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Global Capitalism, FDI and Competitiveness

The Selected Essays of John H. Dunning, Volume II

John H. Dunning

Global Capitalism, FDI and Competitiveness comprises 15 of John Dunning’s most widely acknowledged writings on the changing characteristics of the global economy over the past three decades. In particular, it examines how these events have shaped, and been shaped by, the growing internationalization of all forms of business activity.
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Chapter 2: Whither Global Capitalism?

John H. Dunning


* INTRODUCTION The subject of this chapter has already intrigued scholars, business practitioners and politicians and various interest groups; and, no doubt, will continue to do so well into the twenty-first century. Yet, within the last decade or so, attitudes towards economic globalization, and predictions about its future, have undergone a profound transformation. From the euphoria which followed the fall of the Berlin Wall, and the liberalization of many goods, services and money markets, we are currently experiencing a kind of backlash – not dissimilar to that which followed the first positive reactions to the industrial revolution of the late eighteenth and nineteenth centuries (Kennedy, 1996; Searle, 1998). For now, as then, a different set of winners and losers is being created, and new social and political concerns are emerging. Titles of books published in the last couple of years, such as: The Global Trap (Martin and Schumann, 1997); The Manic Logic of Global Capitalism (Greider, 1997); Has Globalization Gone Too Far? (Rodrik, 1997); False Dawn (Gray, 1998); Global Capitalism in Crisis (Soros, 1998); Turbo-Capitalism (Luttwak, 1999); The Lexus and the Olive Tree (Friedman, 1999) all emphasize some of the (perceived) downsides of globalization, which need to be set against its benefits emphasized by most economists and business strategists. Globaphobia (Bartlett and Lawrence, 1998), indeed, may not be an exaggerated word to describe the current and growing disquiet about the future of global capitalism. Where next, then, one might ask? Will the current round of concerns and anxieties – so dramatically displayed at...

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