35
7UDQVQDWLRQDO &RUSRUDWLRQV 'HSHQGHQW 'HYHORSPHQW DQG 6WDWH 3ROLF\ LQ WKH 6HPLSHULSKHU\ $ &RPSDULVRQ RI %UD]LO DQG 0H[LFR $XWKRUV *DU\ *HUHIIL DQG 3HWHU (YDQV 6RXUFH /DWLQ $PHULFDQ 5HVHDUFK 5HYLHZ 9RO 1R SS 3XEOLVKHG E\ The Latin American Studies Association 6WDEOH 85/ http://www.jstor.org/stable/2502914 . $FFHVVHG Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at . http://www.jstor.org/page/info/about/policies/terms.jsp JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact [email protected]. The Latin American Studies Association is collaborating with JSTOR to digitize, preserve and extend access to Latin American Research Review. http://www.jstor.org

Gereffi & Evans 1981 (9)

Embed Size (px)

DESCRIPTION

Transnational Corporations, Dependent Development and State Policy in the Semiperiphery: A comparison of Brasil and Mexico. Latin American Research REview, 16-3

Citation preview

Page 1: Gereffi & Evans 1981 (9)

7UDQVQDWLRQDO�&RUSRUDWLRQV��'HSHQGHQW�'HYHORSPHQW��DQG�6WDWH�3ROLF\�LQ�WKH�6HPLSHULSKHU\��$&RPSDULVRQ�RI�%UD]LO�DQG�0H[LFR$XWKRU�V���*DU\�*HUHIIL�DQG�3HWHU�(YDQV6RXUFH��/DWLQ�$PHULFDQ�5HVHDUFK�5HYLHZ��9RO������1R������������SS�������3XEOLVKHG�E\��The Latin American Studies Association6WDEOH�85/��http://www.jstor.org/stable/2502914 .$FFHVVHG������������������

Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at .http://www.jstor.org/page/info/about/policies/terms.jsp

JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range ofcontent in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new formsof scholarship. For more information about JSTOR, please contact [email protected].

The Latin American Studies Association is collaborating with JSTOR to digitize, preserve and extend access toLatin American Research Review.

http://www.jstor.org

Page 2: Gereffi & Evans 1981 (9)

75$161$7,21$/� &25325$7,216��'(3(1'(17� '(9(/230(17�� $1'�

67$7(� 32/,&<� ,1� 7+(� 6(0,3(5,3+(5<��$�&RPSDULVRQ�RI�%UD]LO�DQG�0H[LFR �

*DU\�*HUHIIL��'XNH�8QLYHUVLW\�

3HWHU�(YDQV��%URZQ�8QLYHUVLW\�

,1752'8&7,21�

%UD]LO�DQG�0H[LFR�RFFXS\�GLVWLQFWLYH�SRVLWLRQV�LQ�WKH�VWUXFWXUH�RI�WKH�FDSLWDOLVW�ZRUOG�HFRQRP\��7KH\�EHDU�OLWWOH�UHVHPEODQFH�WR�WKH�FODVVLF�PRGHO�RI�D��SHULSKHUDO��FRXQWU\��WKH\�DUH�WRR�LQGXVWULDOL]HG��KDYLQJ�PDQ\�RI�WKH�PRGHP�LQGXVWULHV�W\SLFDOO\�IRXQG�RQO\�DW�WKH�FHQWHU�RI�WKH�ZRUOG�HFRQRP\��WKH\�VXSSO\�WKHPVHOYHV�ZLWK�WRR�ODUJH�D�VKDUH�RI�WKH�ILQLVKHG�JRRGV�FRQVXPHG�GRPHVWLFDOO\��WKHLU�H[SRUWV�DUH�WRR�GLYHUVLILHG�DQG�LQFOXGH�WRR�PDQ\�PDQXIDFWXUHG�LWHPV��DQG�WKH\�KDYH�GHYHORSHG�XQXVXDOO\�VWURQJ�VWDWHV�ZLWK�VRSKLVWLFDWHG�DGPLQLVWUDWLYH�DSSDUDWXVHV�FDSDEOH�RI�SURPRWLQJ�DQG�SURWHFWLQJ�ORFDO�LQWHUHVWV��%XW�QHLWKHU�GR�%UD]LO�DQG�0H[LFR�SRVVHVV�WKH�FKDUDFWHULVWLFV�FRPPRQO\�DVVRFLDWHG�ZLWK��GH��YHORSHG��RU��FRUH��QDWLRQV��7KHLU�JURVV�GRPHVWLF�SURGXFW�SHU�FDSLWD�LV�IDU�EHORZ�WKDW�RI�WKH�8QLWHG�6WDWHV��-DSDQ��RU�DOPRVW�DQ\�RI�WKH�FRXQWULHV�RI�:HVWHUQ�(XURSH��WKHLU�GLVWULEXWLRQV�RI�LQFRPH�DUH�KLJKO\�VNHZHG�FRP��SDUHG�WR�WKRVH�RI�WKH�GHYHORSHG�FRXQWULHV���WKH\�DUH�UHFLSLHQW�UDWKHU�WKDQ�VRXUFH�FRXQWULHV�RI�IRUHLJQ�LQYHVWPHQW��WKH\�DUH�GHEWRU�UDWKHU�WKDQ�FUHGLWRU�QDWLRQV��DQG�WKH\�DUH�RQ�WKH�UHFHLYLQJ�UDWKHU�WKDQ�WKH�RULJLQDW��LQJ�HQG�RI�SURGXFW�LQQRYDWLRQ�DQG�QHZ�SURGXFWLRQ�WHFKQLTXHV��

