James Markusen

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ISBN 9780802033482
  • Multinational Firms and the Theory of International Trade (2002) ISBN   9780262134163
  • Broadening Trade Theory: incorporating market realities into traditional models (2021) ISBN   9789811222955
  • Selected articles

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    In economics, internationalization or internationalisation is the process of increasing involvement of enterprises in international markets, although there is no agreed definition of internationalization. Internationalization is a crucial strategy not only for companies that seek horizontal integration globally but also for countries that addresses the sustainability of its development in different manufacturing as well as service sectors especially in higher education which is a very important context that needs internationalization to bridge the gap between different cultures and countries. There are several internationalization theories which try to explain why there are international activities.

    <span class="mw-page-title-main">Foreign direct investment</span> Purchase of an asset

    A foreign direct investment (FDI) refers to purchase of an asset in another country, such that it gives direct control to the purchaser over the asset. In other words, it is an investment in the form of a controlling ownership in a business, in real estate or in productive assets such as factories in one country by an entity based in another country. It is thus distinguished from a foreign portfolio investment or foreign indirect investment by a notion of direct control.

    A market anomaly in a financial market is predictability that seems to be inconsistent with theories of asset prices. Standard theories include the capital asset pricing model and the Fama-French Three Factor Model, but a lack of agreement among academics about the proper theory leads many to refer to anomalies without a reference to a benchmark theory. Indeed, many academics simply refer to anomalies as "return predictors", avoiding the problem of defining a benchmark theory.

    International business refers to the trade of goods and service goods, services, technology, capital and/or knowledge across national borders and at a global or transnational scale. It includes all commercial activities that promote the transfer of goods, services and values globally. It may also refer to a commercial entity that operates in different countries.

    <span class="mw-page-title-main">Gravity model of trade</span> Bilateral trade flow model

    The gravity model of international trade in international economics is a model that, in its traditional form, predicts bilateral trade flows based on the economic sizes and distance between two units. Research shows that there is "overwhelming evidence that trade tends to fall with distance."

    Stephen Herbert Hymer was a Canadian economist. His research focused on the activities of multinational firms, which was the subject of his PhD dissertation The International Operations of National Firms: A Study of Direct Foreign Investment, presented in 1960, but published posthumously in 1976, by the Department of Economics from Massachusetts Institute of Technology. Charles P. Kindleberger, his thesis supervisor, submitted it for publication, as mentioned by him on the introduction of Hymer's thesis dissertation.

    In international economics, international factor movements are movements of labor, capital, and other factors of production between countries. International factor movements occur in three ways: immigration/emigration, capital transfers through international borrowing and lending, and foreign direct investment. International factor movements also raise political and social issues not present in trade in goods and services. Nations frequently restrict immigration, capital flows, and foreign direct investment.

    Mark Casson is a British economist and academic. He is a professor of economics at the University of Reading in England. He served as Head of the Department of Economics from 1987 to 1994 and is currently the Director of the Centre for Institutional Performance at the same institution.

    The eclectic paradigm, also known as the OLI Model or OLI Framework, is a theory in economics. It is a further development of the internalization theory and published by John H. Dunning in 1979. Modern Trade Theory incorporates this paradigm using the Grossman-Hart-Moore Theory of the firm

    The home market effect is a hypothesized concentration of certain industries in large markets. The home market effect became part of New Trade Theory. Through trade theory, the home market effect is derived from models with returns to scale and transportation costs. When it is cheaper for an industry to operate in a single country because of returns to scale, an industry will base itself in the country where most of its products are consumed in order to minimize transportation costs. The home market effect implies a link between market size and exports that is not accounted for in trade models based solely on comparative advantage.

    Rajneesh Narula, is an economist and academic. He is Professor of International Business Regulation and Director of the John H. Dunning Center for International Business at Henley Business School, University of Reading in Reading, UK.

