Rethinking Foreign Investment for Sustainable Development: Lessons for Latin America

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Anthem Press, 2009 - Business & Economics - 291 pages
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After almost twenty-five years of experimenting with the neo-liberal economic reforms collectively known as 'Washington Consensus' policies, Latin Americans are starting to re-assess the merits of these policies - at the voting booth. Many newly elected governments are beginning to scrutinize the role of foreign direct investment (FDI) in particular, and some nations have gone so far as to nationalize foreign firms. Without endorsing or condoning the actions taken by these governments, this volume demonstrates that it is quite rational for governments in the region to re-evaluate the role of FDI for their development paths.

The great promise of FDI by multinational corporations is that capital will flow into your country and be a source of dynamic growth. Beyond boosting income and employment, the hope was that manufacturing FDI would bring knowledge spillovers that would build the skill and technological capacities of local firms, catalyzing broad-based economic growth; and environmental spillovers that would mitigate the domestic ecological impacts of industrial transformation.

Consisting of country case studies and comparative analyses from Latin American and U.S.-based political economists, this volume finds that when FDI did materialize if often fell far short of generating the necessary linkages required to make FDI work for sustainable economic development.

 

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Contents

List of Figures
vii
List of Tables
ix
Foreword
xiii
Acknowledgements
xxi
Author Biographies
xxiii
FDI and Sustainable Development in the Americas
1
Is Foreign Investment Always Good for Development?
21
Country Assessments
31
Foreign Investment and Economic Development in Costa Rica The Unrealized Potential
97
Political Economy of Natural Resources and The Environment
125
Investment Rules and Sustainable Development Preliminary Lessons from the Uruguayan Pulp Mills Case
127
Foreigners in the Forests Saviors or Invaders?
147
Bucking the Trend The Political Economy of Natural Resources in Three Andean Countries
179
Beyond Pollution Haloes The Environmental Effects of FDI in The Pulp and Paper and Petrochemical Sectors in Brazil
201
Missing Links Dashed Hopes FDI Spillovers and Sustainable Industrial in Mexicos Silicon Valley
217
Notes
241

Islands of Possibility MNCs and Economic Development in Brazil
33
Foreign Investment The Polarization of the Mexican Economy
51
A Missed Opportunity Foreign Investment and Sustainable Development in Argentina
77

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About the author (2009)

Kevin P. Gallagher is Assistant Professor of International Relations at Boston University and research associate at the Global Development and Environment Institute, Tufts University.

Daniel Chudnovsky (1944-2007) was Director of the Centro de Investigaciones para la Transformación (CENIT) and Professor at the Universidad de San Andrés.

José Antonio Ocampo is Professor of Professional Practice in International and Public Affairs and Director of the Program in Economic and Political Development at the School of International and Public Affairs, Columbia University.