Investment Globalization Bibliography
A range- Book is directly related to the analysis of direct and indirect foreign investment world wide. Has excellent statistics.
B range- Book has good information on some aspects of foreign investment, may also include trade globalization. Some of these books are theoretical pieces, while others have good statistics.
C range- Book may be marginally associated with investment globalization. There may be a few statistics of interest.
D range- Book is not really relevant to topic of investment globalization, may have a few statistics of use, or good references.
Adler, John H (ed).1967. Capital Movements and Economic Development. New York: St Martins Press.
Rank A Chapters 1,2, and 4, Rank B Chapter 12
This book is an edited volume that presents papers written and discussed at the Roundtable Conference on Capital Movements and Development. Part I of the book is most relevant to this project as it deals extensively with private capital movements. The main topics taken up in the discussion are the relevance of the experience with the international capital movements before WWI, the role of private direct investment and the policies with respect to private investment that developing countries should pursue. Tables that are relevant include: Ch.1-Thomas-Table 1, 2, 3, 4, 5; Ch.1-Simon Chart 1, 2, 3, 4. Table 1, 2, appendix table; Ch.2- Kamarck Table 1, 2, 3a,b, 4, 5, 6a,b,c,d,e,f,g,h, 7, 8, 9, 10, 11, 12, 13, 14, 15, 17, 18; Ch.4-Pazos-Table 1, 2, 3,4 ,5, 6;
Ch.12-Rhomberg- Table 2.
Alford, B.W.E. 1996. Britain in the World Economy Since 1880. Essex: Longman Group Limited.
Rank C+ for book; A- for Chapter 3
This book deals with the factors behind the decline of Britains economy since its last years of hegemonic status. The author argues that since the British economys original decline in 1880, there has been no true economic recovery and that the decline has never been reversed. While the book is country-specific and does not deal directly with investment globalization, in Chapter 3 there is excellent coverage of British overseas investment, including cross-national comparison. There are a number of useful tables and figures, notably, tables 1.7,1.8, 2.5, 2.6, 2.12, 3.1, 3.2, 3.3, and figures 2.1 and 3.1.
Allen, George Cyril. 1972. A Short Economic History of Modern Japan. London: George Allen and Unwin Ltd.
This book covers the development of Japans economy, both foreign and domestic, from 1867-1970. The author attributes Japans economic rise and attempts at imperialist expansion to two main factors: a strong sense of national unity and a centralized government. While it is an excellent source of information on foreign trade to and from Japan, there is virtually no information regarding foreign investment. Tables 23-30 and 34 may be helpful.
Atkin, John M. 1977. British Overseas Investment 1918-1931. Diss. New York: Arno Press.
This thesis is primarily concerned with various aspects of British foreign lending from 1918-1931. The study has three primary conclusions. First, official control of overseas investment was worthwhile when sterling was weak, because it was an alternative to an increase in Bank rate. Second, in the long-term the country gained from the concentration of lending, owing to the absence of colonial default after 1931. Third, that overseas investment was a mixed blessing to the British economy because while it stimulated exports, the exports so generated were not large enough to maintain equilibrium in the balance of payments. This book has many useful tables and sources. Tables 1,2,3,5,6,7,12,14,16,17,19,20,21,22,25,29,30, and 32 are particularly useful.
Ashworth, William. 1965. A Short History of the International Economy 1850-1950. London: Longmans, Green and Co.
This book focuses on trade and investment globalization from 1850-1950. The author divides the book into three sections the first two chapters illustrate the beginning of expansion. Chapters 3-5 present the main changes in organization and regulation of economic activity. Chapters 6-8 (most pertinent to study) focus on the course of international economic relations within the framework of expanding production and changing organization and policy. The author acknowledges that capital flows between countries existed prior to the nineteenth century, but finds them to be largely insignificant. Book contains many interesting statistics (in text) on British, French, and German investment, particularly between 1850-1914 (Ch 6). These include, percentage of investment into Latin America, British and French empires, and Russia.
Bagchi, Amiya Kumar. 1972. Private Investment in India 1900-1939. Cambridge: Cambridge University Press.
This book provides a statistical framework for the determining factors of private investment in India from 1900-1939. In other words, the author seeks to explain the slowness of economic growth in India. The chapters most relevant to this project are 3 and 6, however there are other chapters about specific industries that may also be useful. Statistical information is rich and complete. The author also provides a political analysis of the situation in India during this period.
Bloomfield, Arthur I. 1968. Patterns of Fluctuation in International Investment Before 1914. Princeton: Princeton Studies of International Finance 21.
This small book primarily deals with net capital imports (U.S., Australia, Canada, Sweden, Italy, Argentina, Norway, South Africa, New Zealand, and India)(in country currency) and exports (Britain, France, and Germany)(in country currency). This book seeks to make a comparative statistical analysis of patterns of fluctuation in foreign investment between 1860-1914. Itconcludes that there is indeed a relationship between foreign investment and long-term cyclical swings in the world economic activity. Charts 1 and 2 are particularly useful.
