10th May 2016 – Emerging Market Multinationals in the 21st Century
Our first major event of the year was held on 10th May, as we proudly welcome Professor Avinash Dixit as the Sanjaya Lall Visiting Professor 2016. This prestigious panel event, also featured Professor Tim Besley and Professor Robert Wade, exploring ‘Emerging Market Multinationals in the 21st Century’.
As shown by the recent travails of Tata Steel in the United Kingdom, foreign direct investment from developing countries to developed countries (and other developing countries) is now a significant feature of the international economy. This phenomenon first became noticeable in the 1970s, and the pioneering researches of Lall and Wells examined and explained it. This talk will review the rapid growth of emerging market multinationals over the last three decades, and explanations of it. To some extent this form of investment is becoming similar to any other foreign direct investment. But the special features identified by Lall and Wells continue to be valid. Some new explanations have also emerged, most notably the skills these multinationals have acquired in coping with environments of poor governance in their home countries, which prove useful in coping with poor governance in host countries.”