1、1本科毕业论文外文翻译外文文献译文标题发展中国家的FDI资料来源THIRDWORLDQUARTERLY,VOL29,NO2,2008,PP239253作者NUNNENKAMP学者们普遍认为海外直接投资是可持续发展的必要因素。甚至一些来类似于联合国贸易和发展会议的评论家期望FDI能够较强的刺激东道国的收入增长，从而刺激其他形式的资本流入。尤其受金融危机影响的亚洲国家和拉美国家,其发展中国家开始采纳依靠FDI为主要投资方式来增加资本的流入，以此达到国民储蓄的增加促进经济发展。FDI的投资方式优于其他资本流入方式的表现在以下几个方面（1）相较于外资银行以及证券投资者，海外直接投资者通常在东道国的投资
2、具有长期性。因此FDI在融资方面具有波动性小，在金融危机时更具有稳定性。（2）但是，债务的增加对于东道国而言可能是资金的耗费远远多于投资，海外直接投资被运用的更有成效。（3）海外直接投资预计将会对经济的增长具有更强的影响力，而不仅仅只是提供资金。它为企业提供给了接触国际市场的机会，使企业能够掌握技术和管理经验，使企业进入市场、渗透市场变得简单。FDI的风险分担性是毋庸置疑的，这表明对于融资空间低于发达国家的发展中国家来说，FDI确实是吸收外部融资的最佳方式。此外，实证研究也表明FDI比其他融资手段要更加的稳定。在图1中，通过以变异系数（标准差除以平均值）作为衡量市场波动性的标准，对不同形式的资
3、金流入方式进行比较。显然最后结论为FDI是最稳定的投资方式。除此之外，当20世纪90年代时，经济受到金融危机影响时，FDI的波动性还是很小。2图11980S与1990S不同投资方式的波动性比较（通过差异系数）注标准差除以平均值，平均变异系数（绝对值）数据来自于13个亚洲和拉丁美洲国家（年度数据）。不包括智利、墨西哥、委内瑞拉资料来源IMF（2000）第一种看法，如泛美开发银行前首席经济学家，里卡多豪斯曼并不同意FDI如它表现得那么稳定，正如跨国公司会运用其他投资方式而不是FDI来抽回投资离开这个国家“如果一个外国企业看到经济危机来临并且想把钱抽离出来它会在国内借钱并且买外国债券或者偿还外国贷款
4、”FERNANDEZARIASANDHAUSSMANN20004。尽管相对于FDI，对于同一个企业资本的流出将会普遍存在于所有的投资方式，除了FDI。实证结果表明借贷套利的投资方式有待商榷，然而对于企业广泛存在的这种波动性现象却与图1中描述的不同。第二种看法认为FDI是有利的，比如企业投资增长所带来的财产是值得讨论的。FDI中的并购是一种改变所有权的投资方式，并且将会影响整体投资，因此依靠将资产出售给外国投资者达到充分运用国内资源。相比之下，绿地投资对于整体投资具有直接影响，但是不可排除的是FDI中的绿地投资将会挤掉国内投资。因此，从本质上来说重要的是FDI是否会提高整体投资，根据交叉分析或者
5、时间序列分析得出不同结论。BORNSTEIN等人（1998）通过交叉分析并得出结果，即FDI对于国内资本的构造具有强有力的积极影响。其他交叉分析研究也反驳了FDI将会挤掉国内投资这一说法。时间序列研究得出结论总结为以下几个LIPSEY说“我们不要过于期望通过时间序列分析得出FDI对于固定资产投资的增长产生何种影响。”通过LIPSEY个人进行的回归分析可以知道，过去的FDI对于当前时3期的投资比例并不存在显著的正面影响。对于经济的增长是否会给FDI带来影响，观点也是模棱两可的。联合国贸易和发展会议（1999年）提出了各种不同的估计（大部分都设定了一个特定的方式），但是还是不能看出FDI对经济的增
6、长是否产生影响。根据BORNSTEIN等人的研究（1998），当将FDI单独作为一个变量进行线性回归时，其对经济增长的影响效果并不明显。但是，这些学者都表明FDI与经济的增长具有相互作用，比如，将FDI与东道国人力资本（中学素养）同时进行回归分析，结果表明，只有在东道国充分吸收高新技术的情况下，FDI才会对经济的增长产生积极作用知识型劳动力，FDI流入带来更多的增长。最近的两项研究比较了FDI增长与其他投资方式的增长所带来的影响，并得出了截然不同的结果（1）一项研究来自于经合组织发展中心，他们认为FDI比外债好（SOTO2000）。FDI（和证券投资股权基金的流入）表明了与增长的积极相关性。相