    Internalization theory is a branch of economics that is used to analyse international business behaviour. Internalization theory focuses on imperfections in intermediate product markets. Two main kinds of intermediate product are distinguished: knowledge flows linking research and development (R&D) to production, and flows of components and raw materials from an upstream production facility to a downstream one. Most applications of the theory focus on knowledge flow. Proprietary knowledge is easier to appropriate when intellectual property rights such as patents and trademarks are weak. Even with strong protections firms protect their knowledge through secrecy. Instead of licensing their knowledge to independent local producers, firms exploit it themselves in their own production facilities. In effect, they internalise the market in knowledge within the firm. The theory claims the internalization leads to larger, more multinational enterprises, because knowledge is a public good. Development of a new technology is concentrated within the firm and the knowledge then transferred to other facilities.

    The Reading School of International Business is widely understood in the field of international business (IB), management and economics to embody a stream of conceptual, and theoretically-driven empirical research, and consists of a group of economists that have a common approach to analyzing multinational enterprise and foreign direct investment. Some are based in the Department of Economics and in Henley Business School at the University of Reading, England, but membership is international. The Reading School builds upon the pathbreaking theoretical work of Peter Buckley and Mark Casson on internalization theory. This was complemented by simultaneous work by John Dunning as he developed the eclectic paradigm of international business as an envelope explanation containing three principal drivers of foreign direct investment, comprising ownership (O); location (L); and internalization (I). The Reading School approach continues through the work of its academic disciples around the world, as well as through The John Dunning Centre at Henley Business School, University of Reading, under the directorship of Rajneesh Narula.

    <span class="mw-page-title-main">Elizabeth Asiedu</span> Ghanaian economist

    Elizabeth Asiedu is a professor of economics at the University of Kansas. She has facilitated research that is centered around foreign aid, foreign directed investment (FDI), and gender. She is a founder of the Association for the Advancement of African Women (AAAWE), as well as the current president of the organization. Asiedu is an editor of the Journal of African Development.

    Robert Christopher Feenstra is an American economist, academic and author. He is the C. Bryan Cameron Distinguished Chair in International Economics at University of California, Davis. He served as the director of the International Trade and Investment Program at the National Bureau of Economic Research from 1992 to 2016. He also served as Associate Dean in the Social Sciences at the University of California, Davis from 2014 to 2019.

    <span class="mw-page-title-main">Shaomin Li</span> Old Dominion University academic

    Shaomin Li is a Chinese-American sociologist, economist, academic, author, and artist. He is a professor of Management and International Business, Eminent Scholar, and Chair of the Department of Management at Old Dominion University (ODU).

    {{Infobox academic | name = Assaf Razin | image = | image_size = | caption = | birth_date = 1941 | birth_place = Shamir, Israel | death_date = | death_place = | occupation = Economist, academic and author | boards = First International Bank of Israel
    Gan-Shmuel Foods | spouse = Shula Razin

    Rezaul Kabir is a management scholar specializing in corporate finance and corporate governance. He has conducted cross-disciplinary, empirical and policy-oriented research collaborating with scholars from many different countries. Some of his famous works are on capital market regulation, ownership and control of corporations, capital structure, executive compensation, financial crisis, political connections, and microfinance. Most of his research papers are publicly available on the Social Science Research Network.

