Showing papers on "Internationalization published in 1994"
TL;DR: In this article, the authors study the formation process of International New Venture (INV) and find that the formation of an INV is not explained by existing theories from the field of international business.
1,696 citations
TL;DR: The authors collected data on nine attributes of seventy-four American manufacturing MNCs and found a linear combination of five variables with a reliability coefficient of.79 as a measure of the degree of internationalization of a firm.
Abstract: In spite of both positivistic and instrumental research, the reliability of measuring the degree of internationalization of a firm remains speculative. We collected data on nine attributes of seventy-four American manufacturing MNCs. Alpha, factor, and frequency analyses revealed a linear combination of five variables with a reliability coefficient of .79 as a measure of the degree of internationalization of a firm. We discuss the statistical and conceptual properties of the scale and their implications for content and construct validity.
1,394 citations
TL;DR: The authors provides a critical look at recent empirical work in international trade theory and addresses the issue of why empirical work has perhaps not been as influential as it could have been, and also provides several suggestions on directions for future empirical research in International Trade.
Abstract: This paper provides a critical look at recent empirical work in international trade theory. The paper addresses the issue of why empirical work in international trade has perhaps not been as influential as it could have been. The paper also provides several suggestions on directions for future empirical research in international trade.
960 citations
TL;DR: In this article, the authors consider the reasons for retailers to operate in more than one country and propose a potentially useful framework with the transaction cost paradigm, which can be used to understand the rationale for international retail operations.
Abstract: International retail operations may be defined as the operation, by a firm or alliance, of shops, or other forms of retail distribution, in more than one country. Such operations have an extensive history. Motives for retailers to operate internationally are considered. Theoretical explanations have not been well developed but a potentially useful framework exists with the transaction cost paradigm. International operations may be achieved within several different organizational structures with some firms adopting different approaches for different markets. The empirical evidence of international retail activity lacks a sound survey base but some tentative generalities are drawn.
245 citations
Book•
01 May 1994
TL;DR: Underhill and Underhill as discussed by the authors discussed the changing global political order and the role of the International Monetary Fund in the evolution of the global economy. But they did not consider the effect of the international financial system on the international political economy.
Abstract: PART 1: UNDERSTANDING THE CHANGING GLOBAL ORDER: Introduction - Conceptualizing the Changing Global Order - G. Underhill Global Restructuring: Making Sense of the Changing International Political Economy - R. Cox Labour, the Keynesian Welfare State and the Changing Political Economy - A. Martin Knowledge, Politics and Neo-Liberal Economy - S. Gill Interdependence of Security and Economic Issues in the New World Order - B. Buzan Rethinking Structural Change in the International Political Economy - S. Strange Theory as Exclusion: Gender and International Political Economy - S. Whitworth International Political Economy and the Changing World Order: Evolution or Involution? - R. Leaver. PART 2: GLOBAL ISSUES: Introduction - Global Issues in Historical Perspective - R. Stubbs & G. Underhill From Bretton Woods to Global Finance - E. Helleiner Understanding Patterns of Macroeconomic Policy Co-ordination in the Post-war Period - M. Webb Regulating International Banking and Securities - W. Coleman & T. Porter Promoting a Global Economy: Normative Role of the International Monetary Fund - L. Pauly Post-Fordism, Transnational Production and the Changing Global Political Economy - M. Bernard The Changing GATT System and the Uruguay Round Negotiations - P. Nicolaides Agricultural Trade and the International Political Economy - G. Skogstad The Future of the International Trading System - M. Busch & H. Milner Global Institutions, International Agreements and Environmental Issues - D. Glover The Political Economy of North-South Relations - M. Marchand US Domestic Interests and the Latin American Debt Crisis - M. Shepherd The Political Economy of Middle Eastern Oil - A. A. Kubursi & S. Mansur. PART 3: REGIONAL DYNAMICS: Introduction - Global Trends, Regional Patterns - R. Stubbs & G. Underhill The Changing European Political Economy - P. C. Padoan The Political Economy of North American Free Trade - D. Leyton-Brown The Political Economy of the Asia-Pacific Region - R. Stubbs Eastern and Central Europe in the World Political Economy - I. Kearns Marginalization of Africa in the New World (Dis)order - T. Shaw & J. Inegbedion The Political Economy of Inter-American Relations - J. Nef PART 4: STATE POLICIES IN THE GLOBAL ORDER: Introduction - State Policies and Global Changes - R. Stubbs & G. Underhill Gridlock and Decline: Financial Internationalization, Banking Politics and the Political Process - P. G. Cerny The Politics of International Structural Change: Aggressive Unilateralism in American Trade Policy - P. Martin The European Community: Testing the Boundaries of Foreign Economic Policy - M. Smith Germany in the International Economy - K. Gretschmann The Political Economy of Japanese Trade - M. W. Donnelly India, the LDCs and GATR Negotiations on Trade and Investments in Services - S. D. McDowell The Canadian State in the International Economy - M. Molot Australia and the Pacific Region. (Part contents).