Boyer, Robert and Daniel Drache (eds). 1996. States Against Markets: The Limits of Globalization. New York: Routledge.
Rank C; For pertinent chapters B
This book addresses the following questions: First, does the internationalization of state policy call for institutional innovation and brand new objectives and instruments for governments everywhere? Second, can markets be the key mechanism governing modern society? Third, is global free-trade-for-all the best means to promote international co-operation and strong economic performance? And, fourth, what is the future, if any, of the nation state? (Boyer and Drache p 1, 1996). Chapters 2, 6, 7, 8, and 9 are particularly relevant to this project, as they deal with direct foreign investment. The data is limited in that it is primarily recent data (mainly 1960s 1990s). Import Figures: 2.3, 2.4, 7.2, 7.3, Tables: 4.5, 6.1, 6.2, 6.3, 7.5, 7.6, 7.7.
Buchanan, Norman. 1945. International Investment and Domestic Welfare: Some Aspects of International Borrowing and Lending in the Post War Period. New York: Henry Holt and Company.
This book mainly deals with international economic policy with particular reference to the post World War II period. Part I of the study attempts to analyze the problems of economic reconstruction and industrialization in relation to foreign borrowing, from the perspective of the borrowing country. Part II considers the effect of both phases of capital export upon lending countries. There are a few chapters that are particularly relevant to this study. They mainly deal with U.S. and British foreign lending, but there is also one on capital movements. Tables of use are: XVII, XVIII, XXI, XXII, XXIII, XXIV.
Buckley, Peter J (ed). 1990. International Investment. Hants, England: Edward Elgar Publishing.
Rank D for book Rank B+ for two pertinent chapters
Though the title sounds exciting, this book mainly addresses theoretical issues with regard to investment. For example, when foreign investment is appropriate, when a country has engaged in too much foreign investment, and the timing of foreign investment. Only two chapters in this book are relevant to the project. Chapter two written by M. Edelstein, deals with oversees investment 1850-1914 and has useful tables and figures, namely, figures 2.1, 2.2, and tables 2.1, 2.2, 2.3, 2.4, 2.5. Chapter 17 written by Kenichi Yasumuro, evaluates the unique contribution of Japanese (Sogo Sosha) foreign investment. Tables 2, 3, 4, and 5 are relevant. In the notes section Table I, II. Appendix also helpful.
Cairncross, A.K. 1975. Home and Foreign Investment 1870-1913. Clifton, NJ: Augustus M. Kelley Publishers. (Reprinted from 1953 Cambridge University Press).
This book developed from a dissertation. It covers home and foreign investment in and from Britain from 1870-1913. While much of the book focuses on the building industries, there is information on where Britain was investing, and its returns on investment. Cairncross focuses on the relationship between foreign investment and home investment on the one hand, and between the migration of capital and of labor on the other. Figures of use are: 14, 17, 20. Tables of use are: 6, 8, 40, 42, 44, 46, 48, 53.
Cameron, Rondo. 1961. France and the Economic Development of Europe 1800-1914. Chicago: Rand McNally & Co.
This book examines the role French foreign and domestic investment played in the development of its own economy and that of other European countries. The author analyzes long-term trends as well as relationships between periods of growth and stagnation in the economy and foreign investment. There are 3 excellent tables examining French foreign investments 1816-1914 (in francs). These are tables 2, 3, and 4.
Cameron, Rondo, Olga Crisp, Hugh T. Patrick, Richard Tilly. 1967. Banking in the Early Stages of Industrialization: A Study in Comparative Economic History. New York: Oxford University Press.
The central focus of this book is to evaluate how financial systems (banks) have shaped the industrialization of England 1750-1844, Scotland 1750-1845, France 1800-1870, Belgium 1800-1875, Germany 1815-1870, Russia 1860-1914, and Japan 1868-1914. It concludes that the structure of the financial system will affect, for better or worse, the process of industrialization. The book does not, in any substantial way deal with investment globalization, however there are some tables that are worth evaluating: tables; II.1, II.2, III.2, III.3, IV.1, IV.3, V.2, V.3, V.4, VI.4, VI.5, VI.6, VII.3, VII.16, VII.17,VII.18, VIII.1, VIII.5, VIII.6, VIII.7, IX.1, IX.2,. Important Chart, II.4. This book does not discuss where different countries were investing in this time period.
Casson, Mark (ed). 1983. The Growth of International Business. London: George Allen and Unwin Publishers Ltd.