7、比之下，由于资金不足的银行系统和经济增长率所引起的债务相关性负流入带来的则是消极的影响。据此，发展中国家更加鼓励企业进行海外直接投资。（2）这一结论是由HAUSSMANNANDCORTS（2001）提出的，这些学者认为FDI的增长带来的影响要弱于长期和短期贷款所带来的资金流入。总之，FDI所带来的积极影响这一假定并不一定正确。有时模棱两可有时矛盾的研究结论表明FDI不能被作为一个单一的现象，以上所做的研究都是为了提高我们的对于FDI增长的理解。根据简单的相关性分析，根据时间变化和地区差异这两个因素观察FDI与经济的增长是否存在完全正相关的关系，并且哪个是主导或者阻滞另一个因素的。例如，FDI在
8、早期的对外开放，是与世界贸易紧密联系的，这似乎已经加强海外直接投资和经济增长的关系。对于小以及欠发达的经济体来说，相关性分析所带来的好消息是，外国直接投资的增长关系。总结和结论20世纪90年代，伴随着经济全球化的发展的海外直接投资在发展中国家飞速发展，这吸引了全球海外直接投资的流动投入。FDI在各种发展中国家比在发国家扮演更重要的角色。好消息是,FDI决不是一个零和游戏,参与国不仅仅可以吸引他国的投入，而且当新的投资机会出现在FDI开放国时，FDI就会出现。政要的是所有发展中国家都4以机会成为吸引外资的国家，而不是仅仅局限于较发达的国家。为了FDI进行竞争时，政策制定者必须意识到运用不同的措施
9、来引入海外直接投资是必须的，但是不能为达到目的进行欺骗。比如申请宽松的FDI法规和对商业业务简易化措施等政策，如私有化等其他的政策改革，往往是在更多的促进FDI的有效性，但是为了保证FDI的有效性，从长远的角度来看必须要对其进行补助（如竞争的方针政策）。对于FDI的其他影响因素，过去足够的积累可能与未来的相关性微乎其微，当地市场的大小也是至关重要的一点。全球化能被诱导从市场寻求型的FDI转化成效率寻求型FDI。外国投资者所投资的当地产物将会变得具有国际竞争力，这是对未来FDI的分布具有决定性的影响因素。这将成为发展中国家的政策制定者最主要的挑战。总的来说，国家的主要任务是创建国内资产（固定）来
10、创造竞争优势，吸引国际生产要素（动态）的投入。这个任务涉及广泛，从人力资本以及对其进行的能力培养（这是为了能够吸引外国投资者进行先进技术应用的投资）到形成高效率的商业相关性服务。此外，政策议程还包括了关键贸易政策的选择自由化资本货物贸易和中间产品竞争在效率寻求型FDI中是十分重要的。但也有消极的一面，从总体上来看，如果经济基础面不利于FDI的发展，则促销的努力对于吸引FDI帮助不大。为外国投资者所提供的财政和财政刺激财政措施可能会利大于弊，尤其是在政策鼓励歧视小投资人和当地企业时。政策制定者不应忽视激励海外直接投资所带来的直接成本和间接成本。最后，政策制定者也不应该期望从FDI中得到很多。尽管
11、最近FDI呈现着繁荣的景象，但是仍然要把资本的可持续性积累放在全国经济的第一位。FDI对经济的增长所带来的强烈的积极影响，不能被视为理所当然的事情。FDI之所以比其他类型的资本流入方式受欢迎，是因为它有风险分担的特点，但这不是必然的。FDI和东道国的经济增长关系并不是不言而喻和简单的，他们的关系还有待研究。5外文文献原文TITLEFDIINDEVELOPINGCOUNTRIESMATERIALSOURCETHIRDWORLDQUARTERLY,VOL29,NO2,2008,PP239253AUTHORNUNNENKAMPFDIISWIDELYCONSIDEREDANESSENTIALELEME
12、NTFORACHIEVINGSUSTAINABLEDEVELOPMENTEVENFORMERCRITICSOFTNCS,EGUNCTAD,EXPECTFDITOPROVIDEASTRONGERSTIMULUSTOINCOMEGROWTHINHOSTCOUNTRIESTHANOTHERTYPESOFCAPITALINFLOWSESPECIALLYAFTERTHERECENTFINANCIALCRISESINASIAANDLATINAMERICA,DEVELOPINGCOUNTRIESARESTRONGLYADVISEDTORELYPRIMARILYONFDI,INORDERTOSUPPLEMEN
