and heterodox, will find the book to be an original and outstanding work.

The theory of the firm is one of the most exciting fields of current economic research. Transaction cost theory, agency theory, contract theory and competency-based theories have all made important contributions. Both the classic and key contemporary papers are included hence The Theory of the Firm gathers together in one volume the major key thinking within the literature.The main topics covered are the scope and boundaries of the firm, international organization and information costs, vertical integration, growth competence and flexibility, the employment relation, inter-firm collaboration and networking. A substantial analytical introduction by Mark Casson provides a state-of-the-art review of current thinking in the area.

In this important new book, Mark Casson argues that the fundamental significance of entrepreneurship requires it be fully integrated into core social science disciplines such as economics and sociology, as well as into economic and business history. This book shows how this can be done. It formalises the role of the entrepreneur as innovator, risk-taker and judgemental decision-maker, and relates these functions to the size and growth of the firm. Mark Casson discusses entrepreneurship as a form of strategic networking, showing how entrepreneurs gain access to established networks in order to source information, and then create their own networks to exploit this information. Applying these insights to historical evidence leads to a radical re-interpretation of key issues in economic and business history, including the emergence of trading companies, the spread of empires, the rise of the modern corporation and the globalisation of the firm. This authoritative book by an established scholar is essential reading for economists, social scientists and historians, as well as business and management scholars.

The origin of markets is a central issue in economics and economic history, but until now there has been no definitive reference source on the subject. This authoritative collection fills the gap by reprinting key papers analysing the evolution of markets over the past millennium. These papers, written by leading scholars in the field, relate market development to urban growth, the spread of the credit system, and the evolution of capitalism. They show that markets did not evolve in a purely spontaneous fashion, but as part of the planned development of market centres by local landowners and business people. This volume, with an original introduction by the editor, will serve as an excellent reference tool to students, academics and practitioners interested in the broad field of economics and economic history, and market evolution in particular.