List ofFigures page ix
ListofTables x
Preface and Acknowledgments xi
1 Introduction: The Politics of FDI Regulation in the Twentieth
Century 1
1.1 The Politicization of FDI Infiows: A Brief History 4
1.2 FDI Liberalization: Identifying Empirical Puzzles 8
1.3 The Political Economy of FDI Regulation: Theoretical
Claims and Empirical Tests 13
1.4 New Perspectives on the Political Economy of FDI 16
1.5 Roadmap 18
2 FDI: Why Companies Invest and Countries Restrict 21
2.1 Why Does FDI Exist? 25
2.1.1 FDI Protects Firm-Specific Assets 25
2.1.2 What Firms Become Multinational Corporations? 28
2.1.3 Export-Oriented versus Market-Oriented FDI: The
Organization of Multinational Production 30
2.2 The Distributive Effects of FDI Inflows: Implications of the
Specific Factors Model 37
2.2.1 Accounting for Alternate Mechanisms 39
2.3 FDI Preferences: Increased Labor Demand and Returns to
Skills 42
2.4 Sources of Cross-National Variation: Political Regime Type 44
2.5 Sources of Cross-Industry Variation: Organization of
Production 47
2.6 Conclusion 50
3 FDI Regulation Weakens Control over Assets 52
3.1 Instruments of FDI Regulation 52
3.2 Why Local Capital Owners Profit from Restrictions on
Foreign Ownership 58
3.3 Ownership Regulations Reduce FDI Inflows 63
3.4 Conclusion 68
4 Individual Preferences for FDI Inflows 69
4.1 Modeling Preferences: Comparing Economic and
Noneconomic Factors 71
4.2 Explaining FDI Preferences: Empirical Tests 74
4.3 Conclusion 86
5 Democratization and Cross-National FDI Liberalization 88
5.1 Democratization and Foreign Ownership Liberalization: A
Baseline Model 91
5.2 Robustness to Alternate Explanations for FDI
Liberalization 94
5.3 Alternate Measures and Model Specifications 100
5.4 Robustness Tests 101
5.5 Conclusion 105
Appendix 107
6 The Organization of Multinational Production and CrossIndustry
Variation in FDI Regulation 109
6.1 Modeling the Frequency of Industry-Level Ownership
Restrictions 115
6.2 Industry-Level Regulation - Robustness Tests 124
6.3 Conclusion 126
Appendix 128
7 The Politics of FDI in the Twenty-First Century 129
7.1 Advancing FDI Research 131
7.2 FDI and the Twenty-First-Century Global Economy 134
Appendix: Existing and New Measures ofFDI Regulation 139
Bibliography 153
Index ig9
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