13、TNATIONALSAVINGSBYCAPITALINFLOWSANDPROMOTEECONOMICDEVELOPMENTFDIISPERCEIVEDSUPERIORTOOTHERTYPESOFCAPITALINFLOWSFORSEVERALREASONSINCONTRASTTOFOREIGNLENDERSANDPORTFOLIOINVESTORS,FOREIGNDIRECTINVESTORS,TYPICALLY,HAVEALONGERTERMPERSPECTIVEWHENENGAGINGINAHOSTCOUNTRYHENCE,FDIINFLOWSARELESSVOLATILEANDEASIE
14、RTOSUSTAINATTIMESOFCRISISWHILEDEBTINFLOWSMAYFINANCECONSUMPTIONRATHERTHANINVESTMENTINTHEHOSTCOUNTRY,FDIISMORELIKELYTOBEUSEDPRODUCTIVELYFDIISEXPECTEDTOHAVERELATIVELYSTRONGEFFECTSONECONOMICGROWTH,ASFDIPROVIDESFORMORETHANJUSTCAPITALFDIOFFERSACCESSTOINTERNATIONALLYAVAILABLETECHNOLOGIESANDMANAGEMENTKNOWHO
15、W,ANDMAYRENDERITEASIERTOPENETRATEWORLDMARKETSTHERISKSHARINGPROPERTIESOFFDIAREUNDISPUTEDTHISSUGGESTSTHATFDI,INDEED,ISTHEAPPROPRIATEFORMOFEXTERNALFINANCINGFORDEVELOPINGCOUNTRIES,WHICHHAVELESSCAPACITYTHANHIGHLYDEVELOPEDECONOMIESTOABSORBEXTERNALSHOCKSLIKEWISE,THEEVIDENCESUPPORTSTHEPREDOMINANTVIEWTHATFDI
16、ISMORESTABLETHANOTHERTYPESOFCAPITALINFLOWS1INFIGURE9,THEVOLATILITYOFDIFFERENTCAPITALINFLOWITEMSISCOMPAREDBYTAKINGTHECOEFFICIENTOFVARIATIONSTANDARDDEVIATIONDIVIDEDBYMEANASAMEASUREOFVOLATILITYFDICLEARLYTURNSOUTTOBETHEMOSTSTABLEITEMMOREOVER,THEVOLATILITYOFFDIREMAINEDEXCEPTIONALLYLOWINTHE1990S,WHENSEVER
17、ALEMERGINGECONOMIESWEREHITBYFINANCIALCRISESTHEFORMERCHIEFECONOMISTOFTHEINTERAMERICANDEVELOPMENTBANK,RICARDO1FORAMOREDETAILEDDISCUSSION,SEENUNNENKAMP2001A6HAUSSMANN,HASDISAGREEDTHATFDIMAYAPPEARMORESTABLETHANITIS,ASTNCSMAYUSEOTHERWAYSTHANREPATRIATINGFDITOLEAVETHECOUNTRY“IFAFOREIGNFIRMSAWACRISISCOMINGA
18、NDWANTEDTOTAKEMONEYOUTITWOULDBORROWDOMESTICALLYANDBUYFOREIGNASSETSORREPAYFOREIGNLOANS”FERNANDEZARIASANDHAUSSMANN20004THOUGHRELATEDTOFDI,OUTFLOWSWOULDBEGENERATEDUNDERANACCOUNTOTHERTHANFDITHEEMPIRICALEVIDENCEOFROUNDTRIPPINGOFTHISSORTISOPENTOQUESTIONITISHARDTOIMAGINE,HOWEVER,THATITISASWIDESPREADTOACCOU
