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1、Chapter5of‘Multinationalfirmsintheworldeconomy’,G.Barba-NavarettiandA.J.VenableswithF.Barry,K.Ekholm,A.Falzoni,J.Haaland,K-H.MidelfartandA.Turrini.21/01/04Chapter5Multinationals:theFirmandtheMarketTheinternationaloperationsoffirmscanbeorganizedinternally,inwhollyownedsubsidiaries,orexter
2、nally,underarms’-lengthcontractswithindependentlocalproducers.Multinationalenterprisesarisewhenfirmschoosetointernalizetheiractivities,i.e.,toownthephysicalassetsusedintheiroperationsabroad,eventhougharms’-lengthcontractsmayofferlowersetupcostsandgreaterflexibility.Werefertothesetwomodes
3、ofinternationalproductionasinternalisationandoutsourcingrespectively.Whileintra-firmtradehasgrownfast,ithasbeensuggestedthatanincreasingshareofinternationalproductionisnowtakingplacethroughoutsourcingratherthaninternalisedinwhollyownedsubsidiaries.Forexample,inthecaseofNorth-Southproduct
4、ionnetworksinareassuchastextiles,automotiveproductsandelectronics,aconsiderableshareoflabourintensiveactivitiesisoutsourcedbyNorthernfirmstoSouthernproducers.TheshareofUSimportscomingfromaffiliatesofUSmultinationalshasfallenslightly(Hanson,MataloniandSlaughter2002),suggestingthatforeigno
5、utsourcingbyUSfirmsmighthaveoutpacedthegrowthofintra-firmtrade.Acomprehensivetheoryofthemultinationalfirmmustofferananalysisofthechoicebetweeninternalisationandoutsourcing.Inasense,thetheoryofthemultinationalfirmisasub-caseofthetheoryoftheboundariesofthefirm–whatisdoneinternallyand1whati
6、soutsourced.Theseboundariesareusuallysetbytheinterplayoftwosortsoffactors.Oneisthatoutsidecontractorsmayhaveanadvantage,relativetothefirm,inundertakingvariousactivities;theotheristhedifficultythatthefirmencountersincoordinatingandcontrollingtheactionsoflocalcontractors.Forexample,alarge1
7、integratedfirmmayhaveanadvantageinits‘core’activities,andrelyingonlocalfirmsmayincreasetheefficiencyinwhichavarietyofancillaryactivitiesarecarriedout.However,alocalfirmwillhaveitsownobjectives,generallydifferentfromthoseoftheparentcompany.Inprinciple,objectivescanbealigne