New Challenges for International Business Research
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New Challenges for International Business Research

Back to the Future

John H. Dunning

In this final collection of his essays, John Dunning looks back on more than 40 years of research in international business (IB), whilst at the same time considering possibilities for the future. This book includes fifteen updated chapters, many of which have not been widely accessible to the IB community until now. It provides a fascinating insight into the evolution of Professor Dunning’s thinking on some of the most important issues in the contemporary global economy, from the role of institutions in development to the moral challenges of global capitalism. Including some personal reflections, this compelling collection provides a unique perspective on the intellectual contribution from one of the field’s greatest scholars.
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Chapter 7: Towards a New Paradigm of Development: Implications for the Determinants of International Business Activity

John H. Dunning

Extract

7. Towards a new paradigm of development: implications for the determinants of international business activity 1. INTRODUCTION One of the (largely) unexpected consequences of the contemporary phase of globalization is that it is compelling academic scholars, national governments and supranational entities to reappraise the nature and purposes of development; and the ways in which the activities of multinational corporations (MNEs)1 are both responding to, and helping to shape, it. In this chapter, I shall first summarize the main ingredients of what we shall term the new paradigm of development (NPD), and how these differ, in substance or emphasis, from those which were generally accepted in the economics profession in the 1970s and 1980s. In doing so, we shall give particular attention to the recent writings of three Nobel Laureates in Economics – Amartya Sen, Joseph Stiglitz and Douglass North – and set these in the context of the cultures, belief systems and actions of the stakeholders in the international economy in respect of 20/21 globalization.2 We shall then offer our own interpretation of the NPD; and, in doing so, shall focus on (what in our judgement is) one of its most neglected – though important – components, viz. the content, structure and effectiveness of its institutions. The final part of the chapter will examine some of the implications of the NPD for our theorizing about the determinants of transnational corporation (TNC) activity in developing countries. In particular, we shall introduce the concept of institutional assets into the received eclectic, or OLI,3 paradigm...

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