in the UK
Foreign direct investment has been heralded as the key benefit which globalization offers the South and the mechanism to kickstart economies into rapid growth. This careful and penetrating economic study analyzes what is actually happening to direct investment, its various impacts and just how little we know about it. It assesses the scale of the flows involved; their systematic under-valuation in official statistics; their geographically skewed distribution; the very high rates of return; the risks of large substantial outflows of resources; the massive shift towards foreign ownership required to avoid them; the potentially depressive effect of over-investment on the prices of many traditional Third World exports; and the adverse implications for national sovereignty, social welfare and democratic rights. More dramatically, David Woodward shows how FDI may have contributed to the Asian financial crisis and could lead to a new wave of similar financial crises throughout the developing world.
Zed Books Ltd
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