236 citations
Journal Article•
TL;DR: Dezalay et al. as mentioned in this paper conducted studies at the Global Studies Research Program (GSRP) at the University of Wisconsin-Madison and the Centre de Recherches Interdisciplinmres de Vaucresson (CRV).
Abstract: Law and lawyers are being remade by processes of global restructuring, even as they actively participate in and shape these processes. New transnational and global economic * This paper is based on studies conducted by research groups at the Global Studies Research Program (GSRP) at the University of Wisconsin-Madison and the Centre de Recherches Interdisciplinmres de Vaucresson (CRV). The authors have been assisted by numerous colleagues at both institutions, in particular by Alain Bancaud (CRIV) and David Delaney (GSRP), and have benefitted from contacts with Boaventura de Sousa Santos of the University of Coimbra and the encouragement and support of Bryant Garth of the American Bar Foundation. t David M. Trubek (B.A., 1957, Wisconsin; LL.B., 1961, Yale) is Dean of the Office of International Studies and is the Voss-Bascom Professor of Law at the University of Wisconsin-Madison. ft Yves Dezalay is a Senior Researcher at the Centre de Recherches Interdisciplinaires de Vaucresson, Pans. \"f' Ruth Buchanan (A.B., 1985, Princeton; LL.B., 1988, Umversity of Victoria; LL.M.. 1993, Wisconsin) was formerly the coordinator of the Political Economy of Legal Change Research Circle at the University of Wisconsin-Madison. She is currently an Assistant Professor of Law at the University of New Brunswick, Canada. \"ff I John R. Davis (A.B., 1970, Boston College; Ph.D., 1986, Wisconsin; J.D., 1989, Wisconsin) is a Research Assistant of East Asian Legal Studies at the Office of International Studies, University of Wisconsin-Madison. He also is a private practitioner in
170 citations
TL;DR: In this paper, an empirical study dealing with small- medium-sized firms validates export development strategy in the context of the strategic management model, which considers strategy and resources as factors which are firm-specific that exert influence on performance.
147 citations
140 citations
TL;DR: The survey's findings, based on responses from more than 500 business schools, encompass different goals and methods of internationalization, international linkages and experiential activities, organizational issues, amounts of internationalisation progress achieved, and degrees of administrative satisfaction with progress achieved as discussed by the authors.
Abstract: This article presents the major findings of the fifth global curriculum survey of the Academy of International Business (AIB)—an examination of the status and trends in international business education around the world as of the early 1990s. The survey's findings, based on responses from more than 500 business schools, encompass different goals and methods of internationalization, international linkages and experiential activities, organizational issues, amounts of internationalization progress achieved, and degrees of administrative satisfaction with progress achieved. The overall conclusion is that considerable progress has been made, but much more remains to be accomplished.
