Globalization, development, and history in the work of Edith Penrose

Pitelis, CN

Globalization, development, and history in the work of Edith Penrose

Pitelis, CN

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Publication Type:: Journal Article
Citation:: Business History Review, 2011, 85 (1), pp. 65 - 84
Issue Date:: 2011-03-01

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Field	Value	Language
dc.contributor.author	Pitelis, CN	en_US
dc.date.issued	2011-03-01	en_US
dc.identifier.citation	Business History Review, 2011, 85 (1), pp. 65 - 84	en_US
dc.identifier.issn	0007-6805	en_US
dc.identifier.uri	http://hdl.handle.net/10453/32141
dc.description.abstract	Edith Penrose's work on the multinational enterprise and the political economy of globalization and development is assessed as it relates to her views on business history. This essay was written on the occasion of the fiftieth anniversary of Penrose's classic 1959 book and her 1960 prize-winning paper on Hercules Powder, which was published in the Review. Penrose came close to providing a theory of "internalization," compared foreign direct investment to market-type contracting relations, and even discussed transaction costs-related arguments. However, she largely accepted the existence of firms and did not examine why firms exist vis-à-vis alternatives, such as markets. Her views on the political economy of globalization, relations between multinational enterprise and the state, and development have proved to be incisive, mostly accurate, and ahead of their time. © 2011 The President and Fellows of Harvard College.	en_US
dc.relation.ispartof	Business History Review	en_US
dc.relation.isbasedon	10.1017/S0007680511000031	en_US
dc.subject.classification	History of Social Sciences	en_US
dc.title	Globalization, development, and history in the work of Edith Penrose	en_US
dc.type	Journal Article
utslib.citation.volume	1	en_US
utslib.citation.volume	85	en_US
utslib.for	1503 Business and Management	en_US
utslib.for	1402 Applied Economics	en_US
utslib.for	2202 History and Philosophy of Specific Fields	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Management Discipline
utslib.copyright.status	closed_access
pubs.issue	1	en_US
pubs.publication-status	Published	en_US
pubs.volume	85	en_US

Abstract:

Edith Penrose's work on the multinational enterprise and the political economy of globalization and development is assessed as it relates to her views on business history. This essay was written on the occasion of the fiftieth anniversary of Penrose's classic 1959 book and her 1960 prize-winning paper on Hercules Powder, which was published in the Review. Penrose came close to providing a theory of "internalization," compared foreign direct investment to market-type contracting relations, and even discussed transaction costs-related arguments. However, she largely accepted the existence of firms and did not examine why firms exist vis-à-vis alternatives, such as markets. Her views on the political economy of globalization, relations between multinational enterprise and the state, and development have proved to be incisive, mostly accurate, and ahead of their time. © 2011 The President and Fellows of Harvard College.

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10453/32141