)URP�WKH�SHUVSHFWLYH�RI�WKH�ZRUOG�V\VWHP�DSSURDFK�WR�WKH�VWXG\�RI�GHYHORSPHQW��WKH�SRVLWLRQ�RI�%UD]LO�DQG�0H[LFR�EHWZHHQ�WKH�FRUH�DQG�SHULSKHU\�FRXQWULHV�RQ�D�VHULHV�RI�GLPHQVLRQV�PDNHV�WKHP�PHPEHUV�RI�WKH��VHPLSHULSKHU\���VHH�:DOOHUVWHLQ�����D��E��������&KLURW��������0HP��EHUVKLS�LQ�WKH�VHPLSHULSKHU\�LPSOLHV�ERWK�D�GHILQLWH�VWUXFWXUDO�SRVLWLRQ�LQ�WKH�LQWHUQDWLRQDO�GLYLVLRQ�RI�ODERU�DQG�DQ�KLVWRULFDO�SURFHVV�RI�GHYHORSPHQW�OHDGLQJ�IURP�WKH�SHULSKHU\�WR�WKH�VHPLSHULSKHU\���7KLV�SURFHVV�RI�GH��YHORSPHQW�LQ�WKH�FRQWHPSRUDU\�SHULRG�KDV�EHHQ�ODEHOHG��GHSHQGHQW�GHYHORSPHQW����GHYHORSPHQW��EHFDXVH�LW�LV�FKDUDFWHUL]HG�E\�FDSLWDO�DF��FXPXODWLRQ�DQG�DQ�LQFUHDVLQJO\�FRPSOH[�GLIIHUHQWLDWLRQ�RI�WKH�LQWHUQDO�

7KH�DXWKRUV�ZLVK�WR�HPSKDVL]H�WKDW�WKLV�SDSHU�LV�WKH�SURGXFW�RI�HTXDO�FROODERUDWLRQ��

���

Page 3: Gereffi & Evans 1981 (9)

/DWLQ�$PHULFDQ�5HVHDUFK�5HYLHZ�

SURGXFWLYH�VWUXFWXUH���GHSHQGHQW��EHFDXVH�LW�LV�LQGHOLEO\�PDUNHG�E\�WKH�HIIHFWV�RI�FRQWLQXHG�GHSHQGHQFH�RQ�FDSLWDO�KRXVHG�LQ�WKH�FXUUHQW�FRUH�FRXQWULHV��(YDQV�����D����$V�GHSHQGHQW�GHYHORSPHQW�SURFHHGV��GLUHFW�IRUHLJQ�LQYHVWPHQW��'),��SOD\V�DQ�LQFUHDVLQJO\�SURPLQHQW�UROH���

