New Horizons in International Business series
Edited by Lorraine Eden and Wendy Dobson
Chapter 11: FDI and the International Policy Environment: Back to the Future? Not Quite!
11. FDI and the international policy environment. Back to the future? Not quite! John H. Dunning INTRODUCTION I ﬁrst met Ed Safarian when he visited me at Reading University, UK in the spring of 1965. Over a delightful lunch at a Thames-side restaurant, we discussed the progress of his seminal volume on Foreign Ownership of Canadian Industry;1 and how his research methodology and ﬁndings compared and contrasted with those of mine in my own monograph American Investment in British Manufacturing Industry, which had been published seven years earlier (Dunning, 1958). One of the key ideas behind both Ed’s and my research, and that of Donald Brash, Michael Kidron, Arthur Stonehill and R.S. Deane who, respectively, published similar studies on the role of foreign (or US) owned aﬃliates in Australia, India, Norway and New Zealand in the 1960s,2 was to examine the ways in which the governments of the host countries did aﬀect, and/or could aﬀect, the extent and pattern of inbound FDI, and its contribution to the economic welfare of their constituents. Though there were (and continue to be) signiﬁcant diﬀerences in FDI related policies between countries according inter alia to their size, economic structure, institutions, GNP per head, export propensity, proximity and/or psychic distance to the major outward investor(s), and political ideology, there were (and are) many common inﬂuences – most of which were (are) exogenous to the country speciﬁc variables just identiﬁed. And it is these common in...
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