The Internationalization of Firms and Markets: Its Significance and Institutional Structuring

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Abstract
The growing interdependence of the industrialized economies as a result of increasing foreign direct investment by transnational companies has been seen as leading to fundamental changes in the world economy. Three aspects of such changes can be identified: the establishment of a distinct global system of coordination and competition, the denationalization of leading firms and the international standardization of managerial structures and practices. These changes depend, however, on the development of distinct and powerful supra-national institutions and the limited cohesion and variety of national institutions. As long as national political, financial, labour and cultural systems remain quite different and integrated, and at least as powerful as international ones, the postwar internationalization of firms and markets is limited in degree and significance.

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