Table of Contents

Globalization and Economic Development

Globalization and Economic Development

Essays in Honour of J. George Waardenburg

Edited by Servaas Storm and C. W.M. Naastepad

Globalization is widely regarded as a means not only of ensuring efficiency and growth, but also of achieving equity and development for those countries operating in the global economy. The book argues that this perception of globalization as the road to development has lost its lustre. The experience of the 1990s belied expectation of the gains, such as faster growth and reduced poverty, which could be achieved through closer integration in the world economy.

Chapter 10: Globalization and FDI in Asian developing countries

John H. Dunning

Subjects: development studies, development economics, economics and finance, development economics, post-keynesian economics


John H. Dunning 1. INTRODUCTION This chapter seeks to do three main things. First, it examines the extent to which Asian developing countries have participated in the trend towards a globalizing world economy over the past two decades or so. Second, it looks more specifically at the ways in which one of the main engines of globalization, namely inbound investment by foreign institutions and individuals in Asia and outbound investment by Asian multinational enterprises (MNEs), and individuals have contributed towards a deepening economic interdependence between Asian countries and the rest of the world. Third, it presents some recently published data on trends of European foreign direct investment (FDI) in Asian developing countries, and of how some 310 leading MNEs and international experts view future corporate investment priorities up to the year 2001. Where possible, we shall adopt a three-fold classification of Asian developing countries, which corresponds to that used by the United Nations Development Programme (UNDP),1 namely high human development, medium human development and low human development countries (see Appendix 2). The Human Development Index, compiled by the UNDP, while incorporating gross domestic product (GDP) per capita, also embraces variables such as developing countries, but also embraces other variables, such as life expectancy and adult literacy. A list of the Asian countries assigned to each group is set out in Appendix 1. We are aware that there are other criteria for classifying Asian developing countries, apart from their stage of human development. For example, in some situations,...

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