7KH�REMHFWLYH�RI�WKLV�SDSHU�LV�WR�DQDO\]H�WKH�UROH�WKDW�GLUHFW�IRUHLJQ�LQYHVWPHQW�KDV�SOD\HG�LQ�WKH�SURFHVV�RI�GHSHQGHQW�GHYHORSPHQW�LQ�%UD]LO�DQG�0H[LFR��:H�KRSH�WR�GHPRQVWUDWH�WKDW�PHPEHUVKLS�LQ�WKH�VHPLSHULSKHU\�HQWDLOV��DW�OHDVW�IRU�WKHVH�WZR�FRXQWULHV��QRW�RQO\�IXQGD��PHQWDO�VLPLODULWLHV�LQ�WKH�VHFWRUDO�GLVWULEXWLRQ�RI�'),�DQG�LQ�WKH�EHKDYLRU�RI�WUDQVQDWLRQDO�FRUSRUDWLRQV��71&V����EXW�DOVR�LQFUHDVLQJ�FRQYHUJHQFH�LQ�WKH�UHVSRQVHV�RI�WKH�%UD]LOLDQ�DQG�0H[LFDQ�VWDWHV�WR�WKH�FRQWUDGLFWLRQV�UDLVHG�E\�WKH�SUHGRPLQDQW�UROH�RI�71&V�LQ�WKHLU�HFRQRPLHV��

:H�IHHO�WKDW�WKH�H[LVWHQFH�RI�WKHVH�FRPPRQDOLWLHV�DUJXHV�VWURQJO\�IRU�WKH�LPSRUWDQW�HIIHFWV�RQ�QDWLRQDO�GHYHORSPHQW�RI�VWUXFWXUDO�SRVLWLRQ�ZLWKLQ�WKH�FDSLWDOLVW�ZRUOG�HFRQRP\��JLYHQ�WKH�XQGHQLDEOH�GLIIHUHQFHV�EHWZHHQ�WKH�WZR�FRXQWULHV��1RW�RQO\�LV�%UD]LO�PXFK�ODUJHU�WKDQ�0H[LFR�LQ�ERWK�DUHD�DQG�SRSXODWLRQ��EXW�WKH�WZR�KDYH�YHU\�GLIIHUHQW�SROLWLFDO�KLVWRULHV�DV�LQGLFDWHG�PRVW�UHFHQWO\�E\�WKH�FRQWUDVW�EHWZHHQ�0H[LFRV�XQEURNHQ�FLYLOLDQ�UXOH�DQG�%UD]LOV�ILIWHHQ�\HDUV�RI�PLOLWDU\�FRQWURO��VHH�(FNVWHLQ�DQG�(YDQV��������0H[LFRV�SROLWLFDO�DQG�HFRQRPLF�DIIDLUV�KDYH�EHHQ�GHHSO\�PDUNHG�E\�LWV�SUR[LPLW\�WR�WKH�KHJHPRQLF�FRUH�SRZHU��WKH�8QLWHG�6WDWHV��,WV�ORQJ�ERUGHU�ZLWK�WKH�8�6��KDV�UHVXOWHG�LQ�D�SDUWLFXODUO\�KHDY\�IORZ�RI�8�6�� FDSLWDO�LQWR�0H[LFR��WKH�FUHDWLRQ�RI�D�ODUJH�DVVHPEO\��PDTXLODGRUD��LQGXVWU\�MXVW�VRXWK�RI�WKH�7H[DV�ERUGHU��DQG�LQFUHDVHG�DJUL��FXOWXUDO�H[SRUWV��7KH�WZR�VHPLSHULSKHUDO�FRXQWULHV�DOVR�KDYH�YHU\�GLIIHU��HQW�UHVRXUFH�HQGRZPHQWV��ZLWK�%UD]LOV�LURQ�RUH��EDX[LWH��DQG�RWKHU�PLQHUDOV�RSHQLQJ�D�VHW�RI�SRVVLELOLWLHV�TXLWH�GLVWLQFW�IURP�WKRVH�SUHVHQWHG�E\�0H[LFRV�RLO�ZHDOWK��

