Dunning, John and Pitelis, Christos (2009): The Political Economy of Globalization – Revisiting Stephen Hymer 50 Years On.
Download (179Kb) | Preview
We discuss issues pertaining to the political economy of “globalization”, in the context of the seminal contribution by Stephen Hymer. While Hymer’s contribution to the theory of the multinational enterprise (MNE) and foreign direct investment (FDI) is widely recognized, his contribution to the political economy of what he called “multinational corporate capital” has received less attention. In this paper we revisit some of the issues he raised, notably uneven development, global governance and central planning in the context of post-Hymer scholarly thinking and the shifting global landscape. In so doing we also speculate on the challenges and future of globalization.
|Item Type:||MPRA Paper|
|Original Title:||The Political Economy of Globalization – Revisiting Stephen Hymer 50 Years On|
|Keywords:||Stephen Hymer, International Political Economy, Institutions, Globalization,Sustainability|
|Subjects:||F - International Economics > F2 - International Factor Movements and International Business > F23 - Multinational Firms; International Business
F - International Economics > F0 - General > F02 - International Economic Order
F - International Economics > F2 - International Factor Movements and International Business > F21 - International Investment; Long-Term Capital Movements
|Depositing User:||Christos Pitelis|
|Date Deposited:||10. Jun 2010 05:47|
|Last Modified:||12. Feb 2013 13:54|
Argitis, G. and Pitelis, C. 2001. Monetary policy and the distribution of income: Evidence for the United States and the United Kingdom. Journal of Post-Keynesian Economics, vol. 23, no. 4, pp. 617-638
Bain, J.S. 1956 Barriers to New Competition: Their Character and Consequences for Manufacturing Industries, Boston, Harvard University Press
Baran, P. and Sweezy, P. 1966. Monopoly Capital, Harmondsworth, Penguin
Bartlett, C. A. and Ghoshal, S. 1989. Managing Across Borders: The Transnational Solution, Boston, Harvard Business School Press
Baumol, W. J. 1991. Perfect Markets and Easy Virtue - Business Ethics and the Invisible Hand, Cambridge, Blackwell
Birkinshaw, J. and Hood, N., eds. 1998. Multinational Corporate Evolution and Subsidiary Development, London, Macmillan
Bianchi, P. and Labory, S. 2006. International Handbook on Industrial Policy, Cheltenham, Edward Elgar
Best, Michael. 1990. The new competition: institutions of industrial restructuring, Cambridge, MA, Harvard University Press.
Boddewyn, D. J. 2003. Understanding and advancing the concept of 'Nonmarket', Business & Society, vol. 42, no. 3, pp. 297-327
Boddewyn, D.J. and Brewer L.T. 1994. International-business political behavior: new theoretical directions, Academy of Management Review, vol. 19, pp. 119-143
Buckley, P. J. and Casson, M.C. 1976. The Future of Multinational Enterprise, London, Macmillan
Buckley, P. J. and Casson, M.C. 2007. Edith Penrose’s theory of the growth of the firm and the strategic management of multinational enterprises’, Management International Review, vol. 47, no. 2, pp. 151-174
Cantwell, J. 1991. Theories of international production’, in C. N. Pitelis and R. Sugden, eds. The Nature of the Transnational Firm, London, Routledge
Cantwell, J. and Narula, R., eds. 2003. International Business and the Eclectic Paradigm: Developing the OLI Framework, London and New York, Routledge
Casson, M., ed. 1990. Multinational Corporations, Hants, Edward Elgar
Caves, R. E. 1982. Multinational Enterprise and Economic Analysis, Cambridge, Cambridge University Press
Chandler, A. D. 1962. Strategy and Structure: Chapters in the History of the Industrial Enterprise, Cambridge, MIT Press
Chandler, A.D. and Redlich, F. 1961. Recent developments in American business administration and their conceptualisation, Business History Review, vol. 35, pp.1-27
Chang, H-J. 1994. The Political Economy of Industrial Policy, London and Basingstoke, Macmillan.
