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Cited by 79International Business and FDIInnovation and Knowledge ManagementGlobalization, Economics, and Policies

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Economics of International Business: A New Research Agenda

Casson, Mark·2000·Edward Elgar Publishing eBooks
DOI 10.4337/9781843767015
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Abstract

Economics of International Business sets out a new agenda for international business research. Mark Casson asserts that it is time to move the subject on from sterile debates about transaction cost economies and resource-based theories of the firm. Instead of focusing on the individual firm, the new agenda focuses on the global systems view of international business. A static view of the firm’s environment is replaced by a dynamic view which highlights the volatility of the international business environment. Coping with volatility requires entrepreneurial skills, flexibility and the need to synthesize information on a global basis. To co-ordinate the global system properly, entrepreneurs must co-operate through social networks of trust, as well as competing. Constructing a network of joint ventures, it is argued, is simply not enough.

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  • Adding the proposition that the benefits of internalising knowledge are particularly high when intellectual property rights are weak predicts that FDI will be most common in countries with weak IPR and licensing most common in countries with strong IPR, and this is mostly right.

    “To develop the theory further, we can add ' the benefits of internalising knowledge are particularly high when intellectual property rights (IPR) are weak ' . This predicts that in knowledge-intensive industries foreign direct investment (FDI) will be most common in countries with weak IPR, and licensing most common in countries with strong IPR, and again this is (mostly) right (Casson, 2000).”

    From The Internalization Theory of the Multinational Enterprise: Past, Present and Future (2020) · cites this paper as Casson, 2000

  • Internationalization, or new entry into markets overseas, is an innovative act.

    “Internationalization, or new entry into markets overseas, is an innovative act (Casson, 2000; Schumpeter, 1939; Simmonds and Smith, 1968), and born-global firms are particularly innovative in this regard.”

    From Innovation, organizational capabilities, and the born-global firm (2004) · cites this paper as Casson, 2000

  • Decision-making is a two-stage process: first deciding how much information to collect, then using it to decide.

    “Decision-making thus becomes a two-stage process: in the first stage, the decision-maker decides how much information to collect, and in the second stage he uses the information he has collected to make the decision.”

    From The theory and empirics of the structural reshaping of globalization (2020) · cites this paper as Casson, 2000

  • Rational action modeling answers how much information is worth collecting.

    “Rational action modeling provides an answer to this question.”

    From The theory and empirics of the structural reshaping of globalization (2020) · cites this paper as Casson, 2000

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Metadata

Authors
Casson, M.
Corresponding author
Casson, Mark
ORCID
Casson, Mark
Venue
Edward Elgar Publishing eBooks
Publisher
Edward Elgar Publishing
Published
2000-08-25
DOI
10.4337/9781843767015
OpenAlex
W2280693412
Cited by
79
References
0
Citations by year
2026: 1 · 2024: 1 · 2023: 3 · 2022: 1 · 2020: 4 · 2019: 5 · 2018: 5 · 2017: 3 · 2016: 3 · 2015: 5 · 2014: 6 · 2013: 3 · 2012: 3
FWCI
4.58
Type
book
Language
en
Open access
closed
Locations
  • Edward Elgar Publishing eBooks (publishedVersion)
  • RePEc: Research Papers in Economics (submittedVersion)
Topics
  • Social Sciences › Business, Management and Accounting › Strategy and Management › International Business and FDI
  • Social Sciences › Business, Management and Accounting › Strategy and Management › Innovation and Knowledge Management
  • Social Sciences › Economics, Econometrics and Finance › Economics and Econometrics › Globalization, Economics, and Policies
Keywords
international business research agenda, entrepreneurial skills, joint ventures, transaction cost economics, resource-based view, firm flexibility

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