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John H. Dunning

5. The changing locational determinants of MNE activity: 1960–2006 INTRODUCTION 1. The last two decades have witnessed a number of dramatic changes in the location of international business (IB) activity and of our understanding of its determinants. Globalization, technological advances, the emergence of several new players on the world economic stage, and a new focus on the role of institutions and belief systems in the resource allocative process have been the main triggers for change. Globalization, through removing many of the natural and artificial

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John H. Dunning and Rajneesh Narula

indicators of FDI and international production, 1986–95 (billions of US dollars and percentages) Value at current prices, 1995a 315 2 730b 6 022 41d 24 948d 1 410e 5 681d 4 707b Annual growth rate (per cent) 1986–90 1991–4 24.7 19.8 17.4 21.8 10.8 10.8 11.0f 14.3 12.7 8.8 5.4 10.1 4.3 11.4g 4.0 3.8c Indicator FDI inflows FDI outward stock Sales of foreign affiliates of MNEs Royalties and fees receipts GDP at factor costs Gross product of foreign affiliates Gross fixed capital formation Exports of goods and services Note: Source: aestimates, b1993, c1991–3, d1994, e1991, f

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John H. Dunning

statistics (e.g. expenditure on R D, interest rates, labour costs). Others came from the opinions of a group of some 10,993 executives from these countries,14 who were asked to rank how far they believed in the validity of particular statements, and/or of how important they perceived a particular locational variable might be; and to do so on a Likert scale of 1–7. All the data were collected or provided for the years between 2003 and 2005. In our exercise, and taking our definitions of RCM and I, we reclassified some of the individual performance indicators to form two

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John H. Dunning

, instances where the Oi of firms influence, or are influenced by, the L advantages of countries; and third where the Oi advantages of firms influence their mode of entry or propensity to internalise intermediate markets. In the interest of brevity, we provide only selected examples of the first case here, while the latter two cases are examined later in this chapter. Historical examples concerning the transfer of organisational practices (Oa with Oi) include the introduction of the multidivisional or M-form of organisation in the US and Europe in the 1920s and 1930s

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John H. Dunning and Rajneesh Narula

this renewed interest in RI has occurred while the concept of globalization pervades our understanding of the world economy. The two are not unrelated, and some have argued that RI projects appear to represent an opportunity to redress the inequities of multilateral agreements (Baldwin, 1997) and to increase their autonomy from outside forces (Vernon, 1996). In other words, RI schemes are seen as a response to globalization. There are several similarities between globalization and RI. Both are processes closely associated with cross-border economic activity, although

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John H. Dunning

8. Institutional reform, FDI and the locational competitiveness of European transition economies INTRODUCTION 1. This chapter addresses the role of institutions and institutional reform as a country specific competitive enhancing advantage affecting the location of inbound foreign direct investment (FDI). Our focus of interest will be on the European transition economies (TES). Our thesis (backed up by a limited amount of econometric and field research) is that the extent and quality of a nation’s institutions and its institutional infrastructure (II) are

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John H. Dunning

investing country but positively related to its income levels and to the (global) competitive advantages of its firms. However, mergers and acquisitions (M&As) which accounted for such a high proportion of FDI outflows in the 1990s,18 are more likely to reflect firm specific strategies and the growth rates of countries than are the other variables.19 Similarly, indices for asset exploiting FDI are likely to reflect the size of domestic (or adjacent and regional) markets, labour, production and spatial transaction costs – and, for asset augmenting FDI, exchange rates

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Gary Hufbauer and Kati Suominen

restricting imports. In our time, the financial crisis of 2008 to 2009 has aggravated skepticism and even hostility toward open markets. Trade is a natural target when jobs disappear. Trade policy offers multiple weapons – tariffs, quotas, non-tariff barriers, and subsidies – for rapid deployment to rescue distressed industries. What slowed governments from quick resort to this armory were the rules built into the WTO and PTAs – backed up by the fear of retaliation and the staunch defense of open trade mounted by multinational corporations and most economists

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Seasons of a Scholar

Some Personal Reflections of an International Business Economist

John H. Dunning

In his perceptive and easily readable autobiography, John Dunning walks the reader through the four seasons of his professional and private life. With just the right touch of humour, he recounts his boyhood experience during the eventful days of the Second World War, his three-year spell in the Royal Navy, as well as his years as a student and research assistant at University College London. He then goes on to describe his times as teacher and researcher at Southampton, Reading and Rutgers Universities, and the origin and evolution of the Reading School of International Business scholarship.
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John H. Dunning

Courtneidge, Jack Buchanan, George Formby and, of course, Laurel and Hardy. But I never did care for Harold Lloyd, as, when I was very small, his large horn-rimmed glasses frightened me! I have kept my interest in and liking for the cinema and its offshoot, television, throughout my life; and, even today, find watching the small screen a very relaxing pastime at the end of the day. Notwithstanding a lot of (what I think is) trash on TV, some of the natural life, historical and current affairs programmes (particularly on UK TV) are most informative and enjoyable. I loved both