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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2019
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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 |
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Investment policy industrial policy foreign direct investment Philippines Malaysia Thailand Economics International Economics |
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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 |
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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 |
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Archīum Ateneo |
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2019 |
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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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