International Trade Regime, Big Business as ‘Market-makers’ and the Wealth of Nations

Doo-Jin Kim and Young-Chan Kim

Chapter 2 in Newly Industrialising Economies and International Competitiveness, 2006, pp 20-51 from Palgrave Macmillan

Abstract: Abstract Under the globalisation era, scholars have suggested that it is essential to ‘bring MNCs back’ into the analysis of international political economy (IPE). Following this, in parallel with the process of bringing ‘the new style of MNCs of the 1990s’ into IPE (Eden, 1993: 26), we seek to adopt neo-Schumpeterian analyses of ‘big business and technology’ to provide a methodological insight into individual MNCs as market-makers rather than market-takers beyond the concept of the market vs. state dichotomy in the realm of IPE. Thus we need to explore neo-Schumpeterian perspectives which focus on the importance of large firms as well as knowledge-intensive technology, given that the transforming nature of new technology has entailed this new aspect of international competitiveness. To this end, two propositions are proposed. First, it should not be assumed that big business tends to be ‘safely subordinate’ to the market and to the state (Peterson, 1989: 390). Rather, since the 1980s industrial enterprises have emerged as countervailing forces against the state as well as the market. With specific regard to the relationship between the business firm and the market, Peterson (1989: 381, 390) argues that there has been a shift of power towards the corporation:

Keywords: International Trade; Large Firm; International Competitiveness; Innovative Firm; Network Enterprise (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-62670-6_2

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DOI: 10.1057/9780230626706_2

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