Adam Smith’s theory of knowledge and international business theory and practice

Peter J Buckley
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Peter J Buckley: 1] Centre for International Business, Leeds University Business School, UK[2] University of International Business and Economics (UIBE), Beijing, P.R. China

Journal of International Business Studies, 2014, vol. 45, issue 1, 102-109

Abstract: This paper demonstrates that Adam Smith’s insights and reasoning can improve the theory of international business, and shed light on its academic practices. Smith was a system builder; his theory of knowledge underpinned his entire oeuvre, and understanding his systematic approach can help current international business to achieve a similarly coherent body of theory. Smith’s approach sheds direct light on decision-making in multinational enterprises, and on cultural distance (the “liability of foreignness”). Combining these two areas yields new Smithian insights into multinational enterprises from emerging countries.

Date: 2014
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