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261. Are resurging state-owned enterprises impeding competition overseas?

Author:
Nilgün Gökgür
Publication Date:
04-2011
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
There are no up-to-date systematic data on the size, composition, ownership structure, and economic weight of state-owned enterprises (SOEs), so we are unable to assess the impact of SOE performance on stakeholders in domestic and overseas markets. Yet there is sufficient evidence of their expansion, especially following the 2008 financial crisis. Emerging markets, led by China, are now increasingly encouraging their SOEs to expand globally as multinational enterprises (MNEs).
Topic:
Economics, Emerging Markets, Globalization, and Markets
Political Geography:
Africa and China

262. Inward FDI in Israel and its policy context

Author:
Yair Aharoni
Publication Date:
01-2011
Content Type:
Working Paper
Institution:
Columbia Center on Sustainable Investment
Abstract:
In the first four decades of its existence, Israel was not successful in attracting inward foreign direct investment (IFDI) despite attempts to do so. In the past two decades, Israel have become a haven for multinational enterprises (MNEs) that have taken advantage of its unique assets – among them a skilled, educated workforce and cutting-edge research-and-development (R) capabilities – by establishing production lines or R centers and acquiring dozens of successful start ups. Israel's IFDI stock sharply increased from US$ 4.5 billion in 1990 to US$ 71.3 billion in 2009. It is expected that IFDI will further accelerate following Israel's accession to the OECD in May 2010 and as more firms from emerging market economies, including China and India, will come to appreciate its characteristics as an ideal locational choice. Israel also weathered the global economic crisis well, even though IFDI declined sharply. Israel actively encourages IFDI, mainly in high technology areas. In 2010, the Government also created special incentives to attract research centers of financial institutions.
Topic:
Economics, Markets, Foreign Direct Investment, and Financial Crisis
Political Geography:
China, Middle East, India, and Israel

263. Global Brazil and U.S.-Brazil Relations

Author:
Samuel W. Bodman, James D. Wolfensohn, and Julia E. Sweig
Publication Date:
07-2011
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
Brazil has transcended its status as the largest and most resource-rich country in Latin America to now be counted among the world's pivotal powers. Brazil is not a conventional military power, it does not rival China or India in population or economic size, and it cannot match the geopolitical history of Russia. Still, how Brazil defines and projects its interests, a still-evolving process, is critical to understanding the character of the new multipolar and unpredictable global order.
Topic:
Development, Economics, Globalization, and International Trade and Finance
Political Geography:
Russia, China, India, Brazil, and Latin America

264. Another Slowdown

Author:
John H. Makin
Publication Date:
06-2011
Content Type:
Policy Brief
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
Market conditions in the United States, Japan, China, and Europe portend a weakening global economy. While not dramatic in any one region save an earthquake-burdened Japan, these conditions could accumulate to create a problematic loss of momentum for global growth, especially compared to current upbeat consensus views for the second half of 2011.
Topic:
Economics, International Trade and Finance, and Global Recession
Political Geography:
United States, Japan, China, and Europe

265. Asia's century and the problem of Japan's centrality

Author:
Brendan Taylor
Publication Date:
07-2011
Content Type:
Journal Article
Institution:
Chatham House
Abstract:
Japan has long been regarded as a central component of America's grand strategyin Asia. Scholars and practitioners assume this situation will persist in the face of China's rise and, indeed, that a more 'normal' Japan can and should take on anincreasingly central role in US-led strategies to manage this power transition. Thisarticle challenges those assumptions by arguing that they are, paradoxically, beingmade at a time when Japan's economic and strategic weight in Asian security isgradually diminishing. The article documents Japan's economic and demographicchallenges and their strategic ramifications. It considers what role Japan mightplay in an evolving security order where China and the US emerge as Asia's twodominant powers by a significant margin. Whether the US-China relationshipis ultimately one of strategic competition or accommodation, it is argued thatJapan's continued centrality in America's Asian grand strategy threatens to becomeincreasingly problematic. It is posited that the best hope for circumventing thisproblem and its potentially destabilizing consequences lies in the nurturing of anascent 'shadow condominium' comprising the US and China, with Japan as a'marginal weight' on the US side of that arrangement.
Topic:
Security and Economics
Political Geography:
United States, Japan, China, and America

