The Challenge of the Global Big Business Revolution

Peter Nolan

Chapter Part 2 in China and the Global Economy, 2001, pp 95-155 from Palgrave Macmillan

Abstract: Abstract Part 1 analysed the way in which China pursued an industrial policy which had the objective of creating large firms that could challenge the giant global corporations of the advanced economies. China faces a special challenge which did not confront other countries that successfully built globally powerful large firms through industrial policy: China is attempting to catch up at the level of the large firm in the midst of the most profound revolution in business systems that the world has ever seen. This revolution presents a fundamental challenge not only for China’s industrial policy, but for industrial policy in developing countries as a whole. The global business revolution has produced an unprecedented concentration of business power in large corporations headquartered in the high income countries. It is an interesting paradox that the influence of mainstream neoclassical ideas, which emphasize small firms and competitive markets, has increased greatly within Chinese policymaking circles in precisely the epoch of unprecedented concentration of global business power.

Keywords: Foreign Direct Investment; Financial Service; Industrial Policy; Advanced Economy; Financial Service Industry (search for similar items in EconPapers)
Date: 2001
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-59928-4_2

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DOI: 10.1057/9780230599284_2

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