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2 Multinational Corporations and the Changing Global Environment
2 Multinational Corporations and the Changing Global Environment
Pages 16-23
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From page 16... ...
subsidiaries in Japan and Japanese subsidiaries in the United States now report foreign sales that greatly exceed the total value of bilateral trade shipped between these two advanced econom~es."3 MNCs also play a significant role in technology development and the larger domestic economies of the two countries. Therefore, the future roles and functions of MNCs in world economic development, including their rights vis-a-vis national governments and their responsibilities toward home and host countries, are important issues for policy makers and private sector leaders in both Japan and the United States.
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From page 17... ...
OPPORTUNITIES · Global political, economic, and technological trends promise opportunities for growth in international business on a scale that is, perhaps, unprecedented. The end of the Cold War, the dynamism of East Asia, and the emergence of new market economies means an improving political economy for global business.
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, the North American Free Trade Agreement (NAFTA) , and the Single European Market.s Although no broad multilateral framework governing FDI currently exists, these agreements have positive implications for freer trade and investment flows.6 20
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From page 21... ...
Beginning in the 1960s, some MNCs moved toward a structure of global, multifunctional product divisions to better achieve manufacturing economies and marketing efficiencies on a worldwide scale.7 The rapid advances in information technologies occurring today enable further advances toward more efficient management structures, with some of the larger MNCs opting for integrated global operating divisions supported by regional, corporate-wide coordinating functions. Information technologies also make possible business and technological relationships between firms that are more flexible and responsive to market needs.
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From page 22... ...
in selected industries; Singapore has encouraged FD! but has selectively intervened to encourage desirable technological activities and industrial upgrading by MNCs; and South Korea and Taiwan have followed the Japanese model, separating foreign technology from foreign capital through selective restrictions on FDT within the context of a broad industrial policy.~° All of these countries have experienced rapid growth, but the countries that have focused on acquiring foreign technology at arms length and diffusing it to targeted domestic industries-South Korea and Taiwan have developed the most advanced technological capabilities.
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From page 23... ...
it is useful to remember here that a significant degree of global economic integration was achieved in the pre World War T period. However, this progress proved fragile owing to the weakness of international institutions and individual country policies, and economic integration fell by the wayside during the next several decades of war and economic upheaval.
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