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FDI, Globalisation and Economic Development - Towards Reforming National and International Rules of the Game

  • Ajit Singh

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 or the international level, in order to address market failures, and to enhance their potential contribution to world welfare. The paper examines 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. Very briefly, the central conclusion of the paper is that ECJ, despite its important concession of confining itself to only one source of external finance namely FDI, is a flawed proposal both from the perspective of developing and developed countries. Its shortcomings are particularly serious with respect to developing countries as it essentially ignores the developmental dimension altogether. It is emphasized 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. These need prompt action by the international community

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Paper provided by ESRC Centre for Business Research in its series ESRC Centre for Business Research - Working Papers with number wp304.

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Date of creation: Mar 2005
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Handle: RePEc:cbr:cbrwps:wp304
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  1. Singh, Ajit, 1998. "Global Unemployment, Longrun Economic Growth and Labour Market Rigidities: A Commentary," MPRA Paper 24285, University Library of Munich, Germany.
  2. Hoekman, Bernard & Saggi, Kamal, 1999. "Multilateral disciplines for investment-related policies," Policy Research Working Paper Series 2138, The World Bank.
  3. Kaplan, Ethan & Rodrik, Dani, 2001. "Did the Malaysian Capital Controls Work?," Working Paper Series rwp01-008, Harvard University, John F. Kennedy School of Government.
  4. Singh, Ajit, 1977. "UK Industry and the World Economy: A Case of De-industrialisation?," Cambridge Journal of Economics, Oxford University Press, vol. 1(2), pages 113-36, June.
  5. C Freeman, 1989. "New Technology and Catching Up," The European Journal of Development Research, Palgrave Macmillan, vol. 1(1), pages 85-99, June.
  6. Amsden, Alice & Singh, Ajit, 1993. "The optimal degree of competition and dynamic efficiency in Japan and Korea," MPRA Paper 54982, University Library of Munich, Germany.
  7. Ajit, Singh, 1998. "'Asian capitalism' and the financial crisis," MPRA Paper 24937, University Library of Munich, Germany.
  8. Schwartz, Steven, 1982. "Factors Affecting the Probability of Being Acquired: Evidence for the United States," Economic Journal, Royal Economic Society, vol. 92(366), pages 391-98, June.
  9. Chang, Ha-Joon, 1993. "The Political Economy of Industrial Policy in Korea," Cambridge Journal of Economics, Oxford University Press, vol. 17(2), pages 131-57, June.
  10. Lawrence H. Summers, 2000. "International Financial Crises: Causes, Prevention, and Cures," American Economic Review, American Economic Association, vol. 90(2), pages 1-16, May.
  11. Stiglitz, Joseph E., 2000. "Capital Market Liberalization, Economic Growth, and Instability," World Development, Elsevier, vol. 28(6), pages 1075-1086, June.
  12. Wood, Adrian, 1995. "North-South Trade, Employment and Inequality: Changing Fortunes in a Skill-Driven World," OUP Catalogue, Oxford University Press, number 9780198290155, March.
  13. Manuel Agosin & Roberto Machado, 2005. "Foreign Investment in Developing Countries: Does it Crowd in Domestic Investment?," Oxford Development Studies, Taylor & Francis Journals, vol. 33(2), pages 149-162.
  14. Ajit Singh, 2003. "Capital Account Liberalization, Free Long-Term Capital Flows, Financial Crises and Economic Development," Eastern Economic Journal, Eastern Economic Association, vol. 29(2), pages 191-216, Spring.
  15. Singh, A., 1991. "Corporate Takeovers: A Review," Cambridge Working Papers in Economics 9206, Faculty of Economics, University of Cambridge.
  16. Professor Ajit Singh, 2004. "Labour Standards And The “Race To The Bottom”: Rethinking Globalisation And Workers Rights From Developmental And Solidaristic Perspectives," ESRC Centre for Business Research - Working Papers wp279, ESRC Centre for Business Research.
  17. Singh, Ajit, 2001. "Foreign direct investments and international agreements: a south perspective," MPRA Paper 24299, University Library of Munich, Germany.
  18. Singh, Ajit & Zammit, Ann, 2000. "International Capital Flows: Identifying the Gender Dimension," World Development, Elsevier, vol. 28(7), pages 1249-1268, July.
  19. Singh, Ajit, 1995. "Institutional requirements for full employment in advanced economies," MPRA Paper 54990, University Library of Munich, Germany.
  20. Gunther Tichy, 2001. "What Do We Know about Success and Failure of Mergers?," Journal of Industry, Competition and Trade, Springer, vol. 1(4), pages 347-394, December.
  21. Joseph E. Stiglitz, 2004. "Capital-market Liberalization, Globalization, and the IMF," Oxford Review of Economic Policy, Oxford University Press, vol. 20(1), pages 57-71, Spring.
  22. repec:cup:cbooks:9780521770804 is not listed on IDEAS
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