A Century of Foreign Investment in the Third World

by Twomey; Michael

• ISBN13: 9780415233606
• ISBN10: 0415233607
• Format: Hardcover
• Copyright: 2001-01-05
• Publisher: Routledge

Summary

Based on thorough statistical analysis Twomey presents comprehensive case studies of policy in "metropolitan" countries and of experiences of "host" countries in Africa, Asia and Latin America. The findings reveal that foreign direct investment in, and therefore control over, third world countries was relatively higher at the beginning of the century than at the end.

Author Biography

Michael J. Twomey is Professor of Economics at the University of Michigan, Dearborn.

Table of Contents

Index of tables	x
Index of graphs	xiv
List of abbreviations and currencies	xv
Introduction	1	(5)
Major themes	1	(2)
Outline of the book	3	(2)
Acknowledgments	5	(1)
Dedication	5	(1)
Conceptualizing and measuring foreign investment	6	(25)
Theoretical perspectives	6	(2)
Dunning's ``eclectic model'' of FDI	8	(2)
The Product Cycle and the Investment Development Path	10	(1)
The obsolescing bargain	11	(1)
Free Standing Companies	12	(1)
Expatriate investment	13	(1)
The Third World and colonies	14	(1)
Colonial policy and FDI	15	(5)
Measuring and comparing the size of FDI	20	(2)
Capital and the capital--output ratio	22	(4)
Further measurement issues	26	(2)
Final comments	28	(1)
Notes	29	(2)
The major source countries	31	(33)
Global overview	31	(9)
FDI in services	40	(1)
Foreign Portfolio Equity Investment	41	(1)
British investment	42	(3)
Trends in British direct investment	45	(2)
French overseas investment	47	(4)
Issues in the measurement of French colonial investment	51	(1)
The United States	52	(3)
Belgium	55	(1)
The Netherlands	56	(1)
Japan	57	(4)
Concluding comments	61	(1)
Notes	62	(2)
Africa	64	(47)
Egypt	64	(3)
Algeria	67	(7)
Morocco	74	(2)
Tunisia	76	(1)
French sub-Saharan Africa	76	(4)
Cote d'Ivoire	80	(3)
Liberia	83	(2)
Zaire	85	(4)
British Tropical Africa	89	(1)
Ghana	90	(3)
Nigeria	93	(1)
Kenya	94	(3)
Uganda	97	(1)
Union of South Africa	97	(7)
North and South Rhodesia	104	(1)
Zimbabwe	105	(2)
Zambia	107	(1)
Notes	107	(4)
Asia and the Middle East	111	(43)
Australia	111	(1)
China	112	(4)
India	116	(7)
Indo-China	123	(6)
Indonesia	129	(4)
Korea	133	(5)
Malaysia	138	(3)
Philippines	141	(1)
Taiwan	142	(3)
Thailand	145	(1)
The Middle East and Petroleum	146	(4)
Turkey	150	(2)
Notes	152	(2)
Latin America, the Caribbean and Canada	154	(39)
Argentina	154	(5)
Brazil	159	(4)
Canada	163	(2)
Chile	165	(5)
Colombia	170	(2)
Cuba	172	(3)
Honduras	175	(2)
Jamaica	177	(2)
Mexico	179	(5)
Peru	184	(3)
Venezuela	187	(3)
Notes	190	(3)
General results	193	(35)
Long-term trends	193	(5)
Estimates of the foreign ownership of domestic capital	198	(2)
The relative importance of expatriate investment	200	(2)
Econometric explanation of pre-World War I FDI	202	(3)
The relative size of railroads	205	(5)
Railroad financing	210	(3)
The Investment Development Path	213	(3)
The ``Big Push'' and domestic growth	216	(1)
Source country determinants of FDI growth	217	(2)
Policies in host countries	219	(2)
Location specific advantages in host countries	221	(1)
Privatization and FDI	222	(1)
Future trends	223	(1)
Overall summary	224	(1)
Notes	225	(3)
Bibliography	228	(18)
Index	246