266. Is China a responsible stakeholder?

Author:
Amitai Etzioni
Publication Date:
05-2011
Content Type:
Journal Article
Institution:
Chatham House
Abstract:
China has recently been criticized for not being a 'responsible stakeholder', not being a good citizen of the international community and not contributing to global public goods. China 'is refusing to be a responsible stakeholder in the international political system, cultivating, as it has been, good relations with some of the world's most odious regimes', according to Robert Kaplan, writing in The Atlantic. An editorial in the Wall Street Journal asserts that 'China won't be a responsible stakeholder' and acts as a 'free-rider'. Observing China's growing assertiveness in foreign policy and purported attempts to undermine the current liberal world order, Elizabeth Economy writes in Foreign Affairs that 'China is transforming the world as it transforms itself. Never mind notions of a responsible stakeholder; China has become a revolutionary power.'
Topic:
Economics
Political Geography:
China

267. International order after the financial crisis

Author:
Harold James
Publication Date:
05-2011
Content Type:
Journal Article
Institution:
Chatham House
Abstract:
The geography of power is at present being dramatically transformed, notably by the rapid economic rise of China. What makes international order legitimate in a world in which political and economic foundations are rapidly shifting? This article examines analogies and lessons from a previous transition, from a world order centered on Britain, to a US dominated global order. The article looks at two interpretations of the transition, one by E. H. Carr, the other by Charles Kindleberger. China is beginning to behave in the way expected of a Kindleberger hegemon, but also sees the possibilities of asserting power in a world that in the aftermath of 2008 looks much more like the chaotic and crisis-ridden interwar period as interpreted by E. H. Carr. The challenge for the management of the new international order will lie in the ability of China to embrace the universalistic vision that underpinned previous eras of stability, in the nineteenth century and in the late twentieth century.
Topic:
Economics and Financial Crisis
Political Geography:
Britain, United States, and China

268. Foreign Manufacturing Multinationals and the Transformation of the Chinese Economy: New Measurements, New Perspectives

Author:
Theodore H. Moran
Publication Date:
04-2011
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
What is the relationship between foreign manufacturing multinational corporations (MNCs) and the expansion of indigenous technological and managerial technological capabilities among Chinese firms? China has been remarkably successful in designing industrial policies, joint venture requirements, and technology transfer pressures to use FDI to create indigenous national champions in a handful of prominent sectors: high speed rail transport, information technology, auto assembly, and an emerging civil aviation sector. But what is striking in the aggregate data is how relatively thin the layer of horizontal and vertical spillovers from foreign manufacturing multinationals to indigenous Chinese firms has proven to be. Despite the large size of manufacturing FDI inflows, the impact of multinational corporate investment in China has been largely confined to building plants that incorporate capital, technology, and managerial expertise controlled by the foreigner. As the skill-intensity of exports increases, the percentage of the value of the final product that derives from imported components rises sharply. China has remained a low value-added assembler of more sophisticated inputs imported from abroad—a “workbench” economy. Where do the gains from FDI in China end up? While manufacturing MNCs may build plants in China, the largest impact from deployment of worldwide earnings is to bolster production, employment, R, and local purchases in their home markets. For the United States the most recent data show that US-headquartered MNCs have 70 percent of their operations, make 89 percent of their purchases, spend 87 percent of their R dollars, and locate more than half of their workforce within the US economy—this is where most of the earnings from FDI in China are delivered.
Topic:
Economics, Industrial Policy, International Trade and Finance, and Science and Technology
Political Geography:
United States, China, and Israel

269. Intercity Buses: The Forgotten Mode

Author:
Randal O'Toole
Publication Date:
06-2011
Content Type:
Working Paper
Institution:
The Cato Institute
Abstract:
The debate over President Obama's fantastically expensive high-speed rail program has obscured the resurgence of a directly competing mode of transportation: intercity buses. Entrepreneurial immigrants from China and recently privatized British transportation companies have developed a new model for intercity bus operations that provides travelers with faster service at dramatically reduced fares.
Topic:
Economics, Markets, Infrastructure, and Governance
Political Geography:
United States and China

270. Organising an investment in China: Prepare for opportunity

Publication Date:
11-2011
Content Type:
Working Paper
Abstract:
Foreign companies continue to be attracted by the opportunities offered by China's large and rapidly growing economy. China has a population of over 1.3bn, and the size of the economy is likely to grow to just under US$13trn a year at market exchange rates by 2015. Although GDP per head will still be relatively low by the end of the forecast period, at just under US$10,000 a year, this will represent a substantial improvement from just under US$4,500 in 2010. Significant regional disparities within China will persist. The provinces of the eastern seaboard enjoy standards of living well above the national average. However, there are also markets to be found in inland China, where many large cities are located. To some extent, the size of the population and the pace of economic growth belie the challenges of operating in China. Nationwide distribution networks will increasingly be put in place, but the Chinese market is likely still to be a fragmented one by 2015.
Topic:
Economics, Emerging Markets, Globalization, and Foreign Direct Investment
Political Geography:
China