International Political Economy Series

Series Editor: Timothy M. Shaw, Visiting Professor, University of Massachusetts Boston, USA and Emeritus Professor, University of London, UK

The global political economy is in flux as a series of cumulative crises impacts its organization and governance. The IPE series has tracked its development in both analysis and structure over the last three decades. It has always had a concentra-tion on the global South. Now the South increasingly challenges the North as the centre of development, also reflected in a growing number of submissions and publications on indebted Eurozone economies in Southern Europe.

An indispensable resource for scholars and researchers, the series examines a variety of capitalisms and connections by focusing on emerging economies, companies and sectors, debates and policies. It informs diverse policy communi-ties as the established trans-Atlantic North declines and ‘the rest’, especially the BRICS, rise.

Titles include:

Daniel Daianu, Carlo D’Adda, Giorgio Basevi and Rajeesh Kumar (editors)THE EUROZONE CRISIS AND THE FUTURE OF EUROPEThe Political Economy of Further Integration and Governance

Karen E. YoungTHE POLITICAL ECONOMY OF ENERGY, FINANCE AND SECURITY IN THE UNITED ARAB EMIRATESBetween the Majilis and the Market

Monique TaylorTHE CHINESE STATE, OIL AND ENERGY SECURITY

Benedicte Bull, Fulvio Castellacci and Yuri KasaharaBUSINESS GROUPS AND TRANSNATIONAL CAPITALISM IN CENTRAL AMERICAEconomic and Political Strategies

Leila Simona TalaniTHE ARAB SPRING IN THE GLOBAL POLITICAL ECONOMY

Andreas Nölke (editor)MULTINATIONAL CORPORATIONS FROM EMERGING MARKETSState Capitalism 3.0

Roshen HendricksonPROMOTING U.S. INVESTMENT IN SUB-SAHARAN AFRICA

Bhumitra ChakmaSOUTH ASIA IN TRANSITIONDemocracy, Political Economy and Security

Greig Charnock, Thomas Purcell and Ramon Ribera-FumazTHE LIMITS TO CAPITAL IN SPAINCrisis and Revolt in the European South

Felipe Amin FilomenoMONSANTO AND INTELLECTUAL PROPERTY IN SOUTH AMERICA

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Eirikur BergmannICELAND AND THE INTERNATIONAL FINANCIAL CRISISBoom, Bust and Recovery

Yildiz Atasoy (editor)GLOBAL ECONOMIC CRISIS AND THE POLITICS OF DIVERSITY

Gabriel Siles-BrüggeCONSTRUCTING EUROPEAN UNION TRADE POLICYA Global Idea of Europe

Jewellord Singh and France Bourgouin (editors)RESOURCE GOVERNANCE AND DEVELOPMENTAL STATES IN THE GLOBAL SOUTHCritical International Political Economy Perspectives

Tan Tai Yong and Md Mizanur Rahman (editors)DIASPORA ENGAGEMENT AND DEVELOPMENT IN SOUTH ASIA

Leila Simona Talani, Alexander Clarkson and Ramon Pachedo Pardo (editors)DIRTY CITIESTowards a Political Economy of the Underground in Global Cities

Matthew Louis BishopTHE POLITICAL ECONOMY OF CARIBBEAN DEVELOPMENT

Xiaoming Huang (editor)MODERN ECONOMIC DEVELOPMENT IN JAPAN AND CHINADevelopmentalism, Capitalism and the World Economic System

Bonnie K. Campbell (editor)MODES OF GOVERNANCE AND REVENUE FLOWS IN AFRICAN MINING

Gopinath Pillai (editor)THE POLITICAL ECONOMY OF SOUTH ASIAN DIASPORAPatterns of Socio-Economic Influence

Rachel K. Brickner (editor)MIGRATION, GLOBALIZATION AND THE STATE

Juanita Elias and Samanthi Gunawardana (editors)THE GLOBAL POLITICAL ECONOMY OF THE HOUSEHOLD IN ASIA

International Political Economy SeriesSeries Standing Order ISBN 978–0–333–71708–0 hardcoverSeries Standing Order ISBN 978–0–333–71110–1 paperback

You can receive future titles in this series as they are published by placing a standing order. Please contact your bookseller or, in case of difficulty, write to us at the address below with your name and address, the title of the series and one of the ISBNs quoted above.

Customer Services Department, Macmillan Distribution Ltd, Houndmills, Basingstoke, Hampshire RG21 6XS, England

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Multinational Corporations from Emerging Markets State Capitalism 3.0

Edited by

Andreas Nölke Professor of International Relations and International Political Economy, Goethe University, Frankfurt, Germany

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Editorial matter, selection, introduction and conclusion © Andreas Nölke 2014 Individual chapters © Respective authors 2014 Foreword © Louis Brennan 2014

All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission.

No portion of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, Saffron House, 6–10 Kirby Street, London EC1N 8TS.

Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages.

The authors have asserted their rights to be identified as the authors of this work in accordance with the Copyright, Designs and Patents Act 1988.

First published 2014 by PALGRAVE MACMILLAN

Palgrave Macmillan in the UK is an imprint of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS.

Palgrave Macmillan in the US is a division of St Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010.

Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world.

Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries

ISBN: 978–1–137–35949–0

This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. Logging, pulping and manufacturing processes are expected to conform to the environmental regulations of the country of origin.

A catalogue record for this book is available from the British Library.

A catalog record for this book is available from the Library of Congress.

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Für Andrea

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vii

Contents

List of Illustrations ix

Foreword by Louis Brennan xi

Acknowledgments xiii

Notes on Contributors xv

List of Abbreviations xvii

Introduction: Toward State Capitalism 3.0 1 Andreas Nölke

Part I General Perspectives

1 (Multi?)national Corporations and the State in Established Economies 15

John Mikler

2 Multinationals as an Instrument of Catch-up Industrialization: Understanding the Strategic Links between State and Industry in Emerging Markets 31

Terutomo Ozawa Part II Country Studies

3 South Korean Multinationals after the Asian Financial Crisis: Toward Liberal Capitalism? 55

Seung-il Jeong

4 Private Chinese Multinationals and the Long Shadow of the State 77

Andreas Nölke

5 Russia’s Multinationals: Network State Capitalism Goes Global 90 Jonas Grätz

6 Sector Creation and Evolution: The Role of the State in Shaping the Rise of the Indian Pharmaceutical Sectoral Business System 109

Heather L. Taylor

7 Financing the Expansion of Brazilian Multinationals into Europe: The Role of the Brazilian Development Bank (BNDES) 130

Gilmar Masiero, Mario H. Ogasavara, Luiz Caseiro and Silas Ferreira

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viii Contents

Part III International Institutions

8 How Policies Shape Foreign Direct Investment from Latin America to the European Union 155

Judith Clifton, Daniel Diaz-Fuentes and Julio Revuelta

9 The Action-Reaction in the Global Trade: Comparing the Cases of the Brazilian Chicken and the Thai Tuna Industries 169

Suthikorn Kingkaew

Conclusion: State Support for Emerging Market Multinationals 187 Andreas Nölke

Bibliography 199

Index 227

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