By Edward K. Y. Chen (auth.)
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Extra resources for Multinational Corporations, Technology and Employment
Example text
4. Mason (1980), however, argues that it is not important to consider whether the industries set up in a host country are in line with the host country's comparative advantage. What is important is whether foreign direct investment assists the host country in alteming its resource base so that it can transform itself through development to achieve a changing comparative advantage. In other words, a dynamic instead of a static view should be taken in these issues. 5. For a review of the relevance oflocation theory to international production, see Dunning (1973).
16. 17. 18. 19. 20. 313 Source Mun and Ho (1979, table 5). be they local or foreign. Similarly, tax incentives and depreciation allowances are not important factors attracting foreign investment. Access to local sources or capital was generally not regarded as an important factor. But, with the growth of Hong Kong's international financing activities, access to local sources of capital should have become an increasingly important factor since then. Another survey to assess the relative importance of various investment factors in Hong Kong was conducted during September 1976 to March 1977.
At a later stage it becomes difficult to expand production at home because of, for example, the competition of other oligopolists. At this time the firm maintains its oligopolistic position because of the barriers to entry associated with economies of scale and marketing connections. The fmn is now a mature oligopolist. Facing the difficulties of expanding at home, the fmn will eventually find it necessary and profitable to invest abroad. The location of investment is in developed countries where income elasticity of demand is higher and the consumption pattern follows that of the home country.