Multinational business and host countries in times of crisis
Courtaulds, Glanzstoff, and Italy in the interwar period
Bibliographic Data
| ID | 3236944 |
|---|---|
| Authors | Valerio Cerretano (University of Glasgow, corresponding author) |
| Year | 2018 |
| Volume | 71 |
| Issue | 2 |
| Pages | 540-566 |
| Publication date | 2018-05-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | The Economic History Review (JOURNAL) |
| Journal identifiers | ISSN: 0013-0117 • E-ISSN: 1468-0289 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/ehr.12469 |
| OpenAlex | W2539375856 |
| Language | EN |
| Citations received | 9 |
| References cited | 27 |
Despite the considerable attention granted to the history of international business, we still have a limited knowledge of the historical impact of multinationals on host economies. This article presents the case of the giant Italian rayon firm Snia Viscosa which was acquired by its direct rivals, Courtaulds in the UK and the German firm Glanzstoff, in 1927. Italian deflation which underpinned the return of the country to the gold standard between 1925 and 1927 and the parlous financial conditions of Snia Viscosa proved incentives in what seemed to be a fire sale investment. This investment mitigated the credit crunch and allowed Snia Viscosa to have access to foreign rayon expertise. Evidence suggests that the regime and economic nationalism exerted some pressure on foreign interests and were instrumental in the abandonment of plans intended to reduce Italian rayon output dramatically. One contribution of this article is its use of business history to illustrate how recessions can reshape foreign direct investment flows and the tensions that may arise between domestic business interests and foreign stakeholders during recessions. In addition, the history of Snia Viscosa shows the importance of foreign interests and multinationals in the long-term industrialization of Italy
Business cycle · Economics · Economy · Financial crisis · Foreign direct investment · International trade · Investment (military) · Keynesian economics · Macroeconomics · Multinational corporation · Political science · Recession · Finance · International Business and FDI · Italy: Economic History and Contemporary Issues · Law
From globalisation to autarky. business strategies, governmental policies and international interests in the Italian aluminium industry (1928–1943)
The Archive and the Lake
Chasing the perfida Albione
The Long-Term Effects of Foreign Investment on Local Human Capital
Survival through globalisation
Protection and the British rayon industry during the 1920s
Infant company protection in the German semi-synthetic fibre industry
Autarky, market creation and innovation
Business history special issue on foreign investment and the development of entrepreneurial and managerial capabilities in host economies
Forms of Enterprise in 20th Century Italy
Nation-States and the Multinational Corporation
The Economic History of Italy 1860—1990
Global Political Economy
A Review of the Empirical Literature on FDI Determinants
Foreign direct investment in crisis and recovery
The Oxford handbook of business history
Multinational Enterprise and Government Controls on Outward Foreign Direct Investment in the United States and the United Kingdom in the 1960s
The Role of Private Business in the International Diffusion of Technology
An Economic Background to Munich
Prospettive Economiche
Risk and Control in Multinational Enterprise
Multinationals and Economic Development in Italy during the Twentieth Century
U.S. Multinationals in British Manufacturing before 1962
Comparative Hosts
European cartels, European multinationals and economic de-globalisation
L'economia dell' Italia fascista
Big business and small states
| Unique citing works | 9 |
|---|---|
| Citations per year | 1,13 |
| Citation span | 2018 - 2025 (8) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 9 |