125 citations
Journal Article•
TL;DR: Geringer, Beamish, and daCosta as mentioned in this paper studied the relationship between an MNC's financial performance-measured by its five-year (1977-1981) average return on sales (ROS) and assets (ROA) and its degree of internationalization (DOI) measured by its average of foreign subsidiaries' sales to total sales.
Abstract: Geringer, Beamish, and daCosta (1989), hereafter GBD, studied the relationship between an MNC's financial performance-measured by its five-year (1977-1981) average return on sales (ROS) and assets (ROA) and its degree of internationalization (DOI) -- measured by its five-year (1977-1981) average of foreign subsidiaries' sales to total sales. Means and frequency analysis of partially standardized data indicated that as the DOI of an MNC increased, its financial performance "also exhibited increased values but then peaked and exhibited diminished levels of performance" (GBD, p. 117). A graphical representation of the records of the largest 181 American and European MNCs was unequivocal: their financial performance monotonically increased from degrees of internationalization of 1 to between 60 and 80%, at which point the relationship crested and then monotonically decreased. This relationship, the authors concluded, suggested a "threshold of internationalization". This finding has an obvious, albeit draconian, implication: managers should increase the foreign sales of their firm to somewhere between 60 and 80% of total sales because, on average, doing so optimizes ROS and ROA. Once a firm crosses this frontier, as the authors suggest, cognitive, organizational, and environmental conditions appear to depress profitability. The suggestion of a deterministic relationship between financial performance and internationalization, seemingly irrespective of the type or strategy of the MNC, questions the premise of proactive management (Mintzberg 1989). Moreover, the implications of the revealed monotonic association between DOI and financial performance, if valid, compel rethinking the conduct of the MNC as well as precepts of global strategic management (Porter 1986). Finally, Schoeffler et al. (1974) reported that the fact that differences in operating ratios explained a high portion of the comparative performance of companies often prompted managers to use target operating ratios as planning tools. The threshold of internationalization, if factored into a company's planning process, has fundamental implications to the targeted ideal ratio of domestic to foreign operations. Conceptual, methodological, and analytical anomalies of GBD's research design, however, prompt contesting the reliability and validity of their finding of a threshold of internationalization. Conceptual Anomalies The notion of a threshold of internationalization is contrary to the principle of adaptation (March and Simon 1958), transformational (Greiner 1972), and ecological (Hannah and Freeman 1988) models of organizational evolution. More precisely, Chandler's (1962) report of metamorphic transformation, Mintzberg and Waters's (1982) finding of periodic reorientation, Quinn's (1981) synthesis of logical incrementalism, and Miller and Friesen's (1980) inference of gestalt reconfiguration, all triggered when environmental, strategic, or administrative conditions created performance pressures, propose that asymmetric cycles characterize organizational evolution. Tushman and Romanelli (1985) conceived an insightful design, postulating that a firm's evolution is composed of periods of convergence in values, strategies, structure, and processes that translate into high performance. Punctuating periods of convergence are reorientations that require redefining the character of the firm, and, if done successfully, set the frame for the next period of convergence. More precisely, Tushman and Romanelli reason that "organizations proceed through relatively long periods of convergence which are punctuated by bursts of fundamental and discontinuous changes throughout the system which lead, in turn, to the next period of incremental change and convergence." Catalyzing the process of punctuated equilibrium is the declining performance of the firm and the consequent increase in organizational disorder. Resolution is inefficient as those whose interests are threatened resist redefining the organization (Williamson 1985). …
125 citations
TL;DR: The export sector has been the highlight of recent U.S. economic performance, underscoring the importance of exporting as a strategic choice in the internationalization of the firm as mentioned in this paper.
Abstract: The export sector has been the highlight of recent U.S. economic performance, underscoring the importance of exporting as a strategic choice in the internationalization of the firm. However, firms ...
