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Stephen Hymer: Life and the Political Economy of Multinational Corporate Capital

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  • Christos N. Pitelis

Abstract

This paper provides a short account of Stephen Hymer's life and (its link to) his contribution to the theory of the multinational enterprise (MNE), but mainly the political economy of multinational corporate capital. It suggests that as concerns the theory of the MNE, Hymer's contribution has in effect predated most current extant theory. His contribution to the political economy of multinational capital, the focus here, is less known, yet of extraordinary insight and foresight. Hymer predates most important debates on what today is called 'globalisation' and came up with analysis of the highest quality and predictions which in the main have stood the test of time. The chief limitation in Hymer's work stems from a tendency to emphasise the monopoly attributes of large MNEs, and the inefficiency and inequity of 'multinational corporate capital'. In part because of this tendency, some of his later work involved predictions that did not necessarily and/or fully follow from his analytical framework, were shaped by 'ideology' and were of varying agrees of accuracy. Despite limitations, Hymer's overall contribution and impact fully deserves the almost 'cult' status he has acquired in the history of economic thought and international business scholarship. Copyright 2002, Oxford University Press.

Suggested Citation

  • Christos N. Pitelis, 2002. "Stephen Hymer: Life and the Political Economy of Multinational Corporate Capital," Contributions to Political Economy, Cambridge Political Economy Society, vol. 21(1), pages 9-26, December.
    • Handle: RePEc:oup:copoec:v:21:y:2002:i:1:p:9-26
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    Citations

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    Cited by:

    1. Pitelis, Christos & Argitis, George, 2009. "Factors influencing the Internationalisation of Firms: Micro Foundations of Macro Determinants," Papers DYNREG36, Economic and Social Research Institute (ESRI).
    2. Rajesh Bhattacharya & Ian J. Seda-Irizarry, 2015. "Re-centering Class in Critical Theory," Review of Radical Political Economics, Union for Radical Political Economics, vol. 47(4), pages 669-678, December.
    3. Riccardo Crescenzi & Kerwin Datu & Simona Iammarino, 2016. "European Cities and Foreign Investment Networks," Papers in Evolutionary Economic Geography (PEEG) 1616, Utrecht University, Department of Human Geography and Spatial Planning, Group Economic Geography, revised Jul 2016.
    4. Pitelis, Christos & Teece, David, 2009. "The (new) nature and essence of the firm," MPRA Paper 24317, University Library of Munich, Germany.
    5. Christos N. Pitelis, 2011. "Foreign Direct Investment and Economic Integration," Chapters, in: Miroslav N. Jovanović (ed.), International Handbook on the Economics of Integration, Volume III, chapter 1, Edward Elgar Publishing.
    6. Sjoerd Beugelsdijk, 2022. "Capitalizing on the uniqueness of international business: Towards a theory of place, space, and organization," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(9), pages 2050-2067, December.
    7. Andrea Coveri & Claudio Cozza & Dario Guarascio, 2021. "Monopoly Capitalism in the Digital Era," Working Papers in Public Economics 209, Department of Economics and Law, Sapienza University of Roma.
    8. Christos Pitelis, 2022. "Big tech and platform-enabled multinational corporate capital(ism): the socialisation of capital, and the private appropriation of social value," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 46(6), pages 1243-1268.
    9. Bitzenis, Aristidis & Tsitouras, Antonis & Vlachos, Vasileios A., 2010. "Corrigendum to "Decisive FDI obstacles as an explanatory reason for limited FDI inflows in an EMU member state: The case of Greece" [J. Socio-Econ. 38 (2009) 691-704]," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 39(3), pages 445-445, June.
    10. Pease, Stephanie & Paliwoda, Stanley & Slater, Jim, 2006. "The erosion of stable shareholder practice in Japan ("Anteikabunushi Kosaku")," International Business Review, Elsevier, vol. 15(6), pages 618-640, December.
    11. Strange, Roger & Newton, James, 2006. "Stephen Hymer and the externalization of production," International Business Review, Elsevier, vol. 15(2), pages 180-193, April.
    12. Christos Pitelis, 2007. "Edith Penrose and a learning-based perspective on the MNE and OLI," Management International Review, Springer, vol. 47(2), pages 207-219, March.
    13. Buckley, Peter J., 2006. "Stephen Hymer: Three phases, one approach?," International Business Review, Elsevier, vol. 15(2), pages 140-147, April.
    14. Pearce, Robert & Papanastassiou, Marina, 2006. "To 'almost see the world': Hierarchy and strategy in Hymer's view of the multinational," International Business Review, Elsevier, vol. 15(2), pages 151-165, April.
    15. Joseph A. Clougherty & Jin Uk Kim & Bradley R. Skousen & Florian Szücs, 2017. "The Foundations of International Business: Cross-Border Investment Activity and the Balance between Market-Power and Efficiency Effects," Journal of Management Studies, Wiley Blackwell, vol. 54(3), pages 340-365, May.
    16. Yamin, Mohammad & Forsgren, Mats, 2006. "Hymer's analysis of the multinational organization: Power retention and the demise of the federative MNE," International Business Review, Elsevier, vol. 15(2), pages 166-179, April.

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