Chang, H-J. 2002. Kicking away the ladder - an unofficial history of capitalism, especially in Britain and the United States, Challenge, vol. 45, no. 5
Coase, R. H. 1937. The nature of the firm, Economica , vol. 4, pp. 386-405
Cohen, R. B., Felton, N. et al., eds. 1979. The Multinational Corporation: a Radical Approach. Papers by Stephen Herbert Hymer, Cambridge, Cambridge University Press
Cowling, K. and Waterson, M. 1976. Price-cost margins and market structure, Economica, vol. 43, no. 171, pp. 267-274
Driffield, N. L. and Love, J.H. 2005. Intra-industry foreign direct investment, uneven development and globalization, Contributions to Political Economy, vol. 24, no. 1, pp. 55-78
Dunning, J. H. 1958. American Investment in British Manufacturing Industry, London, Allen and Unwin
Dunning, J. H. 1977. Trade, location of economic activity and the MNE: a search for an eclectic approach, in B. Ohlin, P.O. Hesselborn and P.M. Wijkman, eds. The International Allocation of Economic Activity, London and Basingstoke, Macmillan
Dunning, J. H. 2001. The key literature on IB activities: 1960-2000, in A.C. Rugman and T.L. Brewer, eds. Oxford Handbook of International Business, Oxford, Oxford University Press
Dunning, J. H. 2003. An evolving paradigm of the economic determinants of international business activity’, in J. Cheng and M. Hitt, eds. Managing Multinationals in a Knowledge Economy, Oxford, Elsevier, vol.15, pp. 3-27
Dunning, J. H., ed. 2005. Making Globalisation Good: The Moral Challenges of Global Capitalism, Oxford, Oxford University Press
Dunning, J. H. 2006. When I met Hymer: some personal recollections, International Business Review, vol. 15, no. 2, pp. 115-123
Dunning, J. H. 2006. Towards a new paradigm of development: implications for the determinants of international business activity, Transnational Corporations , vol. 15, no. 1, pp. 173-228
Dunning, J. H. and Lundan, S. M. 2006. The MNE as a creator, fashioner and respondent to institutional change, Mimeo, University of Rutgers and University of Maastricht
Dunning, J. H. and Pitelis, C. N. 2008. Stephen Hymer’s contribution to international business scholarship: an assessment and extension, Journal of International Business Studies, vol. 39, pp. 167-176.
Dunning, J. H. and Rugman, A. 1985. The influence of Hymer’s dissertation of the theory of foreign direct investment, American Economic Review, vol. 75, pp. 228-39
Eden, L. 2003. A Critical Reflection and Some Conclusions on OLI, in John Cantwell and Rajneesh Narula, eds. International Business and the Eclectic Paradigm: Developing the OLI Framework, London and New York, Routledge
Eden, L. and Lenway S. 2001. Multinationals: the Janus face of globalization’, Journal of International Business, vol. 32, no. 3, pp. 383–400
Graham, E.M . 1990. Exchange of threat between multinational firms as an infinitely repealed non cooperative game, International Trade Journal, vol. 4, no. 3, pp. 259-277
Hayek, F.A. 1945. The use of knowledge in society, American Economic Review, vol. 35, pp. 519-30
Hennart, J. F. 1982. A Theory of Multinational Enterprise, University of Michigan Press, Ann Arbor
Hill, C. 2009. International Business, McGraw Hill, 7th Edition
Hymer, S. H. 1960/1976. The International Operations of National Firms: a Study of Direct Foreign Investment, Cambridge, MIT Press
Hymer, S. H. 1968. The large multinational 'corporation', in M. Casson, ed. 1990. Multinational Corporations, London, Edward Elgar
Hymer, S. H. 1970A. The efficiency (contradictions) of multinational corporations, American Economic Review. Papers and Proceedings, vol. 60, no. 2, pp. 441-448
Hymer, S. H. 1970B. The multinational corporation and the law of uneven development, in J. N. Bhagwati, ed. Economics and World Order, London, Macmillan
Hymer, S. H and Resnick, S. 1969. A model of an agrarian economy with non agricultural activities, The American Economic Review vol. 59, no. 4, pp. 493-506
Hymer, S. and Rowthorn, R. 1970. Multinational corporations and international oligopoly: the non-American challenge, in C. Kindleberger, ed. The International Corporation: A Symposium, Cambridge, MIT Press, pp. 57-91
International Business Review. 2006. Special Issue: Stephen Hymer and International Business Strategy, International Business Review, vol. 15, no. 2, pp. 103–193
Kindleberger, C. P. 1984. Plus ça change – A Look at the New Literature, in Contributions to Political Economy (2002) 21, 5–7 37
Kindleberger, C.P., ed. 1984. Multinational Excursions, Cambridge, MIT Press, pp.180-88
Kindleberger, C. P. 2002. Stephen Hymer and the Multinational Corporation, Contributions to Political Economy, vol. 21, pp. 5-7
Kogut, B. and Zander, U. 1993. Knowledge of the Firm and the Evolutionary Theory of the Multinational Corporation, Journal of International Business Studies, vol. 24, no. 4, pp. 625- 645
Lange, O. 1936. On the Economic Theory of Socialism, The Review of Economic Studies , vol. 4, no. 1, pp. 53-71
Madhok, A. and Phene, A. 2001. The Co-evolutional Advantage: Strategic Management Theory and Eclectic Paradigm, International Journal of the Economics of Business, vol. 8, no. 2, pp. 243-256
Mahoney, J. T. 2005. Economic Foundations of Strategy, London and New York, SAGE Publications
Mahoney, J. T., McGahan, A. and Pitelis C. N. 2009. The Interdependence of Private and Public Interests, Organization Science, forthcoming
Marx, K. 1959. Capital, Vol. 1-3, London, Lawrence and Wishart
Modigliani, F. 1958. New Developments on the Oligopoly Front, Journal of Political Economy, vol. 66, no. 3, pp. 215-232
Pearce, R. and Papanastassiou, M. 2006. To “Almost See the World”: Hierarchy and Strategy in Hymer’s View of the Multinational, International Business Review, vol. 15, no. 2, pp. 151-165
Penrose, E.T. 1959/1995. The Theory of the Growth of the Firm, Oxford, Oxford University Press, 3rd ed.