Rank D, 2 Articles B and C respectively
This book mainly deals with theoretical issues about the growth of the multinational enterprise/multidivisional form, rather than specific statistics or figures on investment into other countries. There are two chapters that are relevant to the measurement of investment globalization. Chapter 5 (Dunning) , reappraises the history of foreign investment and international production in the light of the most recent research. Examines conceptual and practical difficulties involved in estimating the growth of foreign direct investment since the latter part of the nineteenth century. Tables 5.1, 5.2, 5.3, 5.4, 5.5 appear to be important. Chapter 9 (Yannapolous) deals with the growth of international banking. This tangentially relates to investment globalization. Tables, 9.1, 9.2, 9.3, 9.4, 9.5, 9.6, 9.7, 9.8, may be useful. There is some discussion of the U.K being the largest foreign capital holder in 1914, but no real discussion of where it was investing.
Cottrell, P.L. 1975. British Oversees Investment in the Nineteenth Century. London: The MacMillan Press LTD.
This book provides and excellent analysis of the two methods of foreign investment (direct and indirect). Provides useful information about where Britain was investing throughout the nineteenth century including some statistics for 1815. There is also a good analysis of the growth of portfolio investment in this time period. Most of the stats are in text, but there are a few good tables and figures. This is a very good source of references.
------. 1985. Investment Banking in England 1856-1881: A Case Study of the International Financial Society. Peter Mathias and Stuart Bruchey (eds). Volume I & II. New York: Garland Publishing.
Although this work began as an investigation into the factors affecting the flow of capital into British manufacturing industry during the third quarter of the nineteenth century, it was transformed into a historical study of the British International Financial Society (BIFS) from 1856-1882. Nevertheless there are some statistics on British foreign capital issues, as well as information on the profitability of the BIFS. Chapters 5, 7, 8, 12, 14, 15, and 16 have some relevance for this study, as well as tables 5.1, 5.2, 12.1, 14.1, 14.2, 15.1,15.2, 15.3, 15.4, 16.1, and 16.2. Few statistics on where Britain was investing.
Davenport-Hines, R. P. T., and Geoffrey Jones, editors. 1989. British Business in Asia Since 1860. Cambridge: Cambridge University Press.
This book is a compilation of essays examining British investment and trade in Asia (including Iran and parts of the former Soviet Union) since 1860. Statistical tables are mostly limited to section 5, by Malcolm Falkus, which deals with pre-WWII British business in Thailand. The most relevant table gives foreign long-term capital investment in Thailand for the period 1880-1938 in thousands of pounds, and is found on p. 123.
Dent, Christopher M. 1997. The European Economy. London: Routledge
This book is a thorough theoretical and statistical analysis of the European economy in the later half of the twentieth century, with excellent material on investment globalization and foreign direct investment (Ch. 7 & 8, respectively). The foreign direct investment section includes information on long-term trends, trans-Atlantic FDI, and Japanese FDI. It also includes statistics on (%) shares of world inflows of FDI and global patterns of European FDI by nation. Tables 8.1, 8.2, 8.3, and 8.4 are particularly useful, as well as figures 8.1, 8.2, 8.3, and 8.4.
Dunn, Robert W. 1976. American Foreign Investments. New York: Arno Press Inc.
This book primarily evaluates US foreign investment in other countries 1924, 1925. It covers U.S investments in Europe, Latin America, Asia, Africa, Australasia, and the West Indies (many charts and statistics in these chapters. There is a chapter on the U.S as a debtor country that may be useful. There are also chapters on Government loans to foreign governments, and foreign connections of U.S. banks.
Dunning, John H. 1958. American Investment in British Manufacturing Industry. London: George Allen and Unwin LTD.
This book primarily deals with the role which private American investment played in assisting the post-war economic recovery of Britain. In particular he looks at the manufacturing sector. Although this book is not directly relevant to our study, it provides some useful tables on direct investment. Tables 1, 26 are particularly interesting.
Dunning, John H. 1970. Studies in International Investment. London: George Allen and Unwin Ltd.
This is relevant to the project, as this book presents a series of comprehensive studies dealing with theoretical and statistical aspects of (1) British investment in the U.S. 1860-1913, (2) the impact of foreign investment (particularly British) on Canadian economic development 1900-1964, and (3) U.S. and U.K. investment in Europe 1950-1968. Table 1 in the appendix to chapter 4 is particularly good, but the useful tables are too numerous to list.
Edelstein, Michael. 1982. Overseas Investment in the Age of High Imperialism: The United Kingdom 1850-1914. New York: Columbia University Press.
This book analyzes foreign investment over a large spectrum of time 1760-1913. There is some information on where Britain was focusing investment, but an emphasis is placed on why Britain was investing overseas, and the effects of this on Britain. There are a lot of good statistics in this book, and one excellent figure on overseas investment 1816-1913 (fig. 2.1). There are also several chapters dedicated to accumulation in the U.S, Australia, and Canada, as a result of British investment, and their toll on U.K savings.
Eichengreen, Barry. 1990. Trends and Cycles in Foreign Lending. National Bureau of Economic Research. Working Paper No. 3411.
