By Michael Twomey
The overdue 20th century has witnessed a dramatic upsurge in overseas direct funding within the 3rd international. established upon thorough statistical research, the ebook provides exhaustive case-studies of international funding coverage in 'metropolitan' nations and of the stories of 'host' nations all through Africa, Asia and Latin the United States. With a large geographical and ancient concentration, it additionally makes a huge contribution to present debates on dependency conception.
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Extra resources for A Century of Foreign Investment in the Third World
In both cases, of course, the assertion has often been made that these policies inhibited the development of locally run manufacturing industries, although for our purposes it might be difficult to argue that these policies were explicitly designed to stimulate metropolitan investment, and ultimately any analysis becomes overly complicated when attempting to infer intentions. A similar case can be made with regard to tax policy; tax rates often differed, according to whether one was a native or a colonial, and company taxes were often paid in the metropolis to its benefit (Fieldhouse 1971:614).
The Table again indicates upward trends in FDI into the Third World, relative to income in either sending or receiving countries, for the last decades of the twentieth century. Thus, the stock of FDI in third world countries represented about 2 per cent of the GDP of the source (developed) countries in 1990, and almost 9 per cent of the GDP of the host (developing) countries—the difference is attributable to the higher aggregate income of the industrial countries. 2. 1980–1995, from the International Financial Statistics Yearbook, 1998.
Regard to the recipient countries will also reveal this U-shaped pattern. The decline is more marked for total foreign investment, and is quite accentuated for the United Kingdom and elsewhere in Europe. Moreover, the decline is quite small for the United States, where, indeed, the ratio of either FI or FDI to GDP is rather smaller than that of most of the other countries. Another important point is that the United Kingdom was not the only country to invest “heavily” overseas, as indicated by the ratio of its investment to GDP.