Book•
01 Jan 1994Book•
01 Jan 1994
TL;DR: The role of alliances in internationalization and the role of human resources management in the international firm is discussed in this paper. But the focus of this paper is on the 1990s.
Abstract: 1. Internationalization and the Domestic Firm 2. Going International 3. The Role of Alliances in Internationalization 4. Human Resource Management in the International Firm 5. Internationalization and the Single European Market 6. The Single European Market and the HRM Response 7. Concluding Comments - HRM and the 1990s.
TL;DR: In this paper, the authors discuss the concept of a national system of innovation (NSI) in the context of increased globalization in scientific and technological activities, and the importance of international innovative processes in relation to NSIs is compared with that of the domestic ones.
TL;DR: In this paper, the authors deal with retail internatinoalization within the more general issue of growth strategies and propose a descriptive model of the set of choices retailers face to sustain growth and, among them, the option of internationalization.
Abstract: The paper deals with retail internatinoalization within the more general issue of growth strategies. Retailers cannot export their products through international trade and, since they cannot protect their know-how with patents, they have problems in using licensing as an alternative to direct investment. The implication is that, unlike most manufacturers, they cannot follow a step-by-step approach to internationlization. Thus, it is usually a major decision which is considered among other alternative to support growth, namely diversification into different store types. The aims of the paper are twofold: first, to offer a descriptive model of the set of choices retailers face to sustain growth and, among them, the option of internationalization. Second, to relate internationalization to the characteristics of the firm's core business, the ownership advantage it has with respect to rivals and the extent of the adaptation costs involved in implanting its type of stores abroad. The model is tested using a sam...
Journal Article•
TL;DR: The authors examined the perceptions of the CEOs of small and medium-sized enterprises (SMEs) relative to selected exporting activities and attempted to identify differences in executives' perceptions based upon the length of time that their firms have been involved in exporting.
Abstract: Growth in the volume of exports by U.S. firms is desirable because it creates more jobs and leads to a higher standard of living in the United States. Since the U.S. contains just 5 percent of the world's population, relatively vast potential markets for U.S. products exist abroad. Yet knowledge about international marketing and international markets is often unavailable to small and medium-sized U.S. enterprises (Edmunds and Khoury 1986), many of which are inexperienced in the international marketplace. A primary area of interest in studies of export behavior has been the internationalization process in the firm (Cavusgil 1984a; Czinkota and Johnston 1981; Joynt and Welch 1985; Piercy 1981; Samiee and Walters 1991; Steinmann, Kumar, and Wasner 1980). Several factors contribute to this interest. First, successful modeling of the process enhances the predictability of export behavior. Second, significant variables determining the direction, rate, and success of export development need to be identified. The purpose of this study is to examine the perceptions of the CEOs of small and medium-sized enterprises (SMEs) relative to selected exporting activities. An attempt is made to identify differences in executives' perceptions based upon the length of time that their firms have been involved in exporting. It is anticipated that perceptions differ among respondents relative to the length of time their firms have been actively involved in exporting. This study explores potential differences in motivational factors, managerial attitudes and capabilities, and characteristics of the firm based upon varying levels of export experience. The relationship between export experience and perceptions of exporting is important since these perceptions may differ between beginning and long-term exporters. If these differences can be effectively captured, then it may be possible to develop programs to aid organizations in their endeavors to internationalize their marketing efforts. This study attempts to explore the extent of these differences. While many U.S. firms participate in some way in international business, the degree of participation varies widely. In some firms, foreign sales account for only a small percentage of total firm sales while in other firms, a large percentage of sales are attributable to overseas activities. This "variability in participation" may be accounted for by differences in perceptions of requirements for financial or human resources, value of government support for exporting, domestic and foreign market sizes, the importance of various exporting