A Century of Foreign Investment in the Third World - download pdf or read online

By Michael Twomey

ISBN-10: 0203185943

ISBN-13: 9780203185940

ISBN-10: 0415233607

ISBN-13: 9780415233606

The past due 20th century has witnessed a dramatic upsurge in international direct funding within the 3rd global. dependent upon thorough statistical research, the e-book provides exhaustive case-studies of overseas funding coverage in 'metropolitan' nations and of the stories of 'host' nations all through Africa, Asia and Latin the US. With a large geographical and historic concentration, it additionally makes a tremendous contribution to present debates on dependency thought.

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Extra resources for A Century of Foreign Investment in the Third World

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Moreover, the decline is quite small for the United States, where, indeed, the ratio of either FI or FDI to GDP is rather smaller than that of most of the other countries. Another important point is that the United Kingdom was not the only country to invest “heavily” overseas, as indicated by the ratio of its investment to GDP. Switzerland and the Netherlands had ratios of FI/ GDP as high as Britain’s, and the levels of France and Belgium were also appreciable. When the investment ratios are expressed with capital stock in the denominator (from Goldsmith: 1985), the ranking of countries remains basically the same; the differences in capital output ratios are not so large as to reverse these rankings determined when GDP is in the denominator.

The major source countries 37 so we are not able to state when the low point of the ratio debt/GDP was reached. Presumably a major contributor to the lack of information was the unsettled status of the debt of the colonies as they were gaining independence. In addition, this period saw an evolution of the mode of financial transfers to the Third World, with the phasing out of not only foreign aid and grants, but also of the practice of subsidizing loans. Finally, it should be emphasized that most of the developing countries’ debt was governmental debt; 2 this accounted for 85 per cent of the accumulated long-term debt in 1996, according to Global Development Finance (1998:160).

Arthur Lewis, a future Nobel Prize recipient and no friend of colonialism, concluded: In general, it is not possible to say how much difference colonial status made to the rate of economic growth. Several countries which became colonies after 1870 grew faster after colonisation than before, and only one (the Congo) actually experienced a decline. But since all countries, Conceptualizing and measuring foreign investment 19 colonies or not, did better after 1870 than before (except the core [UK, US, France, Germany] and the sugar colonies) this proves nothing.

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A Century of Foreign Investment in the Third World by Michael Twomey


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