Foreign Direct Investment and its Role in Economic Development: Do We Need a New Agenda?

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Abstract
Despite globalisation, the essential role of foreign direct investment (FDI) in economic development has not changed. However, many mechanisms and dynamics of FDI-assisted development have changed: there is greater variation in the kinds of FDI, the benefits each offers, and the manner in which each interacts with the host economy. This introductory article attempts to place the discussions and issues raised in this special issue of The European Journal of Development Research within the wider literature on FDI and development. The articles here analyse the role of multinational enterprises (MNEs) in industrial development in a "learning system" perspective. They also analyse the policy tools available for using FDI for economic development in a liberalising, post-World Trade Organisation world, and the constraints to doing this. While this is a nascent debate, this special issue points to a variety of "soft" policy options that provide a pragmatic response to the complexities of globalisation.This is an author's Accepted Manuscript of an article published in European Journal of Development Research, 16(3), 447-464, Autumn 2004, © 2004 Taylor & Francis Ltd, available online at: http://www.tandfonline.com/10.1080/095788104200026658

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