Edited by Adrian Wilkinson, Keith Townsend and Gabriele Suder
Developing countries continue to both seek and attract the attention and focus of international business and management research and practice. While much of scholarly literature views the 1990s as a lost decade for much of the developing world (Easterly, 2001), growth rates picked up significantly in the 2000s, with the number of developing countries beginning to converge strongly with the affluent OECD countries, leaping from 12 to 65. At the same time as developing countries increasingly became part of developed countries’ value chain, FDI and various locational strategies of internationalising Western MNES, the countries also benefited from the emergence of increasing home-grown MNE development. Between 1991 and 2003 the growth rate in the number of outward-investing firms in India was 809 per cent – higher than the corresponding growth in countries like China (805 per cent), the Republic of Korea (611 per cent), Brazil (116 per cent) and Hong Kong (90 per cent) for the same time periods (UNCTAD, 2006, p. 122, table III.13). A number of Indian firms have also found their way into listings of top global firms as a result of their large-scale overseas acquisitions (Sauvant and Pradhan, 2010; Varma, 2011). This has been an unprecedented expansion in the history of the Indian MNEs.
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