The Selected Essays of John H. Dunning, Volume I
Chapter 10: Reappraising the Eclectic Paradigm in an Age of Alliance Capitalism
Dunning 03 chap 9 10/7/02 11:57 am Page 282 10. Reappraising the eclectic paradigm in an age of alliance capitalism* INTRODUCTION Over the last decade or so, a number of events have occurred that, viewed collectively, suggest that the world economy may be entering a new phase of market-based capitalism – or, at least, changing its trajectory of the past century. These events recognize no geographical boundaries, and they range from changes in the way in which individual firms organize their production and transactions to a reconfiguration of location-specific assets and the globalization of many kinds of economic activity. The pre-eminent driving force behind these events has been a series of systemic technological and political changes, of which a new generation of telecommunication advances and the demise of central planning in Eastern Europe and the renaissance of the market economy in China are, perhaps, the most dramatic. But no less far reaching has been the economic rejuvenation of Japan and the emergence of several new industrial powers – especially from East Asia – whose approach to market-based capitalism – both at a socio-institutional and a technoeconomic level (Freeman and Perez, 1988; Ruigrok and Van Tulder, 1995) – is very different from that long practised by Western nations. The interrelated and cumulative effects of these phenomena have compelled scholars to re-examine some of their cherished concepts about market-based capitalism, and to do so in two major respects. The first is the growing acceptance that, by themselves, competitive market forces do not necessarily ensure an optimum...
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