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and I. INTRODUCTION External trade and foreign direct investment (Fdi) have long been the engines of economic growth, social progress and poverty reduction in the large majority of developing economies in East and Southeast Asia, among other global regions. To repeat a well-worn cliche, however, there has been a paradigm shift in the process of value creation as well as in the patterns of trade-oriented and FDi-driven business development and internationalization. This fundamental change was ignited by the commercial production of a computer on a silicon chip in 1969. It has been molded and steered since then by, among others, three major forces in the world community. One is the accelerating, multi-faceted progress in science and technology (S&T) and the rapid commercialization of research and development (R&D) results. The second force relates to widespread trade liberalization and economic deregulation. Lastly, there exist fiercer supply competition and more sophisticated and fickle consumer demand. All those have combined and interacted to transform, for better or worse, the dynamics of production and consumption of goods and services, of trade and investment and of value-chain organization and inter-firm linkages among interdependent industries and markets around the globe. Generally, however, most developing economies
Journal of World Investment and Trade – Brill
Published: Jan 1, 2006
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