19、NTFORTHEPRONOUNCEDDIFFERENCESINVOLATILITYREPORTEDINFIGURE9THESECONDPERCEIVEDADVANTAGEOFFDI,IEITSINVESTMENTINCREASINGPROPERTY,ISMOREDEBATABLEFDIINTHEFORMOFMASISSIMPLYACHANGEINOWNERSHIPANDITSEFFECTSONOVERALLINVESTMENT,THUS,DEPENDONTHEUSEOFDOMESTICRESOURCESRELEASEDBYTHESALEOFASSETSTOFOREIGNINVESTORSBYC
20、ONTRAST,GREENFIELDINVESTMENTHASANIMMEDIATEIMPACTONOVERALLINVESTMENTITCANNOTBERULEDOUT,HOWEVER,THATFDIINTHEFORMOFGREENFIELDINVESTMENTCROWDSOUTDOMESTICINVESTMENTHENCE,ITISESSENTIALLYANEMPIRICALQUESTIONWHETHERFDIRAISESOVERALLINVESTMENTTHERESULTSDEPENDONWHETHERTHISQUESTIONISANALYZEDINACROSSCOUNTRYCONTEX
21、TORINATIMESERIESCONTEXTTHECROSSCOUNTRYSTUDYOFBORNSTEINETAL1998REVEALEDASTRONGPOSITIVEEFFECTOFFDIONDOMESTICCAPITALFORMATIONOTHERCROSSCOUNTRYSTUDIES,TOO,REJECTEDTHEPROPOSITIONTHATFDICROWDSOUTDOMESTICINVESTORSTHERESULTSOFTIMESERIESSTUDIESARESUMMARIZEDASFOLLOWSBYLIPSEY200074“WEAREWARNEDNOTTOEXPECTTOOMUC
22、HFROMTHETIMESERIESEFFECTSOFFDIONGROWTHFROMEFFECTSONFIXEDINVESTMENT”ACCORDINGTOLIPSEYSOWNREGRESSIONS,PASTFDIINFLOWSARENOTASIGNIFICANTPOSITIVEINFLUENCEONTHECURRENTPERIODSINVESTMENTRATIOTHEEVIDENCEISALSOMIXEDWHENITCOMESTOTHEECONOMICGROWTHEFFECTSOFFDIUNCTADA,1999FAILSTOIDENTIFYDIRECTEFFECTSOFFDIONECONOM
23、ICGROWTH,EVENTHOUGHVARIOUSESTIMATESAREPRESENTEDMANYOFWHICHARESPECIFIEDINANADHOCMANNERACCORDINGTOBORNSTEINETAL1998,FDIASSUCHHASNOSIGNIFICANTGROWTHEFFECTSWHENINCLUDEDASANINDEPENDENTVARIABLEINTHEREGRESSIONEQUATIONHOWEVER,THESEAUTHORSSHOWTHATFDICONTRIBUTESTOECONOMICGROWTHWHENANINTERACTIONTERM,IETHEPRODU
24、CTOFFDIANDAMEASUREOFHUMANCAPITALSECONDARYSCHOOLATTAINMENT,ENTERSTHEREGRESSIONTHISSUGGESTSTHATFDICONTRIBUTESTOECONOMICGROWTH7ONLYWHENASUFFICIENTABSORPTIVECAPABILITYOFADVANCEDTECHNOLOGIESISAVAILABLEINTHEHOSTCOUNTRYTHEHIGHERTHELEVELOFEDUCATIONOFTHELABORFORCE,THEGREATERTHEGAININGROWTHFROMAGIVENFDIINFLOW
25、TWORECENTSTUDIES,WHICHCOMPARETHEGROWTHEFFECTSOFFDIWITHTHEGROWTHEFFECTSOFOTHERCAPITALINFLOWITEMS,HAVECOMEUPWITHOPPOSINGRESULTSASTUDYBYTHEOECDDEVELOPMENTCENTRESUPPORTEDTHEHYPOTHESISTHATFDIISSUPERIORTOFOREIGNDEBTSOTO2000FDIANDPORTFOLIOEQUITYFLOWSEXHIBITAROBUSTPOSITIVECORRELATIONWITHGROWTHBYCONTRAST,DEB
