Hostname: page-component-76fb5796d-vfjqv Total loading time: 0 Render date: 2024-04-26T22:07:48.028Z Has data issue: false hasContentIssue false
  • English
  • Français

The Long-Term Effects of Foreign Investment on Local Human Capital: Four American Companies in Spain, 1920s–1970s

Published online by Cambridge University Press:  25 October 2018

Núria Puig  and
Adoración Álvaro-Moya
Get access Rights & Permissions [Opens in a new window]

Abstract

This article explores the long-term effects of foreign direct investment on the human capital development of host economies, based on the historical analysis of the Spanish operations of four leading American firms: ITT, J. Walter Thompson, Merck Sharp & Dohme, and John Deere. Our research shows that the training and working practices of these companies had a positive impact on the Spanish subsidiaries in terms of technological upgrading and managerial development. However, the local context was also relevant, through mandatory agreements that empowered local partners from the start and the availability of locally educated professionals eager to absorb new knowledge.

Keywords

foreign direct investmentspillovershuman capitalAmerican multinational enterprisesSpain
Type
Research Article
Information
Business History Review , Volume 92 , Issue 3 , Autumn 2018 , pp. 425 - 452
Copyright
Copyright © The President and Fellows of Harvard College 2018 

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Footnotes

The authors acknowledge financial support from the Spanish research system (projects ECO 2012-35266 and HAR 2015-64769). They are grateful to the editors and reviewers for their insightful comments.

References

1 Lall, Sanjaya and Narula, Rajneesh, “Foreign Direct Investment and Its Role in Economic Development: Do We Need a New Agenda?” European Journal of Development Research 16, no. 3 (2004): 447–64CrossRefGoogle Scholar; Narula, Rajneesh and Dunning, John H., “Multinational Enterprises, Development and Globalization: Some Clarifications and a Research Agenda,” Oxford Development Studies 38, no. 3 (2010): 263–87CrossRefGoogle Scholar; Moran, Theodore H., Graham, Edward M., and Blomstrom, Magnus, eds., Does Foreign Direct Investment Promote Development? (Washington, D.C., 2005)Google Scholar; Borensztein, Eduardo, Gregorio, José De, and Lee, Jong-Wha, “How Does Foreign Investment Affect Economic Growth?” Journal of International Economics 45 (1998): 115–35CrossRefGoogle Scholar.

2 Buckley, Peter and Casson, Mark, The Future of the Multinational Enterprise (London, 1976)CrossRefGoogle Scholar; Verbeke, Alain and Kano, Liena, “The New Internalization Theory and Multinational Enterprises from Emerging Economies: A Business History Perspective,” Business History Review 89, no. 3 (2015): 415–45CrossRefGoogle Scholar.

3 Collings, David G. and Scullion, Hugh, “Global Staffing,” International Journal of Human Resource Management 20, no. 6 (2009): 1249–52CrossRefGoogle Scholar.

4 Dunning, John H. and Lundan, Sarianna, Multinational Enterprises and the Global Economy (London, 2008), 444–47Google Scholar; Jones, Geoffrey, Multinationals and Global Capitalism from the Nineteenth to the Twenty-First Century (Oxford, 2005), 260–66Google Scholar; Dirk Willem te Velde, “Foreign Direct Investment and Development: An Historical Perspective” (background paper, Overseas Development Institute, 30 Jan. 2016), 15–17; Jones, Geoffrey, “Firms and Global Capitalism,” in The Cambridge History of Capitalism, vol. 2, The Spread of Capitalism: From 1848 to the Present, ed. Neal, Larry and Williamson, Jeffrey G. (Cambridge, 2014), 169–200Google Scholar; Jones, Geoffrey “Editor's Introduction,” Business History Review 89, no. 3 (2015): 403–4CrossRefGoogle Scholar; Wilkins, Mira, “Multinational Enterprises and the Varieties of Capitalism,” Business History Review 84, no. 4 (2010): 638–45Google Scholar; Oddou, Gary, Osland, Joyce S., and Blakeney, Roger N., “Repatriating Knowledge: Variables Influencing the ‘Transfer’ Process,” Journal of International Business Studies 40, no. 2 (2009): 181–99CrossRefGoogle Scholar.

