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Oliver E. Williamson and Scott Masten

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  • Elgar Research Reviews in Economics

Michael R. Baye and John Morgan

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  • Elgar Research Reviews in Economics

Bronwyn H. Hall

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Edited by Johannes M. Bauer and Michael Latzer

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Edited by Johannes M. Bauer and Michael Latzer

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Johannes M. Bauer and Michael Latzer

In the Internet economy many of the theoretical assumptions and historical observations upon which economics rests need to be reexamined. Economics built a very successful research program by focusing on the choices and behavior of rational individual decision-makers under conditions of scarcity. In this highly stylized framework, eventually increasing incremental costs, decreasing marginal utility and resource constraints result in negative feedback that moves economic processes toward equilibrium states. The rigorous analysis of these equilibria at the micro and macro level was a major achievement of economics. In an economy built around digital technology some of these conditions change fundamentally. Scale economies, interdependencies, and abundance are pervasive and call for analytical concepts that augment the traditional approaches.
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Edited by Johannes M. Bauer and Michael Latzer

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Edited by Johannes M. Bauer and Michael Latzer

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Edited by Johannes M. Bauer and Michael Latzer

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  • New Horizons in International Business series

Terutomo Ozawa

Kaname Akamatsu set forth the flying-geese theory of economic development as back as the 1930s, drawing on his statistical studies of Japan’s trade in manufactures in 1870_1939. He considered essential the old-fashioned, highly nationalistic, infant-industry protection strategy, a strategy that was designed to propel the three-step sequence of import, domestic production, and export, all by indigenous firms in avoidance of incursions by foreign interests. Arm’s-length trade was the major mode of exchange. Since then, however, the world economy has drastically changed. Multinational corporations (MNCs) are now ubiquitous, setting up production and marketing facilities in each other’s economies. The three-step sequence is carried out instantaneously at the hands of MNCs: local production is initiated simultaneously for export as well as for import substitution. MNCs’ involvement in the three-step sequence is explored.