26、TRELATEDINFLOWSARENEGATIVELYCORRELATEDWITHTHEGROWTHRATEINECONOMIESWITHUNDERCAPITALIZEDBANKINGSYSTEMSACCORDINGLY,DEVELOPINGCOUNTRIESAREADVISEDTOENCOURAGEFDITHISCONCLUSIONISREJECTEDBYHAUSSMANNANDCORTS2001THESEAUTHORSSHOWTHEGROWTHEFFECTSOFFDIINFLOWSTOBEWEAKERTHANTHEGROWTHEFFECTSOFLONGANDSHORTTERMDEBTIN
27、FLOWSINSUMMARY,STRONGLYPOSITIVEGROWTHEFFECTSOFFDICANNOTBETAKENFORGRANTEDTHEAMBIGUOUSANDSOMETIMESCONTRADICTORYEMPIRICALFINDINGSINDICATETHATFDIMUSTNOLONGERBECONSIDEREDTOBEAHOMOGENOUSPHENOMENON,ASDONEINTHESTUDIESREFERREDTOABOVE,INORDERTOIMPROVEOURUNDERSTANDINGOFTHEGROWTHIMPACTOFFDINUNNENKAMP2000BACCORD
28、INGTOSIMPLECORRELATIONANALYSES,ITDEPENDSONTIMEVARYINGANDLOCATIONSPECIFICFACTORSWHETHERFDIANDGROWTHAREPOSITIVELYCORRELATEDALTOGETHER,ANDWHICHOFTHESEVARIABLESLEADSORLAGSTHEOTHERFOREXAMPLE,OPENINGUPEARLYTOFDIINFLOWS,COMBINEDWITHCLOSEINTEGRATIONINTOWORLDTRADE,SEEMSTOHAVESTRENGTHENEDTHEFDI/GROWTHNEXUSTHE
29、GOODNEWSFORSMALLANDLESSADVANCEDECONOMIESISTHAT,ACCORDINGTOTHISCORRELATIONEXERCISE,THEYCANBENEFITFROMPOSITIVEGROWTHEFFECTSOFFDIASMUCHASLARGEANDMOREADVANCEDDEVELOPINGCOUNTRIESSUMMARYANDCONCLUSIONSECONOMICGLOBALIZATIONWENTALONGWITHBOOMINGFDIINDEVELOPINGCOUNTRIES,WHICHATTRACTEDARISINGSHAREOFWORLDWIDEFDI
30、FLOWSINTHE1990SINVARIOUSDEVELOPINGCOUNTRIES,FDIPLAYSAMORESIGNIFICANTROLETHANINDEVELOPEDCOUNTRIESTHEGOODNEWSISTHATFDIISANYTHINGBUTAZEROSUMGAME,INWHICHONEPARTICULARCOUNTRYCOULDATTRACTFDIONLYATTHEEXPENSEOFANOTHERCOUNTRYADDITIONALFDIISLIKELYTOTAKEPLACEWHENNEW8INVESTMENTOPPORTUNITIESEMERGEINCOUNTRIESOPEN
31、INGUPTOFDIESSENTIALLY,ALLDEVELOPINGCOUNTRIESHAVETHECHANCETOBECOMEATTRACTIVETOFOREIGNINVESTORS,NOTONLYLARGEANDFAIRLYADVANCEDCOUNTRIESWHENCOMPETINGFORFDI,POLICYMAKERSHAVETOBEAWARETHATVARIOUSMEASURESINTENDEDTOINDUCEFDIARENECESSARY,BUTFARFROMSUFFICIENTTODOTHETRICKFOREXAMPLE,THISAPPLIESTOTHELIBERALIZATIO
