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Capitalisms and Capitalism in the Twenty-First Century$
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Glenn Morgan and Richard Whitley

Print publication date: 2012

Print ISBN-13: 9780199694761

Published to Oxford Scholarship Online: September 2012

DOI: 10.1093/acprof:oso/9780199694761.001.0001

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Internationalization and the Institutional Structuring of Economic Organization

Internationalization and the Institutional Structuring of Economic Organization

Changing Authority Relations in the Twenty-First Century

(p.209) 9 Internationalization and the Institutional Structuring of Economic Organization
Capitalisms and Capitalism in the Twenty-First Century

Richard Whitley

Oxford University Press

Despite the considerable growth in FDI and capital mobility compared to the 1950s, most markets remain semi-globalized and governed by predominantly national legal systems and other institutions regulating economic activities. As a result, the degree and scope of corporate and institutional authority over economic activity within and between national economies seem likely to continue to vary considerably. Additionally, the more that MNCs seek to improve their organizational capabilities and competitive competences through accessing knowledge, skills and collective competition goods in foreign locations by adapting to local business partners and institutions, the more limited becomes their ability to impose central control over subsidiary strategies and procedures. Furthermore, increasing exposure to foreign markets and learning from abroad need not always, or indeed very often, imply a rejection of domestic institutions and interests. However, the diversity of leading companies’ governance, growth strategies, and competitive behaviour within national borders does seems likely to grow in the twenty-first century as long as most markets remain open, especially between firms in different industrial sectors and with different degrees of investment in foreign locations.

Keywords:   internationalization, authority, institutions, organizational capabilities, collective competition goods, semiglobalization

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