The political economy of foreign investment and industrial development: the Philippines, Malaysia and Thailand in comparative perspective

This article examines the contribution of foreign investment to industrial development by comparing the Philippine experience with two ASEAN neighbors: Malaysia and Thailand. Instead of viewing a failure to attract foreign investment as a binding development constraint, we focus on the appropriatene...

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Main Authors: Montes, Manuel F, Cruz, Jerik
Format: text
Published: Archīum Ateneo 2019
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Online Access:https://archium.ateneo.edu/economics-faculty-pubs/62
https://www.tandfonline.com/doi/full/10.1080/13547860.2019.1577207?casa_token=Pdn5JCYffPAAAAAA%3ACyv6L15K1REB3YkEDwLd3qKmqsK6RSo90IDtQsP5HT8al_Tb0Csc7FnlpgxSq0NRTZ1r4ra0UM9epg
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id ph-ateneo-arc.economics-faculty-pubs-1061
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spelling ph-ateneo-arc.economics-faculty-pubs-10612020-07-09T03:41:40Z The political economy of foreign investment and industrial development: the Philippines, Malaysia and Thailand in comparative perspective Montes, Manuel F Cruz, Jerik This article examines the contribution of foreign investment to industrial development by comparing the Philippine experience with two ASEAN neighbors: Malaysia and Thailand. Instead of viewing a failure to attract foreign investment as a binding development constraint, we focus on the appropriateness of such flows for industrial upgrading. Likewise, we underscore political economy factors—particularly the presence of effective state interventions and conducive state-business ties—as prime features of countries that have leveraged FDI for more successful industrial development. Without discounting flaws in these interventions in the cases of Thailand and Malaysia, we find that such forms of government involvement have been vital in driving both countries’ strong investment and industrial growth records relative to that of the Philippines. Revived industrial policy initiatives in developing Asia would be well-advised to heed these lessons on investment-related intervention, so as to reorient their investment policies for maximum impact on industrial development in the years ahead. 2019-01-01T08:00:00Z text https://archium.ateneo.edu/economics-faculty-pubs/62 https://www.tandfonline.com/doi/full/10.1080/13547860.2019.1577207?casa_token=Pdn5JCYffPAAAAAA%3ACyv6L15K1REB3YkEDwLd3qKmqsK6RSo90IDtQsP5HT8al_Tb0Csc7FnlpgxSq0NRTZ1r4ra0UM9epg Economics Department Faculty Publications Archīum Ateneo Investment policy industrial policy foreign direct investment Philippines Malaysia Thailand Economics International Economics
institution Ateneo De Manila University
building Ateneo De Manila University Library
continent Asia
country Philippines
Philippines
content_provider Ateneo De Manila University Library
collection archium.Ateneo Institutional Repository
topic Investment policy
industrial policy
foreign direct investment
Philippines
Malaysia
Thailand
Economics
International Economics
spellingShingle Investment policy
industrial policy
foreign direct investment
Philippines
Malaysia
Thailand
Economics
International Economics
Montes, Manuel F
Cruz, Jerik
The political economy of foreign investment and industrial development: the Philippines, Malaysia and Thailand in comparative perspective
description This article examines the contribution of foreign investment to industrial development by comparing the Philippine experience with two ASEAN neighbors: Malaysia and Thailand. Instead of viewing a failure to attract foreign investment as a binding development constraint, we focus on the appropriateness of such flows for industrial upgrading. Likewise, we underscore political economy factors—particularly the presence of effective state interventions and conducive state-business ties—as prime features of countries that have leveraged FDI for more successful industrial development. Without discounting flaws in these interventions in the cases of Thailand and Malaysia, we find that such forms of government involvement have been vital in driving both countries’ strong investment and industrial growth records relative to that of the Philippines. Revived industrial policy initiatives in developing Asia would be well-advised to heed these lessons on investment-related intervention, so as to reorient their investment policies for maximum impact on industrial development in the years ahead.
format text
author Montes, Manuel F
Cruz, Jerik
author_facet Montes, Manuel F
Cruz, Jerik
author_sort Montes, Manuel F
title The political economy of foreign investment and industrial development: the Philippines, Malaysia and Thailand in comparative perspective
title_short The political economy of foreign investment and industrial development: the Philippines, Malaysia and Thailand in comparative perspective
title_full The political economy of foreign investment and industrial development: the Philippines, Malaysia and Thailand in comparative perspective
title_fullStr The political economy of foreign investment and industrial development: the Philippines, Malaysia and Thailand in comparative perspective
title_full_unstemmed The political economy of foreign investment and industrial development: the Philippines, Malaysia and Thailand in comparative perspective
title_sort political economy of foreign investment and industrial development: the philippines, malaysia and thailand in comparative perspective
publisher Archīum Ateneo
publishDate 2019
url https://archium.ateneo.edu/economics-faculty-pubs/62
https://www.tandfonline.com/doi/full/10.1080/13547860.2019.1577207?casa_token=Pdn5JCYffPAAAAAA%3ACyv6L15K1REB3YkEDwLd3qKmqsK6RSo90IDtQsP5HT8al_Tb0Csc7FnlpgxSq0NRTZ1r4ra0UM9epg
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