32、NOFFDIREGULATIONSANDVARIOUSBUSINESSFACILITATIONMEASURESOTHERREFORMS,SUCHASPRIVATIZATION,TENDTOBEMOREEFFECTIVEINSTIMULATINGFDIINFLOWS,BUTNEEDTOBECOMPLEMENTEDBYREFORMINFURTHERAREASEGCOMPETITIONPOLICY,INORDERTOENSURETHATFDIINFLOWSAREBENEFICIALSTILLOTHERDETERMINANTSOFFDI,WHICHWERESUFFICIENTINTHEPAST,MAY
33、PROVETOBELESSRELEVANTINTHEFUTURETHESIZEOFLOCALMARKETSAPPEARSTOBETHEMOSTIMPORTANTCASEINPOINTGLOBALIZATIONCANBEEXPECTEDTOINDUCEASHIFTFROMMARKETSEEKINGFDITOEFFICIENCYSEEKINGFDIINTERNATIONALCOMPETITIVENESSOFLOCALPRODUCTIONBYFOREIGNINVESTORSWILL,THEN,TURNOUTTOBEADECISIVEFACTORSHAPINGTHEDISTRIBUTIONOFFUTU
34、REFDITHISINVOLVESMAJORCHALLENGESFORPOLICYMAKERSINDEVELOPINGCOUNTRIESINGENERALTERMS,THETASKISTOCREATEIMMOBILEDOMESTICASSETSTHATPROVIDEACOMPETITIVEEDGEANDATTRACTINTERNATIONALLYMOBILEFACTORSOFPRODUCTIONTHISTASKHASVARIOUSDIMENSIONS,RANGINGFROMHUMANCAPITALFORMATIONANDCAPACITYBUILDINGINORDERTOBEABLETOABSO
35、RBADVANCEDTECHNOLOGIESAPPLIEDBYFOREIGNINVESTORSTOTHEPROVISIONOFEFFICIENTBUSINESSRELATEDSERVICESFURTHERMORE,THEPOLICYAGENDAINCLUDESCRITICALTRADEPOLICYCHOICESLIBERALIZINGTRADEINCAPITALGOODSANDINTERMEDIATEPRODUCTSISESSENTIALINCOMPETINGFOREFFICIENCYSEEKINGFDITHEREISSOMEBADNEWSASWELLPROMOTIONALEFFORTSWIL
36、LHELPLITTLE,IFATALL,TOATTRACTFDIIFECONOMICFUNDAMENTALSARENOTCONDUCIVETOFDIFISCALANDFINANCIALINCENTIVESOFFEREDTOFOREIGNINVESTORSMAYDOMOREHARMTHANGOOD,ESPECIALLYIFINCENTIVESDISCRIMINATEAGAINSTSMALLINVESTORSANDLOCALFIRMSPOLICYMAKERSSHOULDNOTIGNORETHEDIRECTANDINDIRECTCOSTSOFDISCRETIONARYFDIINCENTIVESFIN
37、ALLY,POLICYMAKERSSHOULDNOTEXPECTTOOMUCHFROMFDIINFLOWSTHERECENTBOOM9OFFDINOTWITHSTANDING,CAPITALFORMATIONCONTINUESTOBEANATIONALPHENOMENONINTHEFIRSTPLACESTRONGLYPOSITIVEGROWTHEFFECTSOFFDICANNOTBETAKENFORGRANTEDFDIISSUPERIORTOOTHERTYPESOFCAPITALINFLOWSINSOMERESPECTS,PARTICULARLYBECAUSEOFITSRISKSHARINGP
