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The Evolution of the World Economy

The ‘Flying-Geese’ Theory of Multinational Corporations and Structural Transformation

Terutomo Ozawa

The world economy is near a critical crossroads, as a rising China, the greatest-ever beneficiary of US-led capitalism, ironically dreams big to replace America's supremacy as a new hegemonic power with a non-liberal world order. This third volume of the trilogy on ‘flying-geese’ theory reformulation explains how capitalism has changed industrial structures across the world. Using structural development economics and political economy analytics the unfolding changes in the global industrial landscape are examined in depth. Will the ‘flying-geese’ formation survive the formation that has produced the East Asian miracle and is hoped to spread to Africa?
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Abbreviations

The ‘Flying-Geese’ Theory of Multinational Corporations and Structural Transformation

Terutomo Ozawa

AGOA             African Growth and Opportunity Act

AIIB                Asia Infrastructure Investment Bank

APEC              Asia-Pacific Economic Cooperation

ASEAN           Association of Southeast Asian Nations

BIP                 Border Industrialization Program

BOT               build–operate–transfer

BRIC              Brazil, Russia, India, China

BRICS            Brazil, Russia, India, China, South Africa

CCP               Chinese Communist Party

CRT               cathode ray tube

DRAM            dynamic random access memory

EBA                Everything But Arms

ECZ                economic cooperation zone

EP                  export promotion

EPZ                export processing zone

EU                  European Union

EXIM (Ex-Im) Export-Import Bank

FDI                foreign direct investment

FG                 flying-geese

FOCAC           Forum on China–Africa Cooperation

FTAAP            Free Trade Area of the Asia-Pacific

GATT             General Agreement on Tariffs and Trade

GDP               gross domestic product

GE                 General Electric

GHT               green and health technology

HO                 Heckscher–Ohlin

ICT                information and communication technology

IDP                investment development path

IIP                 infant industry protection

IMF               International Monetary Fund

IPO                initial public offering

IS                  import substitution

IT                  information technology

JETRO           Japan External Trade Organization

JICA              Japan International Cooperation Agency

LCD               liquid crystal display

M&As            mergers and acquisitions

MITI              Ministry of International Trade and Industry

MNC              multinational corporation

MOFCOM       Ministry of Foreign Commerce

MPX               import–production–export

MVA               manufacturing value added

NAFTA           North American Free Trade Agreement

NIE                newly industrializing economy

ODM              original design manufacturing

OECD             Organisation for Economic Co-operation and Development

OECF             Overseas Economic Cooperation Fund

OEM              original equipment manufacturing

OPEC             Organization of the Petroleum Exporting Countries

R&D               research and development

S&T               science and technology

SEC                Securities and Exchange Commission

SEZ                special economic zone

SMEs              small and medium-sized enterprises

SOE                state-owned enterprise

SWF               sovereign wealth fund

TFP                total factor productivity

TPP                Trans-Pacific Partnership

UNCTAD         United Nations Conference on Trade and Development

UNIDO            United Nations Industrial Development Organization

UNU                United Nations University

UNU-WIDER    United Nations University World Institute for Development Economics Research

USSR               Union of Soviet Socialist Republics

VER                 voluntary export restraint

WTO                World Trade Organization

WWI                World War I

WWII               World War II