5 Narula, Rajneesh and Driffield, Nigel, “Does FDI Cause Development? The Ambiguity of the Evidence and Why It Matters,” European Journal of Development Research 24, no. 1 (2012): 1–7CrossRefGoogle Scholar; Narula, Rajneesh, “Foreign Direct Investment as a Driver of Industrial Development: Why Is There So Little Evidence?” in International Business and Sustainable Development, ed. Van Tulder, Rob, Verbeke, Alain, and Strange, Roger (London, 2014), 45–67CrossRefGoogle Scholar; Lipsey, Robert E., and Sjöholm, Fredrik, “The Impact of Inward FDI on Host Countries: Why Such Different Answers?” in Does Foreign Direct Investment Promote Development? ed. Moran, Theodore H., Graham, Edward M. and Blomstrom, Magnus (Washington, D.C., 2005), 23–43Google Scholar; Theodore H. Moran, “How Does FDI Affect Host Country Development? Using Industry Case Studies to Make Reliable Generalizations,” in Moran, Graham, and Blomstrom, Foreign Direct Investment, 281–313; Moran, Theodore H., Foreign Direct Investment and Development: Launching a Second Generation of Policy Research (Washington, D.C., 2011)Google Scholar; Meyer, Klaus E., Mudambi, Ram, and Narula, Rajneesh, “Multinational Enterprises and Local Contexts: The Opportunities and Challenges of Multiple Embeddedness,” Journal of Management Studies 48, no. 2 (2011): 235–52Google Scholar. From the perspective of international human resource management, see Caprar, Dan V., “Foreign Locals: A Cautionary Tale on the Culture of MNC Local Employees,” Journal of International Business Studies 42, no. 5 (2011): 608–28CrossRefGoogle Scholar; Brewster, Chris, Bonache, Jaime, Cerdin, Jean-Luc, and Suutari, Vesa, “Exploring Expatriate Outcomes,” International Journal of Human Resource Management 25, no. 14 (2014): 1921–37CrossRefGoogle Scholar; Froese, Fabian J. and Toh, Soo Min, “Guest Editorial: Expatriates in Context—Expanding Perspectives on the Expatriate Situation,” Journal of Global Mobility 4, no. 4 (2016): 382–85CrossRefGoogle Scholar.

6 Wilkins, Mira, “The Role of Private Business in the International Diffusion of Technology,” Journal of Economic History 34, no. 1 (1974): 166–88CrossRefGoogle Scholar.

7 Jones, Multinationals and Global Capitalism, 260–61; Jones, Geoffrey, “Business History and the Impact of MNEs on Host Economies” in Boddewyn, Jean J., ed., Multidisciplinary Insights from New AIB Fellows, Research in Global Strategic Management series, vol. 16 (Bingley, 2014), 177–98CrossRefGoogle Scholar.

8 Jones, Geoffrey, Entrepreneurship and Multinationals: Global Business and the Making of the Modern World (Cheltenham, 2013), 37, 131–32CrossRefGoogle Scholar; Decker, Stephanie, “Building Up Goodwill: British Business, Development and Economic Nationalism in Ghana and Nigeria, 1945–1977,” Enterprise & Society 9, no. 4 (2008): 602–13Google Scholar, https://doi.org/10.1017/S1467222700007540; Headrik, Daniel R., The Tentacles of Progress: Technology Transfer in the Age of Imperialism (Oxford, 1988)Google Scholar; Piquet, Caroline, “The Suez Company's Concession in Egypt, 1854–1956: Modern Infrastructure and Local Economic Development,” Enterprise & Society 5, no. 1 (2004): 107–27Google Scholar; Keetie Sluyterman, “Decolonisation and the Organisation of the International Workforce: Dutch Multinationals in Indonesia, 1945–1967,” Business History (advance online publication 17 July 2017), https://doi.org/10.1080/00076791.2017.1350170; Kristin Ranestad, “Multinational Mining Companies, Employment and Knowledge Transfer: Chile and Norway from ca. 1870 to 1940,” Business History (advance online publication 6 Dec. 2017), https://doi.org/10.1080/00076791.2017.1407313.