This paper examines the causes of shifts in the extent of capital movements across national borders. The author concludes that these shifts are in part due to the increase in the magnitude of real interest rate and real exchange rate variability that has occurred over the last hundred years. Figures 1-4 are savings and investment graphs for Britain, Australia, Canada, and the US from about 1870-present, while Figure 5 is a graph of US direct and portfolio investment abroad as shares of GNP from 1910-1980.
Feis, Herbert. 1965. Europe the Worlds Banker 1870-1914: An Account of European Foreign Investment and the Connection of World Finance with Diplomacy Before World War I. New York: W.W. Norton and Company Inc.
This book offers a historical account of British, French, and German foreign investment. There are very few tables or charts, but a good number of in text stats, it mainly an analysis of where these countries invested. The book also offers chapters on lending and borrowing nations (Russia, Central powers, Italy, Portugal, Balkan States, Turkish Empire, Persia, N. Africa, Japan, and China). Some of the stats are from C.K Hobson.
Fieldhouse, D.K. 1973. Economics and Empire 1830-1914. London: Weidenfeld and Nicolson.
Though this book is mainly a theoretical piece, it does give valuable insight as to the nature of European expansion, including foreign investment and trade. The book covers British, French, a U.S. and German foreign investment, as well as trade in Asia, and Africa. Part I of the book deals with the nature of imperialism, of particular importance is the chapter on the imperialism of capital (Ch.3). Parts II-III of the book are case studies of European expansion from 1830-1914. Important tables are on pages 55 ( source-H. Feis), 56 (H.Feis), 57 (H.Feis), 58, 59 (Feis, Dunn), 433, 434, 435. Figures 18, 274, 288.
Foreman-Peck, James. 1983. A History of the World Economy: International Relations Since 1850. Norfolk: Harvester Press.
This book covers the history of trade and investment flows from 1850-1970s. There is a definite emphasis on trade, but several chapters focus their attention on direct and portfolio foreign investment. Foreign investment is mainly described from 1875-1914, and 1940s-1970s. There is also some discussion as to where Britain and France were investing, and why they were investing in these countries. The book has many useful charts, tables, and figures.
Frankel, S. Herbert. 1938. Capital Investment in Africa: Its Course and Effects. London: Oxford University Press
This book analyzes capital investment in Africa from 1870-1938. Some chapters in the book evaluate obstacles to colonization, and a there are two chapters that emphasize the development of Africa through diamonds, and gold. However, there are several chapters that evaluate the role of Africa in the world economy. The author particularly emphasizes British investment in Africa, but also discusses French investment. There are many good statistics; of particular importance are tables 26, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42.
Garber, Peter M and Michael G. Spencer. 1994. The Dissolution of the Austro-Hungarian Empire: Lessons for Currency Reform. Princeton: Essays in International Finance 191 (February).
This book mainly deals with currency reform after the dissolution of the Austro-Hungarian Empire. There are a few statistics and tables that may be worth analyzing, but overall this essay does not deal with investment globalization. There is a one page discussion on the role of the League of Nations in Austrian and Hungarian reconstruction (including loans) that is useful.
Goldsmith, Raymond W. 1954. The Share of Financial Intermediaries in National Wealth and National Assets, 1900-1949. New York: National Bureau of Economic Research Inc.
This is another study on the share that financial intermediaries hold in national assets. The study does not discuss foreign investment in any substantial way. However there are several tables that illustrate the distribution of assets and liabilities of financial intermediaries (Table 7, 8), these include corporate and foreign bonds (as one category).
------. 1983. The Financial Development of India, Japan, and the United States: A Trilateral Institutional, Statistical, and Analytic Comparison. New Haven: Yale University Press.
This book provides a comparative overview of the financial development of India, Japan, and the US since 1860. Goldsmith seeks to answer the question of why Japan developed at a much faster rate than India. Although there are no statistics specific to the issue of capital flows in and out of these three countries, the book does a fine job of describing financial development in each country and discusses the role of Britain in shaping the financial systems of the U.S. and more extensively of India.
Gould, J.D. 1972. Economic Growth in History: Survey and Analysis. London: Methuen and Co.
This book primarily looks at the sources of economic development. It does not really deal with cross country data, however there are several chapters that seem particularly relevant to the study; Ch.1 Growth and Development in History, Ch.3 The Role of Capital (many stats in text) (a) investment and economic growth, (b) the sources of capital (c) the export of capital, and Ch.4 Foreign trade and Economic Growth. Important figure 6.1, tables 1.1, 1.2, 3.1, 3.2, 3.3, 4.3, 6.1. Some of these stats taken from Mitchell (Abstract of British Historical Stats), but most of them come from books we do not have. The author deals with important questions such as the role of investment in development. Often times this means investment into a particular country vs. investment between countries. Nonetheless it may be helpful to take a deeper look at this book.
