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Globalisation And The Regulation Of Fdi: New Proposals From The European Community And Japan

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  • Ajit Singh

Abstract

The key analytical and policy question examined in this paper is whether multinational companies and their overseas investment need to be regulated at the national and/or at the international level, in order to address market failures, and to enhance their potential contribution to world welfare. The paper examines, from a developing country perspective, two kinds of regulatory regimes: first, the current regime and second, a new regime proposed by the European community and Japan at the WTO (ECJ) to institute fresh global rules of the game which will effectively allow multinationals unfettered freedom to invest where they like, whenever they like, how much and in what products. The central conclusions of the paper are, first, that ECJ, despite its important concession of confining itself to only one source of external finance namely FDI, is a flawed proposal from the perspective of both developing and developed countries. Its shortcomings are particularly serious with respect to developing countries as it essentially ignores the developmental dimension altogether. Secondly, it is emphasised that although the current post-Uruguay Round FDI regime is to be preferred in relation to the ECJ, the former has, nevertheless, severe deficits from a developmental perspective. Thirdly, the paper suggests that instead of laissez faire, globalisation and integration of the world economy is more likely to be promoted on a sustainable basis by suitable national and international regulation of MNC activities and the incentive structure facing their executives. Copyright 2005, Oxford University Press.

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Bibliographic Info

Article provided by Oxford University Press in its journal Contributions to Political Economy.

Volume (Year): 24 (2005)
Issue (Month): 1 (August)
Pages: 99-121

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Handle: RePEc:oup:copoec:v:24:y:2005:i:1:p:99-121

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Cited by:
  1. Ajit Singh, 2009. "Better to be rough and relevant than to be precise and irrelevant: Reddaway's legacy to economics," Cambridge Journal of Economics, Oxford University Press, vol. 33(3), pages 363-379, May.
  2. Ajit Singh, 2008. "Stock Markets in Low and Middle Income Countries," ESRC Centre for Business Research - Working Papers wp377, ESRC Centre for Business Research.
  3. Singh, Ajit, 2010. "Are the Institutions of the Stock Market and the Market for Corporate Control Evolutionary Advances for Developing Countries?," MPRA Paper 24346, University Library of Munich, Germany.

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