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The Next Crisis?: Direct and Equity Investment in Developing Countries (Paperback)David Woodward
Paperback Published: 01/10/2001
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Foreign direct investment (and to a lesser extent portfolio equity investment) have been widely heralded as the key benefit that globalization now offers the South and the principal mechanism to kickstart economies into rapid growth. Certainly, this book argues, the 1990s have seen a dramatic increase in foreign capital invested in some developing countries. Equally true, it represents a completely different kind of capital injection from the massive lending by Western banks which led to the debt crisis of the 1980s. But how beneficial is the new wave of foreign investment likely to prove? In this careful and penetrating economic study, David Woodward analyses what is actually happening, its various impacts and just how little we still know about it. He assesses: * The scale of the flows involved; * Their systematic undervaluation in official statistics; * Their geographically skewed distribution (China being the only low income country receiving substantial inflows); * The very high rates of return; * The risks of substantial outflows of resources and 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; * The adverse implications for national sovereignty, social welfare and the democratic right of Third World peoples to use the governments they elect to act in ways they want them to do. More dramatically, David Woodward shows how FDI may have actually contributed to the Asian financial crisis and could in future lead to a new wave of similar financial crises throughout the developing world. This book raises profound questions about the current euphoria over attracting foreign investment and suggests important new research agendas.
Publisher: Zed Books Ltd