The Foreign Investment Debate: Opening Markets Abroad or Closing Markets at Home?

By Cynthia A. Beltz | Go to book overview

Notes

CHAPTER 1: INTRODUCTION, Cynthia A. Beltz
1.
Relative to other countries the United States has few exceptions to this rule. It does restrict foreign investment in areas considered vital for national security, as well as in domestic aviation, banking, and mass communications. Republicans during the 104th session of Congress promised, however, to use their leadership positions to lift some of these restrictions, including the 25 percent ownership restriction under the Federal Communications Act of 1934 on foreign investment in any U.S. communications company. "Pressler Backs Revision of Rules on Ownership of U.S. Telecomm Firms", International Trade Reporter, January 4, 1995, p. 11.
2.
For liberalization moves among developing countries, see the United Nations, World Investment Report 1993, especially pp. 35, 183.
3.
Foreign direct investment is the ownership by a foreign person or business of 10 percent or more of the voting securities of an incorporated business enterprise. At the policy level, definitions vary over what investment includes. The United States is pushing in international negotiations for a broad definition that includes not only production but also investments in distribution networks, intellectual property rights, and research activities.
4.
United Nations, World Investment Report 1994:Transnational Corporations, Employment, and the Workplace ( New York: United Nations, 1994), p. 130.
6.
United Nations, World Investment Report 1993, p. 126.
7.
Robert Lipsey, "Outward Direct Investment and the U.S. Economy", NBER working paper no. 4691, March 1994.
8.
For more on the theory of foreign-market penetration through FDI and the problem of structural impediments, see papers from "Foreign Direct Investment into Japan:"Why So Small and How To Encourage? U.S.-Japan Management Studies Center, the Wharton School of the University of Pennsylvania, October 6-7, 1994.
9.
United Nations, World Investment Report 1994.
10.
Under the Trade Related Investment Measures (TRIMs) in the Uruguay Round Agreement, local content restrictions are prohibited for the first time at a multilateral level. But a comprehensive code that includes a broad national treatment commitment and protection of investment is still being developed through forums such as the Organization for Economic Cooperation and Development and the forum on Asia Pacific Economic Cooperation.
11.
Stephen Canner, U.S. Department of Treasury office director for international investment, testimony before the Defense Policy Panel and Investigations Subcommittee of the Armed Services Committee, U.S. House of Representatives, May 14, 1992.
12.
See U. S. Congress Office of Technology Assessment, Multinationals and the National Interest:Playing by Different Rules ( Washington, D.C.: U.S. Government Printing Office, September 1993), as well as Multinationals and the U.S. Technology Base

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