A Century of Foreign Investment in the Third World by Michael Twomey

By Michael Twomey

The past due 20th century has witnessed a dramatic upsurge in international direct funding within the 3rd global. established upon thorough statistical research, the ebook offers exhaustive case-studies of overseas funding coverage in 'metropolitan' international locations and of the reviews of 'host' international locations all through Africa, Asia and Latin the United States. With a large geographical and ancient concentration, it additionally makes a tremendous contribution to present debates on dependency idea.

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1. 1); 1929 and 1950, Canada from Historical Statistics of Canada, series E61, United States data from Goldsmith (1985); 1938, Belgium, Germany, Switzerland, United Kingdom and United States from Goldsmith (1985), and Australia, France, Japan, and Netherlands from Mitchell (1992); 1971–1995, all countries from various International Financial Statistics Yearbooks. Note The average is the ratio of the sums of FI and of GDP, for those countries for whom the source reports the data for 1980. The average ratios for 1990 and 1995, for all countries in this Table, are 26 and 36, respectively.

The denominator in lines 1, 2 and 4 is the “historic value” of FDI. The coverage for 1966 is not completely comparable to that of later years. historic FDI, for example, high values (>200) are obtained for Mining and Petroleum, while Finance and Wholesale Trade have values less than 40. In general, one presumes that these differences can be easily explained—banks and warehouses do not have much physical capital—but their magnitude is such as to further complicate the understanding of trends in aggregate ratios.

When land is included in the definition of wealth, the explanation could simply be differences in allotments of land per person, but this finding also occurs when land is excluded. Another potential explanation is structural differences, examples of which would be the heavily capital intensive mining in South Africa, or methodological differences in the valuation of residences. The conclusion about the cross-country differences of K/O ratios cautions us against Conceptualizing and measuring foreign investment 25 assuming that a higher FDI/GDP ratio necessarily implies a higher ratio of FDI to total capital.

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