by Frédérique Sachwald
Introduction
Since the 1980s, multinational companies, which demand emerged as major actors in the globalization circumstance, put on experienced a quite odd reversal of fortune. subsequently decades of skepticism or even hostility, a belief has developed that multinationals can substantially contribute to a countrys victimisation strategy. As a consequence, governments well-nigh the worldâ€" in both advanced and developing countriesâ€"have been wooing multinationals. This evolution may be related to the broader context of liberalization in which most developing and transition countries have moved to market-oriented strategies. The changing attitude of governments toward multinationals may nevertheless be considered as a striking policy change in developing and emerging countries. Korea has followed a specific path in this evolution. Korean state policies toward multinationals remained restrictive and selective until the 1980s and were hesitant until the late 1990s. The situation has evolved more clearly after the Asian crisis, and Korea now actively tries to stimulate inward investment, which has nevertheless dramatically decreased since the 19992000 peak.
Attraction of multinational companies has now become a central component of Koreas business-hub strategy. This paper studies the changes in Koreas overseas direct investment (FDI) policies and examines the recent evolution of outside(prenominal) investment in order to discuss the current hub-based development strategy. It
argues that the focus on the needs of foreign companies and the promotion of scoop shovel economic zones may not contribute to Koreas much-needed broader reforms. After decades of hostility to multinationals, Korea may overreact to the successes of other Asian countries in attracting FDI.
A Progressive Paradigm Change
From the 1960s to the 1980s, restrictions on foreign ownership and activities in host developing...If you want to get a full essay, order it on our website: Orderessay
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