Publications
Publications
- 2019
- The Oxford Handbook of Management in Emerging Markets
International Business and Emerging Markets in Historical Perspective
By: Geoffrey Jones
Abstract
This chapter examines international business in emerging markets over the long run. It shows how the strategies of Western multinationals evolved over time. In the first era of globalization in the 19th century, Western firms sought access to resources, and they faced little political risk due to Western imperialism. The main risks were logistical due to infrastructure and technological inadequacies. During the Great Reversal between 1929 and 1979, the main challenges faced by Western multinationals were political, as they faced widespread host government hostility and expropriation. In the contemporary global economy, political risk partially declined with the spread of liberalization, although the management of relations with host governments remained a challenge, notably in China. The growth of local competitors and a resurgence in local consumer sensitivities obliged multinationals to incorporate local relevance into global brands.
Keywords
Citation
Jones, Geoffrey. "International Business and Emerging Markets in Historical Perspective." Chap. 3 in The Oxford Handbook of Management in Emerging Markets, edited by Robert Grosse and Klaus E. Meyer, 55–76. Oxford, UK: Oxford University Press, 2019.
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