9 Meyer, Mudambi, and Narula, “Multinational Enterprises and Local Contexts.”

10 Prados, Leandro, Spanish Economic Growth, 1850–2015 (London, 2017), 40–43CrossRefGoogle Scholar.

11 Tortella, Gabriel, The Development of Modern Spain (Cambridge, Mass., 2000)Google Scholar.

12 Muñoz, Juan, Roldán, Santiago, and Serrano, Ángel, La internacionalización del capital en España, 1959–1977 (Madrid, 1978)Google Scholar.

13 Particularly in small and medium enterprises, technical assistance contracts, manufacturing licenses, and hiring foreign technicians, among others, were powerful sources of knowledge. Puig, Nuria and Álvaro-Moya, Adoración, “The Long-Term Impact of Foreign Multinational Enterprises in Spain: New Insights into an Old Topic,” Journal of Evolutionary Studies in Business 1, no. 2 (2016): 14–39Google Scholar; Jesús M. Valdaliso, “Accounting for the Resilience of the Machine-Tool Industry in Spain (c. 1960–2015),” Business History (advance online publication 20 July 2018), https://doi.org/10.1080/00076791.2018.1473380.

14 Guillén, Mauro F., The Rise of Spanish Multinationals: European Business in the Global Economy (Cambridge, Mass., 2011)Google Scholar.

15 Puig, Nuria and Álvaro-Moya, Adoración, “La huella del capital extranjero en España: un análisis comparado,” Revista de Historia Industrial 58 (2015): 249–85Google Scholar.

16 Jones, Multinationals and Global Capitalism, 260.

17 Vaupel, James and Curhan, Joan P., The Making of Multinational Enterprise: A Sourcebook of Tables Based on a Study of 187 Major U.S. Manufacturing Corporations (Boston, 1969), 384–85Google Scholar; Colli, Andrea, “Multinationals and Economic Development in Italy during the Twentieth Century,” Business History Review 88, no. 2 (2014): 303–27CrossRefGoogle Scholar; Bonin, Hubert, “American Business Spreading Modernity into France,” in American Firms in Europe (1880–1980): Strategy, Identity, Perception and Performance, ed. Bonin, Hubert and de Goey, Ferry (Geneva, 2009), 550–57Google Scholar; and Ferry de Goey and Ben Wubs, “US Multinationals in the Netherlands in the Twentieth Century: ‘The Open Gate to Europe,’” in Bonin and de Goey, American Firms in Europe, 163–65.

18 Dunning and Lundan, Multinational Enterprises, 449.

19 Puig and Álvaro-Moya “The Long-Term Impact,” 16–17.

20 Muñoz, Roldán, and Serrano, La internacionalización, 130.

21 Álvaro-Moya, Adoración, “Hízose el milagro. La inversión directa estadounidense y la empresa española (c. 1900–1975),” Investigaciones de Historia Económica 7, no. 3 (2011), 364–65CrossRefGoogle Scholar.

22 Tortella, The Development, chap. 12.

23 Almost 36 percent of the stock of inward FDI between 1960 and 1972 was concentrated in Madrid, followed by Catalonia (26 percent); within Catalonia, investment was concentrated in Barcelona and its surrounding towns. Muñoz, Roldán, and Serrano, La internacionalización, 131–33.

24 Abo, Tetsuo, “ITT's International Business Activities, 1920–40: The Remarkable Advance and Setback of a ‘Pure International Utility Company,’” in The Growth of Multinationals, ed. Wilkins, Mira (Aldershot, 1991), 512–36Google Scholar; Winseck, Dwayne R. and Pike, Robert M., Communication and Empire: Media, Markets, and Globalization, 1860–1930 (Durham, 2007), 303–18CrossRefGoogle Scholar.

25 Deloraine, Maurice, When Telecom and ITT Were Young (New York, 1974)Google Scholar. Western Electric was integrated into AT&T, which held the monopoly on phone service in the United States and Canada for most of the twentieth century. In 1925, AT&T sold International Western Electric to avoid U.S. antitrust legislation. Wilkins, Mira, The Maturing of Multinational Enterprise: American Business Abroad from 1914 to 1970 (Cambridge, Mass., 1974), 70–71CrossRefGoogle Scholar.