Hall, A. R. 1968. The Export of Capital from Britain 1870-1914. London: Methuen
Rank D for book; A for Article 1, and C for Article 4
This book is actually a collection of 7 articles, all pertaining to the title subject. Article 1, which deals with British portfolio foreign investment, has many excellent statistics. Article 4, which covers the effect British overseas investment had on its own economy, is good in its theoretical analysis, but has only a few (text) statistics. Almost all of the helpful tables are found in Article 1, namely charts 3, 4 and on pages 38-43.
Halsey, Frederic M. 1918. Investments in Latin America and the British West Indies. Department of Commerce, Special Agents Series 169. Washington D.C: Washington Government Printing Office.
This book focuses on the development of Latin America and the British West Indies based on foreign investment into these countries from Britain, France, Germany, The Netherlands, and the United States. Data dates back to 1918, and there and foreign investment, foreign capital, and foreign loan statistics for most of these countries. Total investments to Latin America from Britain amounts to $5,187,689,000 . In addition, total British investment to British West Indies totals $60,000,000. An estimate of French investments to Latin America ranges between $ 1,500,000,000 to $ 1, 700,000,000.
Hamashita, Takeshi. 1994. "The Tribute Trade System and Modern Asia." Japanese Industrialization and the Asian Economy. Eds. A.J.H Latham and Heita Kawakatsu. New York: Routledge.
This article is mainly a theoretical/historical analysis of Japanese Tribute trade. There may be some useful trade statistics.
Hobson, C.K. 1963. The Export of Capital. London: Constable and Company Ltd.
This book covers foreign investment mainly from Britain. Some data dates back as far as 1817, but most of the data analyzed is from the mid nineteenth century. The book is divided into three parts. Chapters 1-3 cover methods, causes, and effects of foreign investment. Chapters 4-6 cover the growth of foreign investment, era of British predominance, and British and Continental investments. Chapters 7 and 8 offer a statistical analysis of the export of capital, balance of payments, emigration and industry. Chapters 4-8 are the most relevant to this project, as they offer data on British foreign investment.
Hou, Chi-ming. 1965. Foreign Investment and Economic Development in China, 1840-1937. Cambridge: Harvard University Press
This book is an attempt to determine the amount of influence foreign investment in China had on the development of its economy. While it is very comprehensive theoretically, unfortunately, data which directly measure the amount of foreign investment are not available until 1894; also, most of the data is sector-by-sector, instead of being given in an aggregate form. Helpful tables include Tables 1(p. 13), 4(p. 17), and 21(p. 99).
Islam, Nurul. 1960. Foreign Capital and Economic Development: Japan, India, and Canada. Tokyo: Charles E. Tuttle Co.
This book considers the absorption of foreign capital in the economic development of underdeveloped economies. It covers the period 1900-1940. She has good statistics on direct foreign investment, portfolio investment, and trade flows. Part II of the book is particularly useful as it discusses the factors governing the pattern of foreign investment including both the forms and uses of such investment. Tables 1,2,5,7,15, 16, and 17 are particularly useful for our research purposes.
Jenks, Leland H. 1927. The Migration of British Capital to 1875. New York: Alfred A. Knopf
This is an excellent historical analysis of how the migration of capital has influenced the rise of the British Empire, specifically evaluating the overseas extension of the British economic system. Jenks follows British capital for the 50 years during which it was transmitting the direct effects of the Industrial Revolution to the continent and elsewhere. The book has very few statistics, however Appendices C and D are particularly useful.
Jones, Geoffrey. 1993. British Multinational Banking 1830-1990. Oxford: Clarendon Press
This book is a history of British multinational banking from its origins in the 1830s until 1990. It seeks to examine why British multinational banks were so prominent up until 1960, and why they fell from prominence during that decade. The focus is on the origins, strategies, and performance of the British banks, rather than their impact on host economies. There is excellent data on a large sample of British multinational banks 1890-1975; Appendix 5 is particularly helpful. However, as the book is about banking, and not net national investment, it may be that only the data from the earlier years is useful.
Kenwood, A.G and A.L Lougheed. 1999. The Growth of the International Economy 1820-2000.
4th edition. London: Routledge.
Rank Ch. 2 A-
This book provides a good introductory analysis on the growth of the international economy. Chapter two is especially significant, as it discusses international long-term capital movements 1820-1913. Figures 1a,b, 2, 3 and Tables 5, 6 are relevant to the project.
Kindleberger, Charles P. The Financial History of Western Europe. London: George Allen and Unwin.
The goal of this book is to give a comparative financial history of Western Europe. The author is primarily interested in the history of money, banking and financing from the seventeenth century until 1980. It is important to note that this book is not a statistical endeavor. The most relevant tables are 9.1, 10.1, 12.1, and 12.2. There are two chapters on private finance (10,11) and three chapters on foreign lending, including foreign investment (12,13,14).
Krefetz, Gerald and Ruth Marossi. 1965. Investing Abroad. New York: Harper and Row.