variables, the degree of domestic managerial foci (Axinn 1988, Cavusgil 1984a, Cavusgil and Nevin 1981a), and other factors. Assuming length of experience in exporting is related to various perceptions and attitudes regarding exporting activities, positive changes in these perceptions ought to produce additional sales to entrepreneurial firms. If reasons that limit international marketing efforts can be identified, policies may be formulated to facilitate international trade efforts by these firms. DISCUSSION OF PREVIOUS STUDIES Previous researchers have examined reasons for companies initially exporting (Bilkey 1978; Bilkey and Tesar 1977; Cavusgil, Bilkey, and Tesar 1979). Others have examined the changes in locations of sales offices and manufacturing which are associated with international experience, as well as correlates of export intensity (Axinn 1988, Czinkota and Johnston 1983, Diamantopoulos and Inglis 1988). Steinmann, Kumar, and Wasner (1980) have presented a conceptual model for the internationalization process of small firms that could serve as a basis for future research. The key variables in the model include elements of corporate strategy of small and medium-sized enterprises, the decision to invest abroad, the building-up of facilities abroad, and managing operations abroad. In a study of small firms, Ortiz-Buonafina (1990) investigated the effects of export marketing activities and size of the firm on the internationalization process. …
TL;DR: This paper gave an exposition and critical assessment of international housing policy change from the 1960s to the 1990s, and the thematic arguments indicate some central ideas such as self help, welfare, and investment in housing need basic reconceptualization.
TL;DR: In this article, the authors place the study of the multinational enterprise (MNE) at the core of political economy scholarship and locate the MNE in its outer institutional environments, where MNEs are embedded in networks of relations with a number of important external actors, not only governments.
Abstract: There is rising interest in placing the study of the multinational enterprise (MNE) at the core of political economy scholarship. This article attempts to locate the MNE in its outer institutional environments. MNEs are embedded in networks of relations with a number of important external actors, not only governments. These networks manifest marked differences between nations and regions, with differential implications for production and managerial arrangements within the firm, public policy choices and the constellation of MNE‐government relationships. In the distribution of wealth and power, MNEs are situated at the interface of domestic structures in national and regional political economies, and the process of internationalization within global political economic structures. A research agenda for the 1990s should, therefore, incorporate a political economy of the MNE in structures of global competition and cooperation that have institutional underpinnings. This study seeks to address elements...
Book•
01 Jan 1994
TL;DR: The role of transnational corporations in technology transfer is discussed in this article, where the authors present an international legal framework for transnational corpora to transfer technology to developing countries, and discuss their role in the internationalization of economic activity.
Abstract: Volume 17: Transnational Corporations and Innovatory Activities Edited by John Cantwell Part One - Theory and analytical foundations Part Two - The internationalization of technological activity Part Three - New organizational forms: innovation through inter-firm cooperation, by Third World transnational corporations, and the organizational development of Japanese transnational corporations Part Four - The ownership and location of innovative capacity, the internationalization of economic activity, and policies for national competitivenessVolume 18: Transnational Corporations and Technology Transfer to Developing Countries Edited by Edward Chen Part One - The role of transnational corporations in technology transfer Part Two - Forms, costs and conditions of technology transfer Part Three - Impacts on host and home countriesVolume 19: Transnational Corporations and National Law Edited by Seymour J Rubin and Don Wallace, Jr Part One - The corporation - basic law and nationality Part Two - National regulations and solutions to particular problemsVolume 20: Transnational Corporations: The International Legal Framework Edited byA.A. Fatouros Part One - Towards an international legal framework Part Two - Principal lawmaking methods and instruments Part Three - Major disruptions of the operations of transnational corporations Part Four - The establishment and operations of transnational corporations _
Journal Article•
TL;DR: The experiences of Finnish firms are indeed very interesting as discussed by the authors, and they may serve as important lessons for smaller countries and especially those which are late-comers in the global marketplace.
