International Involvement or Autarky? A Simple Analytic Framework

H. Peter Gray

Chapter 3 in The World Economy, 1996, pp 55-64 from Palgrave Macmillan

Abstract: Abstract Rothschild (1983), in a discussion of the problems of international strategy facing small states, was one of the first economists to recognize the need to weigh the economic gains of involvement in the global community against the loss of national individuality that is entailed. All nations currently confront this problem of the degree to which they are willing to conform to the requirements imposed by a highly integrated international economic system and their desire to preserve national characteristics which would be washed away by full membership in a globalized economy. Dunning (1992) addresses this problem in terms of the constraints placed on what he calls the nation’s “macro-organizational strategy” by the ability of multinational corporations (MNCs) to move geographically. This issue becomes the more important the greater is the difference between the requirements of the globalized economic structure and the individual characteristics of the nation (Gray and Lundan, 1994). The innate antagonism to the European Monetary Union and Japanese resistance to U.S. pressure to open its domestic markets are merely the most recent and most strident examples.

Keywords: Foreign Direct Investment; Transnational Corporation; Uruguay Round; Outward Foreign Direct Investment; Full Membership (search for similar items in EconPapers)
Date: 1996
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DOI: 10.1007/978-1-349-24695-3_3

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