Perspectives, Measurement and Empirical Investigation
New Horizons in Regional Science series
Edited by Robert Stimson, Roger R. Stough and Peter Nijkamp
Chapter 9: Foreign Direct Investment, Knowledge Assets and the Economic Geography of Growth in the Asian BRIICS Countries
Tomokazu Arita, Chie Iguchi and Philip McCann INTRODUCTION In the context of globalization, our objective in this chapter is to highlight the role foreign direct investment plays in the growth of three of the world’s largest newly-industrializing countries, and to examine the links between these investment inflows and economic geography. The three countries concerned are China, India and Indonesia. The major features of the current phase of globalization that are common to all regions of the world are: ● ● ● increasing institutional integration between countries; rapidly improving information and communication technologies; rapidly increasing global investment activities (McCann, 2008). The combination of these features produces complex interrelationships between economic geography, economies of scale and global trade and investment. These interrelationships have been discussed in detail elsewhere (McCann, 2008, 2009; World Bank, 2009) so are not discussed further here. However, one of the other major features of the current era of globalization is the role played by the expansion of the global labour force. This rapid expansion is dominated by six major newly-industrializing economies, the so-called BRIICS countries, comprising Brazil, Russia, India, Indonesia, China and South Africa (McCann, 2009). The opening-up of these countries between 1989 and 1993 transformed the global labour market in that they brought almost 1.5 billion new workers into the global labour force. 160 STIMSON PAGINATION (M2469).indd 160 20/12/2010 15:12 Growth in the Asian BRIICS countries 161 Asia is often seen as the focus of the driving forces of this period of globalization. The reason is that the...
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