38、ROPERTIES,BUTNOTNECESSARILYINALLRESPECTSTHENEXUSBETWEENFDIANDOVERALLINVESTMENTASWELLASECONOMICGROWTHINHOSTCOUNTRIESISNEITHERSELFEVIDENTNORSTRAIGHTFORWARD,BUTREMAINSINSUFFICIENTLYEXPLOREDTERRITORYMONOGRAPHSONINVESTMENTANDCOMPETITIONPOLICY1ROLEOFCOMPETITIONPOLICYINECONOMICDEVELOPMENTANDTHEINDIANEXPERI
39、ENCECOMPETITIONANDEFFICIENCYARETHEGUIDINGPRINCIPLESOFTHELIBERALECONOMICORDERANYHEALTHYCOMPETITIONMUSTHAVERULESTHATTHEPLAYERSSHOULDFOLLOWTHISISMORESOWHENTHEPLAYERSAREBUSINESSORGANIZATIONSANDTHEIRACTIVITIESWILLHAVEALARGERIMPACTONTHESOCIETYTHISMONOGRAPHEXAMINESTHEROLEOFANEFFECTIVECOMPETITIONPOLICYINECO
40、NOMICDEVELOPMENTFROMTHEINDIANPERSPECTIVE2FDI,MEGAMERGERSANDSTRATEGICALLIANCESISGLOBALCOMPETITIONACCELERATINGDEVELOPMENTORHEADINGTOWARDSWORLDMONOPOLIESFOREIGNDIRECTINVESTMENT,MERGERS,AMALGAMATIONSANDSTRATEGICALLIANCESARETHERULESOFTHEPRESENTDAYGLOBALECONOMYHOWEVER,THECRUCIALQUESTIONISWHETHERTHEMOVEMEN
41、TOFCAPITALLEADSTOFURTHERDEVELOPMENTANDWELFAREOFTHESOCIETYORTHEGROWTHOFMONOPOLIESTHEMONOGRAPHSHEDSLIGHTONTHEMAINCONTOURSOFTHEGLOBALCOMPLETIONANDITSIMPLICATIONFORTHECONSUMERS3COMPETITIONREGIMESAROUNDTHEWORLDINTHISPAPER,ANATTEMPTHASBEENMADETOCOMPLYBRIEFLY,THECURRENTSTATEOFCOMPETITIONLAWINSOMESELECTCOUN
42、TRIES,ONWHICHINFORMATIONISREADILYAVAILABLETHEPAPERSTEERSCLEAROFANYVALUEJUDGMENTSONTHEDESIGNANDIMPLEMENTATIONOFTHECOMPETITIONLAWINTHECOUNTRIESCOVEREDHEREIN4GLOBALIZATION,COMPETITIONPOLICYANDINTERNATIONALTRADENEGOTIATIONSTHISPAPERMAPSOUTTHEISSUESCONCERNINGMULTILATERALCOMPETITIONPOLICY,FROMSOUTHERNPERS
43、PECTIVEITCONCLUDESTHATTHEREISANEEDFORAREALISTICASSESSMENTOFTHEEXTENTTOWHICHDEVELOPINGCOUNTRIESWOULDBEABLETOCONTROLMNCSUNDERTHEDISCIPLINESOFCOMPETITIONLAW105TRADE,COMPETITIONMULTILATERALCOMPETITIONPOLICYASTHETITLESUGGESTS,THISMONOGRAPHCLARIFIESTHEAREASOFINTERACTIONBETWEENTRADEANDCOMPETITIONTHROUGHCAS