Pitelis, C. N. 2004. Edith Penrose and the Resource-based View of (International) Business Strategy’, International Business Review, vol. 13, no. 4, pp. 523-532
Pitelis, C. N. 2007. Edith Penrose and a Learning-Based Perspective on the MNE and the OLI, Management International Review,vol. 47, no. 2, pp. 207-220
Pitelis, C. N. 2009. The Sustainable Competitive Advantage and Catching-up of Nations: Fdi, Clusters, and the Liability (Asset) of Smallness?, Management International Review, vol. 41, no. 1
Pitelis, C. N. and Sugden, R., eds. 1991. The Nature of the Transnational Firm, London, Routledge
Pitelis, C.N. and Sugden, R., eds. 2002. Special issue on Stephen Hymer and international political economy, Contributions to Political Economy, vol. 21, no. 1
Porter, M. E. 1980. Competitive Strategy: Techniques for Analyzing Industries and Competitors, New York, Free Press.
Porter, M.E. 1990. The Competitive Advantage of Nations, New York: Free Press.
Ramamurti, R. 2004. Developing Countries and MNEs: Extending and Enriching the Research Agenda, Journal of International Business Studies, vol. 35, pp. 277-283
Richardson, G. 1972. The Organisation of Industry, Economic Journal, vol. 82, no. 326, pp. 883-896
Rowthorn, R. 2006. Stephen Hymer: An intellectual memoir, International Business Review, vol. 15, pp. 111-114.
Rugman, A. M. 1981. Inside the Multinationals: The Economics of Internal Markets, New York, Columbia University Press.
Rugman, A. M. and Verbeke, A. 2002. Location, competitiveness and the multinational enterprise, in Rugman, A.M. and Brewer, T.L., eds. The Oxford Handbook of International Business, Oxford, Oxford University Press
Sala-i-Martin, X. 2006. The world distribution of income: falling poverty and… convergence, period, The Quarterly Journal of Economics,vol. 121, no. 2, pp. 351-398
Scherer, F. M. and Ross, D. 1990. Industrial Market Structure and Economic Performance, Boston, Houghton and Mifflin Company
Schumpeter, J. A. 1942. Capitalism, Socialism and Democracy, New York, Harper & Row
Solow, R. M. 1956. A Contribution to the theory of economic growth, Quarterly Journal of Economics, vol. 70, pp. 65-95.
Stiglitz, J. 2002. Globalization and its Discontents. London, Allen Lane
Stiglitz, J. 2007. Financial hypocrisy, The Economists’ Voice, vol. 4, no. 6, pp. 1101-4
Teece, D. J. 1977. Technology transfer by multinational firms: the resource cost of transferring technological know-how, The Economic Journal , vol. 87, pp. 242-261
Teece, D. J. 2006. Reflections on the Hymer thesis and the multinational enterprise, International Business Review, vol. 15, no. 2, pp. 124-139
Vernon, R. 1966. International investment and international trade in the product cycle, The Quarterly Journal of Economics, vol. 80, May 1966, pp. 190-207
Yamin, M. and Forsgren, M. 2006. Hymer's analysis of the multinational organization: power retention and the demise of the federative MNE, International Business Review, vol. 15, no. 2, pp. 166-179.
UNCTAD. 2003. World Investment Report: Policies for Development: National and International Perspectives, New York and Geneva, UN
UNCTAD. 2005. World Investment Report: Transnational Corporations and the Internationalization of R&D, New York and Geneva, UN