26 Álvaro-Moya, “Hízose el milagro,” 360.

27 Álvaro-Moya, Adoración, “Networking Capability Building in the Multinational Enterprise: ITT and the Spanish Adventure (1924–1945),” Business History 57, no. 7 (2015): 1082–111CrossRefGoogle Scholar.

28 Hausman, William, Hertner, Peter, and Wilkins, Mira, Global Electrification: Multinational Enterprise and International Finance in the History of Light and Power, 1878–2007 (New York, 2008), 135–36, 349n91CrossRefGoogle Scholar; Puig, Núria and Torres, Eugenio, Banco Urquijo: Un banco con historia (Madrid, 2008)Google Scholar.

29 Compañía Telefónica Nacional de España (CTNE), La nueva red telefónica de España (Madrid, 1928)Google Scholar; Sobel, Robert, ITT: The Management of Opportunity (Washington, D.C., 2000), chap. 3Google Scholar; Calvo, Ángel A., Historia de Telefónica: 1924–1975: Primeras décadas: tecnología, economía y política (Barcelona, 2010), chap. 3Google Scholar; Deloraine, Telecom and ITT.

30 “Escuela General de Telegrafía (1913–1929),” Escuela Técnica Superior de Ingenieros de Telecomunicación, Universidad Politécnica de Madrid (former Official School of Telegraphy), accessed 13 Feb. 2017, http://www.etsit.upm.es/escuela/historia/escuela-general-de-telegrafia-1913-1929.html.

31 “ITT's Memorandum 26 February 1940,” R1671/6, Archivo Histórico del Ministerio de Asuntos Exteriores [Archive of the Ministry of Foreign Affairs], Madrid, Spain.

32 Minutes of the Executive Committee 406, 28 Sept. 1932, Archivo Telefónica [Telefónica's Archives], Madrid, Spain (hereafter AT).

33 Márquez, Manuel, Manuel Márquez Mira: hombre de empresa (Madrid, 1976), 149Google Scholar.

34 Deloraine, Telecom and ITT, 67.

35 Revista Telefónica Española [Spanish Telephone Review, Telefónica's corporate journal], Jan. 1925 and Sept. 1926; Telefónica, 1926 Annual Report, AT.

36 Calvo, Ángel A., Telecomunicaciones y el nuevo mundo digital en España. La aportación de Standard Eléctrica (Barcelona, 2014), 76Google Scholar.

37 “II Reunión de Jefes Técnicos,” July 1945, Fundación Telefónica Archives [Telefónica Foundation Archives], Madrid, Spain.

38 Calvo, Telecomunicaciones, chap. 3.

39 Minutes of the Board of Directors and of the Executive Committee (1924–1980), AT.

40 Ibid.; Francisco J. García Algarra, “Centrales telefónicas norteamericanas en los años 20: Estudio de la formación de una tipología arquitectónica” (PhD diss., Universidad Nacional a Distancia, 2005), 307–10; Asociación Española de Ingenieros de Telecomunicación (AEIT), Relación de los ingenieros; AEIT, Boletín (Madrid, 1941)Google Scholar; Camacho, Alfredo Marín, “Manuel Marín Bonell,” in Cuatrocientos años de los Marín, ed. Marín, Alfredo (Valencia, 2009), 137–51Google Scholar; Ayuntamiento de Morella, “Fondo Manuel Marín,” accessed 13 Feb. 2017, http://www.morella.net/museu/arxiu/?lang=es.

41 Calvo, Telecomunicaciones, 135, 305–6.

42 Borderías, Cristina, Entre líneas: Trabajo e identidad femenina en la España Contemporánea. La Compañía Telefónica, 1924–1980 (Barcelona, 1993)Google Scholar.