    References

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    3. 1 2 "Multinational Firms and the Theory of International Trade | WorldCat.org".
    4. "Registered Author: James R. Markusen". econpapers.repec.org.
    5. "Prof. James R. Markusen". www.cesifo.org.
    6. "James MARKUSEN | Distinguished Professor | PhD | University of Colorado Boulder, CO | CUB | Department of Economics | Research profile".
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    8. Ethier, Wilfred J.; Markusen, James R. (August 1, 1996). "Multinational firms, technology diffusion and trade". Journal of International Economics. 41 (1): 1–28. doi: 10.1016/0022-1996(95)01411-X .[ non-primary source needed ]
    9. Horstmann, Ignatius J.; Markusen, James R.; Robles, Jack (May 2005). "Issue Linking in Trade Negotiations: Ricardo Revisited or No Pain No Gain". Review of International Economics. 13 (2): 185–204. doi:10.1111/j.1467-9396.2005.00498.x.[ non-primary source needed ]
    10. Markusen, James R.; Venables, Anthony J. (November 2007). "Interacting factor endowments and trade costs: A multi-country, multi-good approach to trade theory". Journal of International Economics. 73 (2): 333–354. doi:10.1016/j.jinteco.2007.03.005.[ non-primary source needed ]
    11. Markusen, James R. (January 2013). "Expansion of trade at the extensive margin: A general gains-from-trade result and illustrative examples". Journal of International Economics. 89 (1): 262–270. doi:10.1016/j.jinteco.2012.04.007.[ non-primary source needed ]
    12. Caron, Justin; Fally, Thibault; Markusen, James R. (August 2014). "International Trade Puzzles: A Solution Linking Production and Preferences". The Quarterly Journal of Economics. 129 (3): 1501–1552. doi:10.1093/qje/qju010.[ non-primary source needed ]
    13. 1 2 Markusen, James R. (May 1984). "Multinationals, multi-plant economies, and the gains from trade". Journal of International Economics. 16 (3–4): 205–226. doi:10.1016/S0022-1996(84)80001-X.[ non-primary source needed ]
    14. Markusen, James R. (June 11, 1995). "The Boundaries of Multinational Enterprises and the Theory of International Trade". Journal of Economic Perspectives. 9 (2): 169–189. doi: 10.1257/jep.9.2.169 .[ non-primary source needed ]
    15. Carr, David L.; Markusen, James R.; Maskus, Keith E. (2001). "Estimating the Knowledge-Capital Model of the Multinational Enterprise" (PDF). The American Economic Review. 91 (3): 693–708. doi:10.1257/aer.91.3.693. JSTOR   2677888.[ non-primary source needed ]
    16. Markusen, James R.; Maskus, Keith E. (November 2002). "Discriminating Among Alternative Theories of the Multinational Enterprise". Review of International Economics. 10 (4): 694–707. doi:10.1111/1467-9396.00359.[ non-primary source needed ]
    17. Horstmann, Ignatius; Markusen, James R. (1987). "Licensing versus Direct Investment: A Model of Internalization by the Multinational Enterprise". The Canadian Journal of Economics / Revue canadienne d'Economique. 20 (3): 464–481. doi:10.2307/135389. JSTOR   135389.[ non-primary source needed ]
    18. Horstmann, Ignatius J.; Markusen, James R. (1996). "Exploring New Markets: Direct Investment, Contractual Relations and the Multinational Enterprise" (PDF). International Economic Review. 37 (1): 1–19. doi:10.2307/2527243. JSTOR   2527243.[ non-primary source needed ]
    19. Kokko, A. (March 2004). "Markusen, J. R.: Multinational Firms and the Theory of International Trade". Journal of Economics. 81 (3): 284–287. doi:10.1007/s00712-003-0035-9.[ non-primary source needed ]
    20. Markusen, James R. (1998). "Multinational Enterprises and the Theories of Trade and Location". The Geography of Multinational Firms. Economics of Science, Technology and Innovation. Vol. 12. pp. 9–32. doi:10.1007/978-1-4615-5675-6_2. ISBN   978-1-4613-7598-2.[ non-primary source needed ]
    21. Markusen, James R. (1992). "The Theory of the Multinational Enterprise: A Common Analytical Framework". Direct Foreign Investment In Asia's Developing Economies And Structural Change In The Asia-pacific Region. Routledge. doi:10.4324/9780429033650. ISBN   978-0-429-03365-0.[ non-primary source needed ]
    22. Markusen, James R. (2021). Broadening Trade Theory: Incorporating Market Realities Into Traditional Models. World Scientific Company Pte. Limited. ISBN   978-981-12-2295-5.[ page needed ][ non-primary source needed ]
