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.

On realizing the principles of Gaudium et spes in a post-communist country: Searching for christian entrepreneurs and roots of individuals in Hungary at the time of globalization

Due to the communist regime in Hungary the values and principles of the Second Vatican Counsil could hardly achieve their goal in the region and the situation is almost the same even today. This paper examines two levels of society where the thoughts of Gaudium et spes might have appeared: we have explored that there are Christian companies existing about 15 years since the political transition in 1990 and we made a research among individuals in rural environment, how could they preserve their human wholeness described in GS, in other words, how could they keep their social, cultural, natural, religiuos and local roots amongst the consumer society that has been developped in Hungary at the time of capitalism. Regarding the Christian companies our research could produce a positive result: we have explored that although the Christian companies survayed hardly know the Church’s social doctrine, they live and operate according to it. At the same time in the realm of individuals we cannot tell good news of this kind. Most of the persons interviewed have already lost or are near to loose their roots, that is their human wholeness. Our final conclusion is that our hope for preserving even strenghtening the values of GS in the Hungarian society is in the communities, be it work communities, as John Paul II. mentioned in his encyclical Sollicitudo rei Socialis. The paper presents the details and conclusions of our researches.

International ethics and globalization

In the inherently anarchic international system the validity of moral principles is weakening. To overcome anarchy global governance is needed. It means efficient international institutions, but also pressures from the global civil society and the self-regulation of business. Multinational firms have the duty of cooperating in governance systems. They also have the duty of reconciling in their activity the two, equally legitimate claims of universalism and cultural relativism; i.e., applying universal moral principles and respecting local moral norms. Finally, multinationals must be guided by the principle of enhanced responsibility. However, although globalizing efforts are important in overcoming international anarchy and coordinating the protection of global commons, strong arguments support the notion that economic globalization does not promote sustainable development. Some form of localization of the economy is certainly needed. The challenge is to find a way towards more global governance with less economic globalization.

Globalizáció, nemzeti szuverenitás és demokrácia. Magyarország helyzete a globális világban (Globalization, national sovereignity and democracy)

Korunk új világrendjében alapvetően átrendeződik a globalizáció, a nemzeti szuverenitás és a demokrácia viszonya. Ebben az új helyzetben minden országnak, köztük hazánknak is elkerülhetetlenül szembe kell nézni azzal a körülménnyel, amit Dani Rodrik fogalmazott meg és a globális világgazdaság politikai trilemmájának nevezett, hogy e hármas egyidejűleg nem valósítható meg. E trilemmára adott válasz pedig alapvetően meghatározza azt, hogy miként alakul a világ és benne hazánk jövőbeni sorsa. A cikk e trilemma kialakulásának mozgatóerőivel, az arra adható válaszokkal foglalkozik, kísérletet téve arra, hogy Magyarországra vonatkozó tanulságokat is levonjon. / === / Our contemporary world has basically rearranged the relationship between globalization, national sovereignty and democracy. In this new situation all countries including Hungary have to face the great challenges under the political trilemma of the global economy, coined by D. Rodrik. The answers given by countries to it will determine the future development path of the whole world, and of course Hungary's one as well. The driving forces behind this dilemma and the possible answers for it are the subject of the paper.