Abstract
Emerging-market multinational corporations (MNCs) rise from rapidly catching-up economies, not from any so-called emerging ones. Their appearance on the world stage is concomitant with their success in initiating and sustaining industrial modernization in their home countries. And a successful catch-up can be planned, promoted, and achieved by a proactive government in an emerging economy that has a strong national determination for economic development. Market forces alone are not enough to spark an industrial takeoff. State involvement is practically a necessity, since market failures and externalities (notably negative ones) are rampant, both prior to, and in the early stages of, industrialization.
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© 2014 Terutomo Ozawa
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Ozawa, T. (2014). Multinationals as an Instrument of Catch-up Industrialization: Understanding the Strategic Links between State and Industry in Emerging Markets. In: Nölke, A. (eds) Multinational Corporations from Emerging Markets. International Political Economy Series. Palgrave Macmillan, London. https://doi.org/10.1057/9781137359506_3
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DOI: https://doi.org/10.1057/9781137359506_3
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-47156-0
Online ISBN: 978-1-137-35950-6
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