    23. Markusen, James R. (November 1981). "Trade and the gains from trade with imperfect competition". Journal of International Economics. 11 (4): 531–551. doi:10.1016/0022-1996(81)90033-7.[ non-primary source needed ]
    24. Markusen, James R. (February 1975). "International externalities and optimal tax structures". Journal of International Economics. 5 (1): 15–29. doi:10.1016/0022-1996(75)90025-2.[ non-primary source needed ]
    25. Markusen, James R. (May 1983). "Factor movements and commodity trade as complements". Journal of International Economics. 14 (3–4): 341–356. doi:10.1016/0022-1996(83)90009-0.
    26. Horstmann, Ignatius J.; Markusen, James R. (May 1986). "Up the average cost curve: Inefficient entry and the new protectionism". Journal of International Economics. 20 (3–4): 225–247. doi:10.1016/0022-1996(86)90020-6.[ non-primary source needed ]
    27. Markusen, James R.; Venables, Anthony J. (December 1998). "Multinational firms and the new trade theory" (PDF). Journal of International Economics. 46 (2): 183–203. doi:10.1016/S0022-1996(97)00052-4.[ non-primary source needed ]
    28. Markusen, James R.; Venables, Anthony J. (December 2000). "The theory of endowment, intra-industry and multi-national trade" (PDF). Journal of International Economics. 52 (2): 209–234. doi:10.1016/S0022-1996(99)00055-0.[ non-primary source needed ]
    29. Ganslandt, Mattias; Markusen, James (June 2001). Standards and Related Regulations in International Trade: A Modeling Approach (Report). doi: 10.3386/w8346 .[ non-primary source needed ]
    30. Markusen, James R.; Deardorff, Alan V.; Irwin, Douglas A. (2005). "Modeling the Offshoring of White-Collar Services: From Comparative Advantage to the New Theories of Trade and Foreign Direct Investment [with Comments and Discussion]". Brookings Trade Forum: 1–34. doi:10.1353/btf.2006.0019. JSTOR   25058761. Project MUSE   194684.[ non-primary source needed ]
    31. Balistreri, Edward J.; Markusen, James R. (January 2009). "Sub-national differentiation and the role of the firm in optimal international pricing" (PDF). Economic Modelling. 26 (1): 47–62. doi:10.1016/j.econmod.2008.05.004.[ non-primary source needed ]
    32. Markusen, James; Morey, Edward; Olewiler, Nancy (April 1992). Noncooperative Equilibria in Regional Environmental Policies When Plant Locations are Endogenous (Report). doi:10.3386/w4051.[ non-primary source needed ]
    33. Markusen, James R.; Morey, Edward R.; Olewiler, Nancy (January 1995). "Competition in regional environmental policies when plant locations are endogenous". Journal of Public Economics. 56 (1): 55–77. doi:10.1016/0047-2727(94)01419-O.[ non-primary source needed ]
    34. Lopez-de-Silane, Florencio; Markusen, James; Rutherford, Thomas (October 1993). Anti-Competitive and Rent-Shifting Aspects of Domestic-Content Provisions in Regional Trade Blocks (Report). doi: 10.3386/w4512 .[ non-primary source needed ]
    35. Markusen, Jim (April 2004). "Regional Integration and Third-Country Inward Investment". Business and Politics. 6 (1): 1–24. doi:10.2202/1469-3569.1082.[ non-primary source needed ]
    36. Ekholm, Karolina; Forslid, Rikard; Markusen, James R. (June 2007). "Export-Platform Foreign Direct Investment" (PDF). Journal of the European Economic Association. 5 (4): 776–795. doi:10.1162/JEEA.2007.5.4.776.[ non-primary source needed ]
    37. "Regional Specialization: From the Geography of Industries to the Geography of Jobs" (PDF).[ non-primary source needed ]
    38. Markusen, James R. (August 1990). "Micro-Foundations of External Economies". The Canadian Journal of Economics. 23 (3): 495–508. doi:10.2307/135644. JSTOR   135644.[ non-primary source needed ]
    39. Malchow-Møller, Nikolaj; Markusen, James R.; Schjerning, Bertel (2013). "Foreign Firms, Domestic Wages". The Scandinavian Journal of Economics. 115 (2): 292–325. doi:10.1111/sjoe.12001. JSTOR   43673629.[ non-primary source needed ]
    40. "Bhagwati Award Winners – 2000–2020 – The Bhagwati and Calvo Awards – Journal of International Economics – Journal – Elsevier". www.journals.elsevier.com.
    James R. Markusen
    Born (1948-04-26) April 26, 1948 (age 76)
    Minneapolis, Minnesota
    NationalityAmerican
    Occupation(s)Economist, academic and author
    Academic background
    Education B.A., Economics
    PHD, Economics
    Alma mater Boston College
    Thesis Cooperative and Non-cooperative Control of International Common Property Resources  (1975)