44、ESTUDIES,ANDSHOWSTHATSUCHINTERACTIONSAREONRISEITALSOHIGHLIGHTSEFFORTSBEINGTAKENFORAMULTILATERALCOMPETITIONPOLICYAFTERSECONDWORLDWARINFORMOFHAVANACHARTERTILLTHEPRESENTHAPPENINGSATTHEWORLDTRADEORGANIZATIONITFURTHERPOINTSOUTTHEPROVISIONSINVARIOUSAGREEMENTSOFTHEWTOACQUITS,WHICHHAVETHEELEMENTSOFCOMPETITI
45、ONMOSTIMPORTANTLY,THEPAPERBRINGSFORWARDTHEDEBATEVISVISMULTILATERALCOMPETITIONPOLICYTHATISCURRENTLYTAKINGPLACEATVARIOUSFLORAITANALYTICALLYPOINTSOUTTHEHINDRANCESINSUCHAPOLICYANDHIGHLIGHTSTHENEEDFORAMULTILATERALCOMPETITIONPOLICY6ALLABOUTCOMPETITIONPOLICYLAWTHISMONOGRAPHMEANTFORADVANCELEARNER,DEALSWITHV
46、ARIOUSELEMENTSOFCOMPETITIONLAWANDPOLICYINCOMPREHENSIVEMANNERITDESCRIBESABOUTVARIOUSRESTRICTIVEBUSINESSPRACTICESRBPSATTHEMARKETPLACEITFURTHERCLARIFIESWHATARECOMPETITIONLAWANDPOLICY,THEIRELEMENTSANDHOWTHEYCANBEUSEDTOCURBVARIOUSKINDSOFRBPSITFURTHERDRAWSOUTINTERFACEOFCOMPETITIONPOLICYWITHECONOMICDEVELOP
47、MENT,POORANDFOREIGNINVESTMENTFINALLYITDESCRIBESTHEGENESISOFCOMPETITIONLAW/POLICYANDINWHICHDIRECTIONITISMOVING7ALLABOUTINTERNATIONALINVESTMENTAGREEMENTSTHISBRIEFINGKITFORTHEGENERALREADERPROVIDESANOVERVIEWOFRECENTTRENDSINTHEPROLIFERATINGNUMBEROFBILATERALANDREGIONALINVESTMENTAGREEMENTSTHEKITHIGHLIGHTST
48、HEKEYISSUESINTHESEAGREEMENTSANDCONSIDERSPASTINITIATIVESANDPROSPECTSATTHEMULTILATERALLEVEL8COMPETITIONPOLICYLAWMADEEASYTHISPUBLICATIONMEANTFORTHEACTIVISTS,AIMSATGENERATINGMINIMUMAMOUNTOFAWARENESSONCOMPETITIONLAWANDPOLICYITCOULDBEHELPFULFORACOMMONPERSONTOIDENTIFYANTICOMPETITIVEPRACTICESINTHEMARKETPLAC
49、EANDTAKEACTIONTORECTIFYTHESAME9MAKINGINVESTMENTWORKFORDEVELOPINGCOUNTRIESTHISPUBLICATIONISANOTHERINOURSERIESOFMONOGRAPHSONINVESTMENTANDCOMPETITIONPOLICYINTENDEDTOINTRODUCERELATEDTOPICSTOAWIDEAUDIENCETHISMONOGRAPHWILLALSO11SERVEASAREFERENCEPOINTFORTHOSEINTERESTEDINTHECOMPLEXANDSOMETIMESCONTROVERSIALRELATIONSHIPBETWEENFOREIGNDIRECTINVESTMENTANDDEVELOPMENT