This book is an investors overview of Europes major economies in 1960: England, France, Belgium, Switzerland, Germany, Austria, Finland, Italy, Spain, Portugal, and Greece. While the book does not give historical data, the stock markets and corporate structures of these nations are outlined in an easily understandable fashion; as the book is written from the investors viewpoint. Very few tables, some text data.
Kuznets, Simon, Wilbert E. Moore, and Joseph J. Spengler (eds). 1955. Economic Growth: Brazil, India, Japan. Durham, North Carolina: Duke University Press.
This book is a compilation of essays from an economics conference. It largely deals with economic development in Brazil, India, and Japan, looking at each country individually. There are a few tables (they dont seem particularly useful, largely demographic), but many in text statistics. Overall I do not feel it deals with investment globalization in any substantive way.
Laves, Walter Herman Carl. 1977. German Governmental Influence On Foreign Investments 1871-1914. New York: Arno Press.
Unfortunately, this book is an analysis of how the German government interfered with foreign investments 1871-1914, not a history of German foreign investments for that period. Consequently, the data is spotty and done on a firm-by-firm, case-by-case basis. However, there is one good table in Appendix A (p. 208) which gives estimates of German foreign investments abroad from 1892-1914. Other than this table, there is not much data to make this book relevant to the project.
Lewis, Cleona. 1938. Americas Stake in International Investments. Washington DC: The Brookings Institution.
This book evaluates American foreign liabilities and assets. The primary purpose of the book is to analyze how the US has been affected by international financial developments, as well as to track the US status of being both a debtor and creditor nation. Very useful statistical data that covers direct foreign investment into the US beginning around 1835. There is also data on US foreign investment abroad, as well as US lending to other countries until the Great Depression of 1929. Appendixes B, C, and D are particularly useful.
Lewis, Cleona. 1945. Debtor and Creditor Countries: 1938, 1944. Washington DC: The Brookings Institution.
This book is a definite asset to the project. It focuses on direct investment and portfolio investment of creditor and debtor countries. There are many in text statistics as well as tables and charts, also an appendix with international balance of payments, and exchange rates for 1938 (some of this data is from the League of Nations). Though the study is based on data from 1938, data regarding the U.S dates back to 1929. Largest creditor countries (investments over 1 billion) were (in order of rank): Britain, US, Netherlands, and France (there is a discussion of where these countries were investing). Largest debtor countries (foreign obligation over 1 billion) include: Canada, Australia, Argentina, India, Germany, China, NetherlandsEast Indies, Brazil, Mexico, South AfricaRhodesia, and Chile. The book also describes the changes in debtor and creditor countries brought by war.
Litvak, Isaiah A. and Christopher J. Maule (eds). 1970. Foreign Investment: The Experience of Host Countries. New York: Praeger Publishers.
This book discusses the economic, political, legal, and socio-cultural motives for foreign investment. Each chapter describes the extent of foreign investment, and the effects of foreign investment in the host country. The book covers foreign investment in Australia, Belgium, Canada, France, Japan, Norway, South Africa, United Kingdom, Argentina, India, Tunisia, Spain, and Yugoslavia. Some of the statistics for these countries date back to 1900, however most statistics are in the 1940s-1960s range. The book does an excellent job of tracking the flows of foreign investment between countries.
Maddison, Angus. 1995. Monitoring the World Economy 1820-1992. Paris: Development Centre of the Organisation for Economic Co-operation and Development.
Rank A (Table)
Table 3.3, "Gross Nominal Value of Capital Invested Abroad in 1914" is particularly relevant to this project. It illustrates where and how much the UK, France, Germany, USA, Belgium, Netherlands, Switzerland, Japan, Russia, Portugal, and Sweden were investing in 1914.
Marichal, Carlos (editor). 1995. Las Inversiones Extranjeras en AmZ&Mac255;rica Latina 1850-1930: Nuevos Debates y Problemas en Historia Econmica Comparada. MZ&Mac255;xico: El Colegio de MZ&Mac255;xico, Fideicomiso Historia de las AmZ&Mac255;ricas.
Rank C Overall Book, Rank A Chapters 1,2,4,10,11
This is an edited volume that focuses on foreign investment in Latin America from 1850-1930. The relevant chapters to our study focus on direct investment into various different countries, other chapters discuss railway development or specific private investment (i.e. one company) in a specific country. The following are important chapters. Ive translated the name of the essay, and have included relevant tables and/or figures.
Ch.1 Suter-Cyclical Fluctuations in Foreign Investment in Latin America, figure 1.1, 1.2,.
Ch.2 Mauro- French Enterprise and Latin America 1850-1930. Table 2.1, 2.2
Ch.4 Young- German Banks and German Direct Investment in Latin America 1880-1930. Good in text stats. Table 4.1.
Ch.10 Cavieres- Investors and Foreign Investment in Chile 1860-1930. Some in text stats, no tables or figures.
