Direct Foreign Investment: Costs and Benefits

By Richard D. Robinson | Go to book overview
sufficient equity as to grant the control and management of the firm, while FDI required such controlling equity (see Ragazzi 1973). In reality, however, it is possible, and under some circumstances quite common, to have managerial control without having the controlling amount of equity (see Robinson 1973).
12.
Niehans ( 1977) calls this "the horrors of bilateral monopoly." Williamson ( 1975) has plausibly argued that market situations that initially involve multiple agents tend to evolve rapidly toward a "small number exchange" in which the transaction is bound to occur only among a specific and very limited number of economic actors regardless of the fact that many more potential actors may have the possibility of participating.
13.
For an analytic discussion favoring such an approach, see Vaitsos ( 1970, 1973b, 1974). Vernon ( 1977:172-173) presents a critique of this idea.

REFERENCES

Allen T. W. The Asean Report. Hong Kong: Dow Jones, 1975

Banco de la República. El Efecto de las Inversiones Extrajeras sobre la Balanza Comercial Colombiana. Bogota: Banco de la República, 1975.

_____. El Efecto de las Inversiones Extrajeras sobre el Empleo en Colombia. Botoga: Banco de la República, 1976.

Behrman J. "Actors and Factors in Policy Decisions on Foreign Direct Investment." World Development 12:8 ( 1974), 101-123.

Bennett D., M. Blachman, and K. Sharpe. "Mexico and Multinational Corporations: An Explanation of State Action." In J. Grunwald (ed.), Latin America and the World Economy: A Changing International Order. Beverly Hills, Calif.: Sage, 1978.

Bennett D. and K. Sharpe. "Agenda Setting and Bargaining Power: The Mexican State vs. Transnational Automobile Corporations." In R. Kronish and K. Mericle (eds.), The Political Economy of the Latin American Motor Vehicle Industry. Cambridge, Mass.: MIT Press, 1984.

Biersteker T. J. Distortion or Development? Contending Perspectives on the Multinational Corporation. Cambridge, Mass.: MIT Press, 1981.

Bitar S. "Corporaciones Transnacionales y las Nuevas Relaciones de America Latina con Estados Unidos." Economia de America Latina 11 ( 1984).

Buckley P. J. and M. Casson. The Future of Multinational Enterprise. London: Macmillan, 1976.

Calcagno A. E. Informe sobre las Inversiones Extranjeras en America Latina, E/CEPAL/G. 1108. Santiago de Chile: CEPAL 1980.

Calvet L. A. "Foreign Direct Investment Theories and Theories of the Multinational Corporation." Journal of International Business Studies 12 (Spring/Summer 1981) 43-59.

Calvet L. A. and M. Naim. "The Multinational Firm in Less Developed Countries: A Markets and Hierarchies Approach." Paper presented at the ELBA-AIB Joint Conference in Barcelona, 1980.

Caves R. E. "International Corporations: The Industrial Economics of Foreign Investment." Economica 38 ( 1971), 1-27.

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