Abstract: Internationalization, globalization, and global competition are reshaping the world economy. These processes are dominated by the main players, which are the North American, German, Japanese, British, and French based transnational corporations. A historically unprecedented economic power is concentrated in these firms. What kinds of possibilities are there for firms from smaller countries? Under what circumstances can they successfully compete in the global battleground? In the search for answers to these questions, the experiences of Finnish firms are indeed very interesting. They may serve as important lessons for smaller countries and especially those which are late-comers.
TL;DR: The Centers for International Business Education and Research (CIBER) as discussed by the authors is a national resource for internationalizing U.S. business schools and promoting the teaching and research in the field of international business.
Abstract: Two decades of discussion have resulted in a consensus regarding the need to internationalize business schools in the United States. However. there has been less agreement regarding particular strategies to accomplish the goal of internationalization. This paper outlines important strategies for internationalization which are appropriate to the schools' mission. In addition, this paper describes, through examples and discussion, the federally funded Centers for International Business Education and Research which are envisioned as a national resource for internationalizing U.S. business schools and promoting the teaching and research in the field of international business.
Book•
01 Jan 1994
TL;DR: A Place Called Teesside as discussed by the authors examines the importance of place in relation to economic restructuring and social change, and relates the specificities of place to the internationalization of economic affairs.
Abstract: Using a detailed case study of Teesside in North East England, this text examines the importance of place in relation to economic restructuring and social change. It gives an historical analysis of how Teesside was first produced and reproduced as a community, and relates the specificities of place to the internationalization of economic affairs. Based on years of research by the three authors, "A Place Called Teesside" is a theoretically informed analysis which contributes to debate about the constitution of place and the limits to local economic development policies.
01 Jan 1994
TL;DR: This title was formally part of the Studies in International Trade Policy (SITP) series, now called Studies in international economics (SINE) as mentioned in this paper. But it was not part of this series until 2009.
Abstract: This title was formally part of the Studies in International Trade Policy Series, now called Studies in International Economics.
TL;DR: The United States Secretary of State George Marshall as mentioned in this paper stated that countries which systematically disregarded the rights of their own people were likely to seek their objectives by coercion and force in the international field.
Abstract: United States Secretary of State George Marshall told the General Assembly of the United Nations in 1948 that “[g]overnments which systematically disregarded the rights of their own people were not likely to respect the rights of other nations and other people, and were likely to seek their objectives by coercion and force in the international field.”
TL;DR: In this article, the authors argue that the British production regime is another example of a societal-specific system in which institutions and social arrangements are central to the specific characteristics of the British system.
Abstract: The ’Hoover‘ affair has reawakened interest in Europe in the British production regime as the closest to a free market regime in Europe. This paper argues that in fact the British production regime is another example of a societal-specific system in which institutions and social arrangements are central to the specific characteristics of the British system. The low-skilled, low-wage employment system, with high shares of long and part-time employment emerges out of the interaction of institutional and social arrangements, including family and distribution systems as well as the institutions of labour market and industrial organization. This interaction creates both internal coherence and internal conflicts, but adjustment to internal conflicts does not necessarily result in escape from the vicious circle. Similarly the impact of international integration is not necessarily convergence of notional models, for, as in the British case, ‘internationalization’ takes effect through institutions, sometimes resul...
Journal Article•
TL;DR: In this article, the authors argue that international migrations are embedded in larger social, economic, and political processes, and that the option to migrate is itself socially produced, whereas individuals experience migration as the outcome of their personal decisions.