Ch.11 Saes and Szmrecsanyi- The Role of Foreign Banks in the initial industrialization of S&Mac220;o Paulo. Table 11.1, 11.2,11.3, 11.4, 11.5.
Martin, Edwin M. 1971. Development Assistance: Efforts and Policies of the Members of the Development Assistance Committee. OECD Report.
Rank A (Chapter VI) Overall book B
This book is a review of financial flows by countries on the Development Assistance Committee to developing countries. Chapters 1 and 6 are particularly important, as they cover flow of financial resources and private capital flows respectively. There is good data here on where DAC countries where investing (both direct and portfolio) in 1970 (comparison data, dates back to 1966).
McGowan, Patrick. 1980. "British Economic Imperialism 1869-1914." ICPSR Data Code Book. Ann Arbor: ICPSR 7738
This is a data pamphlet containing 134 variables that measure various aspects of the British economy. Includes information on British investment abroad, British gross domestic fixed capital, British exports and imports, and the number of British alliances.
Mitchell, B.R. 1995. International Historical Statistics: Africa, Asia, and Oceania 1750-1988. 2nd edition. New York: Stockton Press.
This book gives a statistical analysis of Africa, Asia, and Oceania. With the exception of India, Indonesia, Japan and Australia, the volume does not have useful statistics about other countries (in this region) until about the middle of the nineteenth century. Better statistics for Asia and Africa are available after 1960.
---------------. 1993. International Historical Statistics: The Americas 1750-1988. 2nd edition. New York: Stockton Press.
This book gives a statistical analysis of the Americas (North and South). The quality and availability of the statistics seems to bear a fairly close relationship to that of their original mother country (England, Spain, Portugal). The Spanish colonies tended to report statistics quite irregularly (as did Spain). Brazil has better data than Portugal.
--------------. 1992. International Historical Statistics: Europe 1750-1988. 3rd edition. New York: Stockton Press.
This book gives a statistical analysis of Europe. There is good information for most European countries, useful information for Czechoslovakia starts after WWII. There is also some information that dates to the Middle Ages (however this is not relevant to this project).
--------------. 1988. British Historical Statistics. New York: Cambridge University Press.
This book is a collection of statistics similar to Mitchells other works. It has a National Accounts section at the end that includes overseas investment earnings, along with property income from abroad. These figures go back to 1816 for England, and 1933 for Ireland. However, they are net numbers.
ORourke, Kevin H and Jeffrey G. Williamson. 1999. Globalization and History: The Evolution of a Nineteenth Century Atlantic Economy. Cambridge, MA: MIT Press.
This book focuses on analyzing the convergence between the first globalization boom (mid-nineteenth century to WWI) and the second globalization boom (1950s- present). There are many chapters on the history of globalization, as well as migration, and trade. The two chapters most relevant to this study are Ch.11-Forging and Breaking Global Capital Markets, and Ch.12- International Capital Flows: Causes and Consequences. Chapter 11, establishes that the world capital markets were almost as well integrated in the 1890s as they are in the 1990s. Ch. 12 explores the impact of the capital flows and explores two questions: Why didnt more capital flow to poor, labor-abundant countries? When it did flow to the periphery, what was its contribution there? There are few statistics, but some important theoretical arguments. Figures 2.3, 2.5, 11.1, 11.2, 11.3, 12.1, 12.3, 12.4, may be of particular use.
Peters, Harold E. 1934. The Foreign Debt of the Argentine Republic. Diss. Baltimore: Johns Hopkins Press.
This book examines the export of capital as related to the finances of the Argentine Republic. It specifically focuses on the Argentine as a debtor country, and has extensive facts about loans given to Argentina by the U.S. and Britain. It also contains some statistics on portfolio and direct investment in Argentina, Mexico, Cuba, Brazil, and Chile at the end of 1930 (p.103).
Rippy, Fred J. 1959. British Investments in Latin America, 1822-1949: A Case Study in the Operations of Private Enterprise in Retarded Regions. Minneapolis: University of Minnesota Press.
This study seeks to explore the size, nature, and chronology of British investments in Latin America and approximate rates of return on investments in Latin America. Rippy also compares the rates of return in region of Latin America with British investments in other underdeveloped nations ( India, Ceylon, Malaya, and Africa south of the Sahara desert). There are chapters on Mexico, Caribbean, Northern South America, Paraguay, Bolivia and Peru, Chile, Uruguay, Brazil, and Argentina. There are many useful in text statistics as well as tables. Of particular relevance are tables: 1, 3, 5, 6, 7, 8, 9, 10, 11, 13, 14, 15, 18,19, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 37.
Salter, Arthur. 1951. "Foreign Investment." Essays in International Finance. Volume 12, February. New Jersey: Princeton University Finance Section.
