- The McGill International Entrepreneurship series
Edited by Hamid Etemad, Tage Koed Madsen, Erik S. Rasmussen and Per Servais
Chapter 7: Entrepreneurship and the institutional context: dynamics of development of the locally owned generic pharmaceutical industry in Bangladesh
Conventional state-to-state international trade has lost much of its efficacy and importance in the new century to the point that states have been increasingly replaced by different types of firms. Such fundamental changes in the mode of economic relationships have been facilitated by an increasing trend of harmonization of economic protocols at the global level, which are being adopted and adapted rapidly at national levels as well. Nations, irrespective of being developed or developing, are creating interdependent trade relationships with multiple counterparts with different motives which include both resource seeking and market seeking (Dunning, 1993). Such efforts are initiated and carried by two actors – international entrepreneurs and international firms. Oviatt and McDougall (2005) describe international entrepreneurship as the discovery, enactment, evaluation and exploitation of opportunities across national borders that create future goods and services. The most visible embodiment of international entrepreneurship is the firms that are active in developing, mobilizing and exploiting resources of different types and origins in order to exploit specific opportunities across the borders.
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