Abstract: The general proposition argued in this article is that international migrations are embedded in larger social, economic, and political processes. Although individuals experience migration as the outcome of their personal decisions, the option to migrate is itself socially produced. Because immigration flows tend to share many characteristics, this embeddedness is easily lost in immigration analysis or made so general as to lose explanatory power. An example is the notion that poverty as such is a migration push factor; yet many countries with great poverty lack a significant emigration history. It takes a number of other conditions to activate poverty into a push factor. This article explores whether the concrete processes though which economic internationalization binds major immigration-receiving countries to their emigration-sending countries are one form of this embeddedness. Elsewhere I have developed such an analysis for the case of the U.S. (Sassen, 1988) and in more theoretical terms (1993). New illegal immigration into Japan raises questions concerning the impact of the internationalization of the Japanese economy on the formation of this flow. Japan has never had immigration, although it has a history, even if at times brief, of forced labor recruitment, colonization, and emigration. It lacks a belief in the positive contributions of immigration. The concept immigration did not exist in its law on the entry and exit of aliens. Yet, since the mid-1980s there has been an increasing illegal immigration from Bangladesh, Thailand, the Philippines, Pakistan, and, most recently, Malaysia and Iran. Japan is now a major foreign aid donor, investor, and exporter of a wide range of consumer goods in the countries whence originate most of its new immigrants, except Iran. This may have created objective and subjective bridges between these countries and Japan, thus contributing to a reduction in the sociological distance by familiarizing people with Japan. The U.S. has played a similar role in the regions and countries where most of its immigrants originate. The first section of this article addresses the impact of economic internationalization on the formation of new immigration flows into the U.S. during the last 25 years. The second section examines both the magnitude and forms of Japan's recent economic presence in the South and Southeast Asia. The third and fourth sections briefly review questions of policy in the U.S. and Japan during the last few years. The policy issue is now of great concern in Japan. Following an intense two-year debate, a new law was passed and became effective in June 1990, but it proved inadequate and is already under review. This is reminiscent of events in the U.S,: no sooner had the long-debated 1986 Immigration Reform and Control Act been passed than it came under attack and in 1990 a new Immigrant Act was signed. The fifth section conveys evidence of illegal immigration to Japan. The sixth section discusses conditions in receiving countries that make possible the adaptation of immigrants with a view to understanding how illegal immigrants in Japan could become part of the Japanese economy, involving Japanese employers who are deeply steeped in an anti-immigration culture. Economic Internationalization and Immigration Migrations do not just happen; they are produced. Moreover, migrations do not involve just any possible combination of countries; they are patterned. Furthermore, immigrant employment is patterned as well; immigrants rarely have the same occupational and industrial distribution as citizens in receiving countries. Finally, while it may seem that migrations are ever present, distinct phases and patterns are clearly discernible during the last two centuries. Mass migrations during the 1800s made an integral contribution to the formation of a trans-Atlantic economic system. Before this period, labor movements across the Atlantic had been largely forced (notably slavery) and mostly from colonized African and Asian territories. …
Book•
01 Jan 1994
TL;DR: From the 1840's to the 20th century, large Western European and US construction firms shaped the international economy by furnishing crucial physical infrastructure as discussed by the authors, and they were forced to transcend local and national markets and incorporate the Third World into both world markets and capital circuits.
Abstract: From the 1840's to the 20th century, large Western European and US construction firms shaped the international economy by furnishing crucial physical infrastructure The author attempts to destroy the myth that construction is a localized industry of many small firms in perfect competition, sheltered from world markets US and European firms that promote world markets were forced to transcend local and national markets and incorporate the Third World into both world markets and capital circuits This book is valuable reading for international, political, and developmental economists; labor, economic, social, colonial, labor, engineering and material culture historians; organization theorists; and economic geographers
TL;DR: The growing interdependence of the industrialized economies as a result of increasing foreign direct investment by transnational companies has been seen as leading to fundamental changes in the world economy as mentioned in this paper.
Abstract: The growing interdependence of the industrialized economies as a result of increasing foreign direct investment by transnational companies has been seen as leading to fundamental changes in the world economy. Three aspects of such changes can be identified: the establishment of a distinct global system of coordination and competition, the denationalization of leading firms and the international standardization of managerial structures and practices. These changes depend, however, on the development of distinct and powerful supra-national institutions and the limited cohesion and variety of national institutions. As long as national political, financial, labour and cultural systems remain quite different and integrated, and at least as powerful as international ones, the postwar internationalization of firms and markets is limited in degree and significance.