43 Bravo, Julián, J. Walter Thompson en España de 1927 a 1936 (Madrid, 1978)Google Scholar.

44 This case study relies on documents from the J. Walter Thompson archives at the John W. Hartman Center for Sales, Advertising & Marketing History, Rubenstein Library, Duke University, Durham (hereafter JWTA); Thompson, J. Walter (JWT), J. Walter Thompson España: 25 años (Madrid, 1991)Google Scholar; España, JWT, Tenemos diez años (Madrid, 1976)Google Scholar; España, JWT, El mercado y nuestros anuncios (Madrid, 1984)Google Scholar; and España, JWT, JWT 25: Esto no es un cuchillo de palo (Madrid, 1991)Google Scholar. This study also utilizes interviews with Julián Bravo (JWT Spain: director, 1966–1992; CEO, 1974–1988; executive president, 1988–1992), Ramón Perales (JWT Spain, top executive), and M. Rosa Pesquera (JWT Spain, top executive); all interviews by Núria Puig, 2004 and 2005, JWT España, Madrid. We have not yet examined two new resources at Duke University's Hartman Center—Edward G. Wilson papers and Rena Bartos papers—both of which hold information about JWT Spain.

45 Representatives’ Meetings, 29 July 1930, JWTA; Research Reports, Spain 1927–1930, JWTA.

46 Representatives’ Meetings, 29 July 1930, JWTA.

47 Ibid.

48 Ibid.

49 In 1928, it represented 4.5 percent of JWT's European business and 7.1 percent of GM's European sales. Profitability was higher than the average (6.8 percent versus 5.5 percent) and labor costs remained relatively low (57.2 percent of total costs). Research Reports, Spain 1927–1930, JWTA.

50 Bravo, J. Walter Thompson; interview with Julián Bravo.

51 Sam Meek Papers, Madrid, correspondence, 13 Mar. 1961, JWTA.

52 Ruescas, Francisco García, Historia de la publicidad en España (Madrid, 1971)Google Scholar; Ruescas, Francisco García, Relatos al final del camino (Madrid, 1995)Google Scholar.

53 Rosello, Clemente Ferrer, Los gurús de la publicidad (Madrid, 1996)Google Scholar; Montañés, Fernando, Una historia de la publicidad y el consumidor en España (Madrid, 2014)Google Scholar.

54 JWT, J. Walter Thompson España.

55 Puig, Núria, Constructores de la química moderna: Bayer, Cepsa, Puig, Repsol, Schering y La Seda (Madrid, 2003), chap. 4Google Scholar; Puig, Núria, “Networks of Innovation or Networks of Opportunity? The Making of the Spanish Antibiotics Industry,” Ambix 51, no. 2 (2004): 167–85CrossRefGoogle ScholarPubMed.

56 Puig, Constructores, chap. 4; Puig, “Networks of Innovation”; Puig, Núria, “Networks of Opportunity and the Spanish Pharmaceutical Industry,” in Innovation and Networks in Europe, ed. Fernández, Paloma and Rose, Mary (London, 2010), 164–83Google Scholar.

57 Puig, “Networks of Innovation”.

58 Santesmases, María Jesús, Antibióticos en la autarquía: banca privada, industria farmacéutica, investigación científica y cultura liberal en España, 1940–1960 (Madrid, 1999)Google Scholar.

59 Rodríguez-Ocaña, Esteban, “La intervención de la Fundación Rockefeller en la creación de la sanidad contemporánea en España,” Revista Española de Salud Pública 74 (2000): 27–34CrossRefGoogle Scholar.

60 Industria, box 5112, folder 37Q, Archivo General de la Administración [General administration archives], Madrid, Spain (hereafter, AGA).

61 Puig, Núria and Álvaro-Moya, Adoración, “La guerra fría y los empresarios españoles: la articulación de los intereses económicos de Estados Unidos en España, 1950–1975,” Revista de Historia Económica 22, no. 2 (2004): 413–14Google Scholar; Puig, Núria and Álvaro-Moya, Adoración, “Misión imposible: la expropiación de las empresas alemanas en España, 1945–1975,” Investigaciones de Historia Económica 7 (2007): 103–32Google Scholar; Puig and Torres, Banco Urquijo, 196–201.

