Business failure in an age of globalisation
Interpreting the rise and fall of the LG project in Wales, 1995–2006
Bibliographic Data
| ID | 8420263 |
|---|---|
| Authors | Leon Gooberman (0000-0002-2570-4704, Cardiff Business School, Cardiff University, Cardiff, UK, corresponding author) |
| Year | 2020 |
| Volume | 62 |
| Issue | 2 |
| Pages | 240-260 |
| Publication date | 2020-02-17 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Business History (JOURNAL) |
| Journal identifiers | ISSN: 0007-6791 • E-ISSN: 1743-7938 |
| Publisher | Informa UK Limited (PUBLISHER • GB) |
| DOI | 10.1080/00076791.2018.1426748 |
| OpenAlex | W2794405074 |
| Language | EN |
| Citations received | 2 |
| References cited | 36 |
In 1996, the South Korean conglomerate LG announced a £1.67 billion investment in Wales to manufacture consumer electronics and semiconductors. The project was to be Europe’s largest inward investment project, and LG was offered the UK Government’s most generous grants. However, the semiconductor plant was built but never entered production, while the consumer electronics facility closed in stages up to 2006. This article responds to calls for a ‘new business history’ by using the ill-fated investment as a case study of business failure, arguing that narrow firm-specific factors do not fully explain LG’s failure in Wales. The article finds instead that analysis of distorted institutional environments in South Korea and Wales, linked to rent-seeking behaviour by LG, provides a fuller answer
Business · Economic history · Economics · Economy · Globalization · Government (linguistics · Investment (military · Macroeconomics · Management · Market economy · Political science · Politics · Production (economics · Asian Industrial and Economic Development · Housing, Finance, and Neoliberalism · Law · Migration, Ethnicity, and Economy
The International Operations of National Firms
Public Choice III
The Rise of the Western World
Tiger Technology
The political economy of industrial policy in Korea
Resource-Constrained versus Demand-Constrained Systems
Entrepreneurship
Understanding the Soft Budget Constraint
The New Institutional Economics
Multinational enterprises and the global economy
The Korean Management System
Welsh Office exceptionalism, economic development and devolution, 1979 to 1997
The international operations of national firms
Business History
Back to the failure
Business history and international business
Towards a new business history
Governing the Market
Entrepreneurship
The Soft Budget Constraint
| Unique citing works | 2 |
|---|---|
| Citations per year | 1 |
| Citation span | 2024 - 2026 (3) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 2 |