This article is primarily concerned with contrasting British foreign investment during its peak (1880-1913) with American foreign investment in the late 1940s, early 50s. Though the piece is mainly a theoretical one, part I offers many in text statistics on British foreign investment, and a theoretical analysis of Britains success. This part of the article is the most relevant for the project. There is also a section on the League of Nations loans to various different countries in the 1930s.
Soldofsky, Robert M. 1971. Institutional Holdings of Common Stock 1900-2000: History, Projection, and Interpretation. Bureau of Business Research: University of Michigan Press.
This study tracks the historical development of common stock ownership by financial intermediaries. A central goal of the study is to highlight the extent to which portfolio concentration has already taken place and to indicate the forces that will push portfolio concentrations continually higher in the coming decades. There is no data on direct foreign investment or portfolio investment outside the United States. There is substantial data on portfolio concentration in the United States and bank holdings. Some of the investment may be by foreign capital into the U.S. but the author does not specify, he only lists the names of firms.
Suter, Christian. 1992. Debt Cycles in the World Economy: Foreign Loans, Financial Crisis, and Debt Settlements, 1820-1990. Oxford: Westview Press.
This book addresses the issue of periphery indebtedness from 1820-1990. Excellent statistical tables and charts are included. However, the detailed data appendix is only included in the German edition not the English addition. The basic underlying argument of the book is that the external debt of peripheral and semi-peripheral states during the nineteenth and twentieth centuries is characterized by cyclical fluctuations. Suter, argues that the debt cycles took place in three phases. First, the expansion of foreign credits; second, the outbreak of payment crisis; and third, the negotiation of debt settlement agreements between debtor countries and their creditors.
Suzuki, Toshio. 1994. Japanese Government Loan Issues on the London Capital Market 1870-1913. London: The Athalone Press.
This book addresses the issuance of loans from Britain to Japan (other countries also). The author seeks to answer two questions, first, how foreign governments were able to raise funds on the London capital market and second, what the role of financial institutions involved in these operations was. Tables, 1.1, 1.2 (from Mitchell and Edelstein), 1.5, 2.3, 3.1, 3.2, 5.1, 5.3, 9.1, and 9.2. are of particular importance. Also chart 9.3 and appendices A, B,C and D. There is a section on direct investment in chapter 8, that speaks to the issue of direct investment into Japan.
Wilkins, Mira. 1970. The Emergence of Multinational Enterprise: American Business Abroad from the Colonial Era to 1914. Cambridge: Harvard University Press
This has a good history of U. S. investment abroad, with statistical tables and specific information about the foreign sectors U.S. companies did the most investing in (mining in Chile and Bolivia, etc.). However, the title is somewhat misleading, as investment statistics are not given until 1897. Helpful tables are 5.2, 6.2, 6.3, 6.4, 8.1, and 10.1.
Wilkins, Mira. 1989. The History of Foreign Investment in the United States to 1914. Cambridge: Harvard University Press.
This book is basically an extension of the other Wilkins book in this bibliography, except that it focuses specifically on investment. The statistics are excellent; there is data on American securities held abroad from 1789-1853, and on federal debt held by foreigners from 1803-1853. There are over 65 statistical tables, and almost all are helpful.
The World Bank (I.B.R.D). 1980. World Tables. 2nd Ed. Baltimore: Johns Hopkins University Press.
This is a historical time series for individual countries. Data goes back to 1950, 1955, 1960 where possible, and annually for 1965-1977. The book is particularly suited for cross-country analysis and contains important statistical data such as, balance of payments, external public debt, foreign trade indexes, and comparative economic data. Information exists to some degree for most nation states in the world. Note: This book can only be checked out for three days at a time.
The World Bank. 1998. World Development Indicators. Washington D.C.: The International Bank.
This book is a statistical analysis of development in the world. Data dates back to 1996, (1997 for 37 countries). Statistical analysis covers 148 economies in the world. Chapter 4 (Economy) , 5 (States and Markets), and 6 (Global Links ) are of particular importance. Note: This book can only be checked out for three days at a time.
Woytinsky, W.S. and E.S. Woytinsky. 1955. World Commerce and Governments: Trends and Outlook. New York: The Twentieth Century Fund.
Rank Ch. 5 only A-
This is a 900 page book that discusses trade, transportation, and government. Clearly the section on trade is the most important for the purposes of this study. Within the trade section of the book, Ch. 5 covers Balance of Payments and International investments. Topics in this chapter include, Balances of Trade and Payments, International Investments before WWI, Interwar Years, Impact of WWII, and Recent changes (1950s). This chapter is full of important and useful tables, figures, and statistics.
Zamagni, Vera. 1993. The Economic History of Italy 1860-1990. New York: Oxford University Press.
While this book does briefly cover foreign investment, the vast majority of it deals with the development of the Italian economy as a whole from 1860-1990. Patterns of foreign investment such as which sectors various foreign nations were investing in are examined for the period 1870-1913; the only relevant table, table 3.5, shows stock of foreign capital invested (in billion lire) for the same period.