62 Sturchio, Jeffrey, Values and Visions: A Merck Century (Rahway, N.J., 1992)Google Scholar; Mochales, Sagrario, “Forty Years of Screening Programmes for Antibiotics,” Microbiología 10, no. 4 (1994): 331–42Google ScholarPubMed; Strohl, W. R., Woodruff, H. B., Monaghan, R. L., Hendlin, D., Mochales, S., Demain, A. L., and Liesch, J., “The History of Natural Products Research at Merck & Co., Inc.,” SIM News 51, no. 1 (2001): 5–19Google Scholar.

63 Sagrario Mochales, interview by Núria Puig, 27 June 2001, Madrid. Isabel Martín, Fernando Peláez, and Paloma Fernández-Cano—all senior researchers at CIBE—were also interviewed, 24 Sept., 2 Oct., and 12 Nov. 2001.

64 Industria, box 5112, folder 37Q, AGA.

65 CEPA Annual Reports, 1958–1968, Fundación Juan March, Fondo Banco Urquijo, Madrid, Spain (hereafter, FHBU).

66 Mochales, “Forty Years of Screening Programmes”; Strohl et al., “History of Natural Products Research.”

67 Industria, box 5112, folder 37Q, AGA.

68 Industria, box 322, AGA.

69 Industria, box 286, AGA.

70 Industria, boxes 291, 292, and 293, AGA.

71 Federico, Giovanni, Feeding the World: An Economic History of Agriculture, 1800–2000 (Princeton, 2005)Google Scholar.

72 Kurdle, Robert T., Agricultural Tractors: A World Industry Study (Cambridge, Mass., 1975)Google Scholar; Bye, Pascal and Chanaron, Jean-Jacques, The Agricultural Machinery Industry in the 1980s: Factors and International Cooperation (Vienna, 1983)Google Scholar; Broehl, Wayne G. Jr., John Deere's Company: A History of Deere & Company and Its Times (New York, 1984), appendix, exhibit 2.2Google Scholar.

73 Broehl, John Deere's Company, 648–53.

74 JDI, 1970 Annual Report, FHBU; Nieto, Silvia, John Deere Ibérica, 50 años juntos: Historia de un líder (Madrid, 2003), 64–65Google Scholar.

75 Based on JDI, Annual Reports (1959–1970), FHBU; Minutes of the Comité de Empresa [Works council] 1965–1974, Archivo Histórico de Comisiones Obreras [Comisiones Obreras’ Archives], Madrid, Spain (hereafter AHCCOO); “Acuerdo sobre la nueva organización de primas e incentivos del personal obrero de Lanz Ibérica, S.A.,” 16 Mar. 1964, 02/32, AHCCOO; Report from Francis Lardner (John Deere's delegate in Spain), 15 Mar. 1965, 10/28, AHCCOO; Letter from labor representative at the Jurado de Empresa, 20 Dec. 1969, 3/11, AHCCOO. Ricardo Medem (former president and honorary chairman of JDI) and Luis Sánchez (former general manager and vice chairman of JDI), interview by Adoración Álvaro-Moya, 14 Oct. 2005. Comisiones Obreras is one of the largest Spanish trade unions, formerly attached to the Spanish Communist Party.

76 Puig, Núria, “Educating Spanish Managers: The United States, Modernising Networks, and Business Schools in Spain, 1950–1975,” in Inside the Business Schools: The Content of European Business Education, ed. Amdam, Rolv Petter, Kvälshaugen, Ragnhild, and Larsen, Eirinn (Oslo, 2003), 58–86Google Scholar.

77 Guillén, Mauro F., Models of Management: Work, Authority, and Organization in a Comparative Perspective (Chicago, 1994), chap. 4Google Scholar.

78 Nieto, John Deere, 57–58.

79 “Acuerdo sobre,” AHCCOO.

80 Industria, reference (13)1.06 71/6411, AGA; JDI, Reglamento de régimen interior (Madrid, 1968)Google Scholar.

81 Industria, reference (13)1.06 71/6940, file 68371, AGA.

82 JDI, Annual Reports, 1969–1972, FHBU; JDI, Profesionalismo John Deere (Madrid, 1966)Google Scholar; Medem, Ricardo, Formación y desarrollo: Discurso a los estudiantes de la Escuela Técnica Superior de Ingenieros Agrónomos de Madrid, el día 19 de febrero de 1969 (Madrid, 1969)Google Scholar.

