美国经济学论文 [4]
论文作者:英语论文论文属性:硕士毕业论文 thesis登出时间:2014-08-29编辑:yangcheng点击率:20113
论文字数:5981论文编号:org201408252319303927语种:英语 English地区:日本价格:免费论文
关键词:进口代替时代外国直接投资经济学论文economics essay
摘要:在本文中,我们主要关注了外国直接投资,并且认为,,巴西和印度两国的外国直接投资政策的对比可以追溯到19世纪,那时的各自的殖民地或半殖民地经验的差异。通过我们对巴西和印度的外国直接投资的比较分析,说明了历史和制度认知的重要性,这有助于理解每个社会感知外国投资在他们的社会中所扮演的角色的方式。通过这样的行为,我们得到了一种关于这些国家对外国投资采取不同的态度和政策原因的理解。
ain access to sectors that were previously dominated by foreign firms. In 1914, 70% of banking deposits were under the control of foreign firms, but by 1947 this was reduced to 17% (Mukherjee and Mukherjee 1988). Similarly Indian companies had started to dominate the insurance sector (Mukherjee and Mukherjee 1988).
The crucial feature of 20th century India was the rise of an independent Indian capitalist class, for whom foreign domination was the chief obstacle to growth. The
history of industrial development in India had convinced the ruling classes of the importance of state protection in providing stimulus to industrial growth. However, they favored state regulation over state ownership.
FDI IN THE IMPORT SUBSTITUTION ERA
Brazil
With the adoption of ISI as Brazil’s main development strategy, foreign investments shifted to the manufacturing sector (rising from 23.7% in 1929 to 74.6% in 1998), while its share in public utilities declined from 50% in 1929 to 2.4% in 1992). This was due to various types of incentives given to foreign investors, as policymakers felt that rapid ISI was possible only with a substantial contribution of foreign finance and technical know-how. The decline of FDI in public utilities was due to both government regulations that made investments in that sector unattractive and the fear of nationalist reactions to the foreign control of strategic sectors.
Reliance on FDI in promoting ISI was due to the government’s pragmatism. The availability of domestic entrepreneurs with the financial and technical capacity to create new production facilities was limited, and the perception was that leaving things to domestic “trial and error” would waste resources and require too much time.
Within the manufacturing sector foreign investment was especially strong in chemicals, transport equipment, food and beverages, and machinery.
In the initial phase of ISI the dominant source of FDI was the U.S., which accounted for 44% in 1951, followed by Canada (30%) and the U.K. (12.1%). Since that time there has been a substantial diversification of sources. In 2005 the U.S. accounted for only 21.6% of FDI, Canada 6.7%, the U.K. for 1.5%, while Japan had grown from almost nothing to 15.5%.
India
The arguments favoring state-led industrialization were fuelled by the belief that the infant industry concept was inadequate for a nation like India and that it ought to be extended to some sort of “infant economy” concept (Patnaik 1979). Rather than depending on the international economy, domestic consumer demand and heavy public investment were to provide the necessary stimulus for industrialization. Even in cases where foreign collaboration and foreign investment were necessary, it was the states’ duty to mobilize loans, foreign aid, and provide whatever measures necessary to protect the interests of domestic entrepreneurs.
The initial policy stance of the Indian government was to be wary of foreign investments. The industrial policy statements of 1948 and other legal measures like The Capital Issues Control Act were aimed at restricting foreign investment. Despite the restrictions on foreign investments, FDI stock increased from USD 114 million to USD 185 million, between 1964 and 1974 (Kumar 1995). In the 1970’s, increased regulation on foreign capital resulted in a stagnation
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