Intra-industry foreign direct investment, uneven development and globalization:the legacy of Stephen Hymer

This paper revisits the issue of intra-industry foreign direct investment (FDI). This issue was considered in Stephen Hymer's early work, but was not subsequently developed, and was largely ignored in the literature for some time. Using the example of the UK, this paper traces the patterns of intra-industry FDI, both across countries and industries, for both the manufacturing and service sectors. Despite the undoubted increase in the integration of goods and factor markets since the time of Hymer's writing, the analysis presented here shows that the pattern has changed little in the last 40 years. The paper then goes on to discuss the motives for intra-industry FDI, relating it to technology flows and factor cost differentials. Finally, we present some analysis relating intra-industry FDI to uneven development, both between developed and developing countries, and between regions of a developed country. It is clear that intra-industry FDI is still very much a developed country phenomenon, as Hymer suggested, with both developing countries and poorer regions of developed countries unlikely to reap any of the benefits. In this context, one-way and two-way FDI must be seen as different phenomena within the debate on globalisation. © The Author 2005. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

A dictionary of globalization

Globalization has become one of the most important topics within politics and economics. This new title explains some of the related terminology, summarizes the surrounding theories and examines the international organizations involved. With the proliferation of communications and the rise of the multi-national corporation, the concept of globalization is vitally important to the modern political environment. The structure of the modern economy, based on information production and diffusion, has made national boundaries largely irrelevant. A Dictionary of Globalization explains theories, philosophies and ideologies, and includes short biographies of leading activists, theorists and thinkers such as Noam Chomsky, Karl Marx and José Bové. Concepts, issues and terms key to the understanding of globalization also have clear and concise definitions, including democracy, civil society, non-governmental organizations and ethnicity. Cross-referenced for ease of use, this title aims to be of great benefit to anyone studying politics or sociology. It will prove essential to public and academic libraries, as well as to businesses, government departments, embassies and journalists.

A dictionary of globalization

Globalization has become one of the most important topics within politics and economics. This new title explains some of the related terminology, summarizes the surrounding theories and examines the international organizations involved. With the proliferation of communications and the rise of the multi-national corporation, the concept of globalization is vitally important to the modern political environment. The structure of the modern economy, based on information production and diffusion, has made national boundaries largely irrelevant. A Dictionary of Globalization explains theories, philosophies and ideologies, and includes short biographies of leading activists, theorists and thinkers such as Noam Chomsky, Karl Marx and José Bové. Concepts, issues and terms key to the understanding of globalization also have clear and concise definitions, including democracy, civil society, non-governmental organizations and ethnicity. Cross-referenced for ease of use, this title aims to be of great benefit to anyone studying politics or sociology. It will prove essential to public and academic libraries, as well as to businesses, government departments, embassies and journalists.

Start-up financing in the age of globalization

The authors investigate the determinants of start-up financing in fifty-four countries, using the Global Entrepreneurship Monitor (GEM) surveys for the years 2001-6. They find that financial liberalization increases the total financial size of the individual start-up entrepreneurial project both via the increased use of external and of own funds. In addition, the volume of start-up finance responds positively to international capital inflows, as represented by loans from nonresident banks and remittances, and negatively to the volume of offshore deposits. The positive impact of remittances on total volume of start-up financing is via financing by the entrepreneur.