83 Nieto, Cincuenta años, 56, 66–68; Medem, Formación y desarrollo; and sources in note 75.

84 Puig and Álvaro-Moya, “La guerra fría.”

85 Edström, Anders and Galbraith, Jay R., “Transfer of Managers as a Coordination and Control Strategy in Multinational Organizations,” Administrative Science Quarterly 22, no. 2 (1977): 248–63CrossRefGoogle Scholar; Harzing, Anne-Wil, “Who's In Charge? An Empirical Study of Executive Staffing Practices in Foreign Subsidiaries,” Human Resource Management 40, no. 2 (2001): 139–58CrossRefGoogle Scholar.

86 Wilkins, Maturing of Multinational Enterprise, 159–60; Jones, Multinationals and Global Capitalism, chap. 7; Miller, Rory M., “Staffing and Management in British MNEs in Argentina and Chile, 1930–1970,” in The Impact of Globalization on Argentina and Chile: Business Enterprises and Entrepreneurship, ed. Jones, Geoffrey and Lluch, Andrea (Cheltenham, 2015), 152–81CrossRefGoogle Scholar.

87 Bucheli, Marcelo and Salvaj, Erica, “Reputation and Political Legitimacy: ITT in Chile, 1927–1972,” Business History Review 87, no. 4 (2013): 729–56CrossRefGoogle Scholar; Deloraine, Telecom and ITT.

88 Broehl, John Deere's Company, 619, 679.

89 Johanson, Jan and Vahlne, Jan E., “The Uppsala Internationalization Process Model Revisited: From Liability of Foreignness to Liability of Outsidership,” Journal of International Business Studies 40, no. 9 (2009): 1411–31CrossRefGoogle Scholar.

90 Amsden, Alice, Asia's Next Giant: South Korea and Late Industrialization (Oxford, 1992)CrossRefGoogle Scholar; Chang, Ha-Joon, Kicking away the Ladder (New York, 2002)Google Scholar; Rodrik, Dani, One Economics, Many Recipes: Globalization, Institutions, and Economic Growth (Princeton, N.J., 2008)Google Scholar; Guillén, Mauro F. and García-Canal, Esteban, The New Multinationals: Spanish Firms in a Global Context (Cambridge, U.K., 2012)Google Scholar.

91 Cebrián, Mar, “La regulación industrial y la transferencia internacional de tecnología en España (1959–1973),” Investigaciones de historia económica 3 (2005): 11–40Google Scholar; Hidalgo, Antonio, Molero, José, and Penas, Gerardo, “Technology and industrialization at the take-off of the Spanish economy: New evidence based on patents,” World Patent Information 32, no. 1 (2010): 53–61CrossRefGoogle Scholar.

92 Colli, “Multinationals and Economic Development”; Teresa da Silva Lopes and Vitor C. Simoes, “Foreign Investment in Portugal and Knowledge Spillovers: From the Methuen Treaty to the 21st Century,” Business History (advance online publication 20 Nov. 2017), https://doi.org/10.1080/00076791.2017.1386177; Cerretano, Valerio, “Multinational Business and Host Countries in Times of Crisis: Courtaulds, Glanzstoff, and Italy in the Interwar Period,” Economic History Review 71, no. 2 (2018): 540–66CrossRefGoogle Scholar.

93 Colpan, Asli and Hikino, Takashi, “Foundations of Business Groups: Toward an Integrated Framework,” in The Oxford Handbook of Business Groups, ed. Colpan, Asli M., Hikino, Takashi, and Lincoln, James R. (Oxford, 2010), 15–66CrossRefGoogle Scholar; and Barbero, María Inés and Puig, Núria, “Business Groups around the World: An Introduction,” Business History 58, no. 1 (2016): 6–29CrossRefGoogle Scholar.

94 Jones, “Business History and the Impact.”

95 Zapata, Santiago, “Apéndice estadístico,” in Historia regional de España, ed. Germán, Luis, Llopis, Enrique, de Motes, Jordi Maluquer, and Zapata, Santiago (Barcelona, 2001), 571, 573, and 591Google Scholar.

96 Jones, “Firms and Global Capitalism.”