7KH�ILUVW�DLP�RI�RXU�SURMHFW�FDQ�EH�VXPPDUL]HG�LQ�WKH�IRUP�RI�D�TXHVWLRQ��'RHV� WKH�HYLGHQFH�ZLWK�UHJDUG�WR�'),� LQ�%UD]LO�DQG�0H[LFR�VXSSRUW�WKH�LGHD�WKDW�ERWK�FRXQWULHV�KDYH�FRQYHUJHG�DURXQG�D�VLQJOH�PRGHO�RI�GHSHQGHQW�GHYHORSPHQW�DQG�WKDW�ERWK�KDYH�FRQVROLGDWHG�D���VHPLSHULSKHUDO��SRVLWLRQ�ZLWKLQ�WKH�FDSLWDOLVW�ZRUOG�HFRQRP\"�7KH�VHF��RQG�DLP�RI�RXU�SURMHFW�LV�WR�FRQVLGHU�WKH�DYDLODEOH�GDWD�RQ�'),�LQ�WKH�WZR�FRXQWULHV�ZLWK�UHVSHFW�WR�D�QXPEHU�RI�TXHVWLRQV�UHODWLQJ�WR�WKH�LPSDFW�RI�GHSHQGHQF\�RQ�GRPHVWLF�DFWRUV�LQ�WKH�VHPLSHULSKHU\��7R�ZKDW�H[WHQW�KDV�WKH�OHYHO�RI�H[WHUQDO�FRQWURO�RYHU�WKH�ORFDO�HFRQRP\�EHHQ�H[DFHUEDWHG�E\�GLVSODFHPHQW�RI�WKH�QDWLRQDO�ERXUJHRLVLH"�7R�ZKDW�H[WHQW�KDYH��WKHVH�HIIHFWV�EHHQ� FRXQWHUEDODQFHG�E\�MRLQW�QDWLRQDO�IRUHLJQ�RZQHUVKLS�RI�71&�VXEVLGLDULHV�DQG�HIIHFWLYH�VWDWH�UHJXODWLRQ�RI�WKHLU�EHKDYLRU"�:KDW�KDV�EHHQ�WKH�UROH�RI�71&V�LQ�QDUURZLQJ�WKH�UDQJH�RI�UHTXLUHG�H[WHUQDO�LQSXWV�DQG� LQ�LQFUHDVLQJ�WKH�GLYHUVLW\�DQG�IOH[LELOLW\�RI�%UD]LOV�DQG�0H[LFRV�H[SRUW�RIIHULQJV"�

2XU�H[SODQDWLRQ�RI�FKDQJHV�LQ�WKH�FKDUDFWHU�DQG�UROH�RI�'),�LQ�

���

Page 4: Gereffi & Evans 1981 (9)

71&6�� '(3(1'(17� '(9(/230(17�� $1'� 67$7(� 32/,&<�

%UD]LO�DQG�0H[LFR�DVVXPHV�WKDW�HQGRJHQRXV�SROLWLFDO�DQG�HFRQRPLF�IRUFHV�DUH�DW�OHDVW�DV�LPSRUWDQW�DV�H[WHUQDO�RQHV��7KH�SURFHVV�RI�GHSHQ��GHQW�GHYHORSPHQW�LV�WKH�UHVXOW�RI�WKH�LQWHUDFWLRQ�RI�71&�VWUDWHJLHV�ZLWK�WKH�SROLWLFDO�DQG�HFRQRPLF�VWUDWHJLHV�RI�ORFDO�VRFLDO�FODVVHV�DQG�KRVW�FRXQWU\�VWDWHV��71&�VWUDWHJLHV�DUH�FRQGLWLRQHG�E\�WKH�ZRUOG�HFRQRPLF�HQYLURQPHQW�HVSHFLDOO\�DV�LW�LPSLQJHV�RQ�WKHLU�KRPH�VWDWHV�DQG�E\�WKH�IRUFHV�RI�ROLJRSROLVWLF�FRPSHWLWLRQ�LQ�JOREDO�LQGXVWULHV��7KH�VWUDWHJLHV�RI�ORFDO�JURXSV�YLV�D�YLV�'),�DUH�SULPDULO\�H[SUHVVHG�WKURXJK�WKH�SROLFLHV�DQG�DFWLRQV�RI�WKH�VWDWH�DSSDUDWXV��7KHVH�DUH�FRQGLWLRQHG�QRW�RQO\�E\�WKH�LQWHUQDWLRQDO�FRQWH[W�EXW�DOVR�E\�DQ�KLVWRULFDOO\�JLYHQ�FRQILJXUDWLRQ�RI�FODVV�VWUXFWXUH��LGHRORJ\��DQG�ORFDO�SURGXFWLYH�EDVH��7KH�ORFDO�FODVV�VWUXF��WXUH�DQG�SURGXFWLYH�EDVH��LQ�WXUQ��DUH�WKH�RXWFRPH�RI�SUHYLRXV�LQWHUDF��WLRQ�EHWZHHQ�IRUHLJQ�FDSLWDO�DQG�ORFDO�FODVVHV��

2XU�GLVFXVVLRQ�RI�WKH�HYLGHQFH�ZLOO�EHJLQ�ZLWK�DQ�KLVWRULFR�VWUXF��WXUDO�VXPPDU\�RI�IRXU�SKDVHV�RI�'),�LQ�%UD]LO�DQG�0H[LFR��,Q�WKLV�VHFWLRQ�ZH�KRSH�WR�SURYLGH�VRPH�VHQVH�RI�WKH�SROLWLFDO�DQG�HFRQRPLF�FKURQRORJ\�WKDW�DFFRPSDQLHG�FKDQJHV�LQ�WKH�UROH�DQG�FKDUDFWHU�RI�'),�LWVHOI��DV�ZHOO�DV�KLJKOLJKW�WKH�GHJUHH�RI�FRQYHUJHQFH�WKDW�KDG�RFFXUUHG�E\�WKH�PLG������V��:H�ZLOO�WKHQ�WU\�WR�XVH�WKH�PRUH�GHWDLOHG�GDWD�WKDW�DUH�DYDLODEOH�IRU�WKH�����V�DQG�����V�WR�HODERUDWH�RQ�WKH�WKHPHV�WKDW�ZH�IHHO�DUH�HVSHFLDOO\�LPSRUWDQW�LQ�WKH�ODVW�WZR�SKDVHV��

$1� +,6725,&2�6758&785$/� $1$/<6,6� 2)� )25(,*1� ,19(670(17�,1� %5$=,/� $1'� 0(;,&2�

%RWK�%UD]LO�DQG�0H[LFR�EHJDQ�WKH�FHQWXU\�DV�FODVVLF�SHULSKHUDO�FRXQWULHV��H[SRUWHUV�RI�SULPDU\�SURGXFWV��,Q�ERWK�FRXQWULHV�WKH�SULPDU\�SURGXFW�H[SRUW�SKDVH�ZDV�VXSHUVHGHG�E\�DQ�HPSKDVLV�RQ��KRUL]RQWDO��LPSRUW��VXEVWLWXWLQJ�LQGXVWULDOL]DWLRQ��,6,��GXULQJ�WKH�*UHDW�'HSUHVVLRQ��D�SKDVH�ZKLFK�IRFXVHG�RQ�ORFDO�SURGXFWLRQ�RI�FRQVXPHU�QRQGXUDEOHV�DQG�WKH�ORFDO�DVVHPEO\�RI�FRQVXPHU�GXUDEOHV��%\�WKH�PLG�����V��KRUL]RQWDO�,6,�ZDV�VXSHUVHGHG�E\�D�SKDVH�RI��YHUWLFDO�,6,��LQ�ZKLFK�WKH�HPSKDVLV�ZDV�RQ�LQWHUQDOL]LQJ�DOO�SKDVHV�LQ�WKH�PDQXIDFWXUH�RI�FRQVXPHU�JRRGV�DQG�LQWHJUDWLQJ�EDFNZDUGV�LQ�WKH�GLUHFWLRQ�RI�LQWHUPHGLDWH�SURGXFWV�DQG�FDSLWDO�JRRGV��)LQDOO\��VLQFH�WKH�����V��WKH�FXUUHQW�SKDVH�LV�RQH�ZLWK�D�WKUHHIROG�HPSKDVLV��WKH�H[SDQGHG�ORFDO�SURGXFWLRQ�RI�FDSLWDO�JRRGV��GLYHUVLILHG�H[SRUW�SURPRWLRQ��DQG�WKH�LQFUHDVHG�LPSRUWDQFH�RI�ILQDQFH�FDSLWDO��ORDQV��UHODWLYH�WR�'),��

7KHUH�LV�D�URXJK�FRUUHVSRQGHQFH�EHWZHHQ�PRYHPHQW�IURP�RQH�SKDVH�WR�DQRWKHU��FKDQJHV�LQ�VWUXFWXUDO�SRVLWLRQ�ZLWKLQ�WKH�ZRUOG�HFRQRP\��DQG�WKH�HPHUJHQFH�DQG�FRQVROLGDWLRQ�RI�WKH�SURFHVV�RI�GH��SHQGHQW�GHYHORSPHQW��7KH�WUDQVLWLRQ�IURP�SHULSKHU\�WR�VHPLSHULSKHU\�EHJDQ�ZLWK�WKH�KRUL]RQWDO�,6,�SKDVH�DQG�ZDV�DFFRPSOLVKHG�GXULQJ�WKH�YHUWLFDO�,6,�SKDVH��'HSHQGHQW�GHYHORSPHQW�DOVR�EHJDQ�ZLWK�WKH�PRYH��

���

Page 5: Gereffi & Evans 1981 (9)

/DWLQ�$PHULFDQ�5HVHDUFK�5HYLHZ�

PHQW�IURP�KRUL]RQWDO�WR�YHUWLFDO�,6,��7KH�FXUUHQW�FDSLWDO�JRRGV�GLYHU��VLILHG�H[SRUWV�ILQDQFH�FDSLWDO�SKDVH�UHSUHVHQWV�DQ�DWWHPSW�WR�FRQVROLGDWH�VHPLSHULSKHUDO�VWDWXV�DQG�OD\�WKH�IRXQGDWLRQV�IRU�PRYLQJ�EH\RQG�LW�WR��QRQGHSHQGHQW��GHYHORSPHQW�RU�HYHQ�WR�FRUH�VWDWXV��

7KH�3ULPDU\�3URGXFW�([SRUW�(FRQRP\�������������

7KH�SULPDU\�SURGXFW�H[SRUW�SKDVH�KDG�D�GLIIHUHQW�FKDUDFWHU�LQ�%UD]LO�WKDQ�LW�GLG�LQ�0H[LFR��,Q�0H[LFR��PLQHUDO�H[SRUWV��VLOYHU��JROG��FRSSHU��OHDG��]LQF��ZHUH�WKH�PRVW�LPSRUWDQW�VRXUFHV�RI�H[SRUW�HDUQLQJV�DQG��XQWLO�WKH�0H[LFDQ�5HYROXWLRQ��PLQLQJ�ZDV�WKRURXJKO\�FRQWUROOHG�E\�IRU��HLJQ�FDSLWDO��8QLWHG�6WDWHV�FDSLWDO�ZDV�GRPLQDQW��DFFRXQWLQJ�IRU�DW�OHDVW����SHUFHQW�RI�WKH�WRWDO�LQYHVWPHQW�LQ�0H[LFDQ�PLQLQJ��:ULJKW�������SS����B������0LQHUDOV�ZHUH�QRW�SDUWLFXODUO\�LPSRUWDQW�LQ�%UD]LO��&RIIHH�ZDV�NLQJ�DQG�WKH�FRIIHH�SODQWDWLRQV�ZHUH�UXQ�E\�%UD]LOLDQV��%UD]LO�ZDV�QRQH��WKHOHVV�H[WUHPHO\�GHSHQGHQW�GXULQJ�WKH�SULPDU\�H[SRUW�SKDVH��(YDQV�������LWV� LQWHUQDO�GLYLVLRQ�RI�ODERU�ZDV�QDUURZ��*UDKDP�������'HDQ��������IRUFLQJ�LW�WR�UHO\�RQ�%ULWLVK�LPSRUWV�WR�SURYLGH�DOPRVW�DOO�LWV�PDQX��IDFWXUHG�JRRGV��DQG�LWV�IRUWXQHV�ZHUH�GHWHUPLQHG�WR�D�IULJKWHQLQJ�GH��JUHH�E\�IOXFWXDWLRQV�LQ�WKH�1HZ�<RUN�FRIIHH�PDUNHW�KRZHYHU��WKHUH�ZDV�QRW�WKH�VDPH�GHJUHH�RI�GLUHFW�IRUHLJQ�FRQWURO�RYHU�LQWHUQDO�SURGXF��WLRQ�LQ�WKH�H[SRUW�VHFWRU�LQ�%UD]LO�WKDW�WKHUH�ZDV�LQ�0H[LFR��

3DWWHUQV�RI�'),�LQ�WKH�WZR�FRXQWULHV�GXULQJ�WKH�ILUVW�SKDVH�ZHUH�DOVR�GLIIHUHQW��$OWKRXJK�%ULWLVK�LQYHVWRUV�ZHUH�SUHHPLQHQW�LQ�ERWK�%UD]LO�DQG�0H[LFR��LQ�WKH�ODWWHU�WKHUH�ZDV�DQ�DOPRVW�HTXDOO\�ODUJH�DPRXQW�RI�$PHULFDQ�LQYHVWPHQW��)URP�WKH�����V�WR�������0H[LFR�DWWUDFWHG�PRUH�8�6�� GLUHFW�LQYHVWPHQW�WKDQ�DQ\�RWKHU�FRXQWU\�LQ�WKH�ZRUOG��:LONLQV�������S��������ZKLOH�LQ�%UD]LO��QRQ�%ULWLVK�LQYHVWPHQWV�FDPH�IURP�D�YD��ULHW\�RI�FRXQWULHV��ZLWK�WKH�8�6�� SOD\LQJ�RQO\�D�PLQRU�UROH��(&/$�������S�������

7KH�VHFWRUDO�GLVWULEXWLRQ�RI�'),�DOVR�GLYHUJHG�LQ�WKLV�HDUO\�SHULRG��DOWKRXJK�WKH�PDMRULW\�RI�IRUHLJQ�FDSLWDO�LQ�ERWK�%UD]LO�DQG�0H[LFR�ZDV�LQYHVWHG�LQ�UDLOZD\V�DQG�JRYHUQPHQW�ERQGV��VHH� 6LQJHU�������5LSS\�������9HUQRQ�������/HZLV�������:ULJKW��������WKH�UHPDLQGHU�ZDV�GLVWULE��XWHG�GLIIHUHQWO\�LQ�HDFK�FRXQWU\��)RUHLJQ�FDSLWDO�ZDV�FRQFHQWUDWHG�LQ�PLQHUDO�H[WUDFWLRQ�IRU�H[SRUW�LQ�0H[LFR�DQG�JUDYLWDWHG�WR�SXEOLF�XWLOLWLHV�LQ�%UD]LO��7KLV�LV�SDUWLFXODUO\�FOHDU�LQ�WKH�FDVH�RI�8�6�� '),�����SHUFHQW�RI�8�6�� LQYHVWPHQW�LQ�0H[LFR�LQ������ZDV�LQ�H[WUDFWLYH�LQGXVWULHV��ZKLOH�H[WUDFWLRQ�ZDV� D�QHJOLJLEOH�FDWHJRU\�LQ�%UD]LO��DQG�SXEOLF�XWLOLWLHV�DF��FRXQWHG�IRU�KDOI�RI�8�6�� '),�LQ�%UD]LO�DQG�OHVV�WKDQ�D�TXDUWHU�LQ�0H[LFR��VHH�WDEOH������

$QRWKHU�LPSRUWDQW�FRQWUDVW�EHWZHHQ�WKH�WZR�FRXQWULHV�LQ�WKLV�LQLWLDO�SKDVH�OD\�LQ�WKH�GLIIHUHQWLDO�LPSRUWDQFH�RI�'),�UHODWLYH�WR�LQGLUHFW�IRUHLJQ�LQYHVWPHQW��L�H���SXEOLF�ORDQV���7KH�DPRXQWV�RI�'),�LQ�WKH�WZR�

���

Page 6: Gereffi & Evans 1981 (9)

71&6�� '(3(1'(17� '(9(/230(17�� $1'� 67$7(� 32/,&<�

FRXQWULHV�ZHUH�DERXW�HTXDO��EXW�%UD]LO�KDG�DOPRVW�WKUHH�WLPHV�DV�PDQ\�IRUHLJQ�ORDQV�RXWVWDQGLQJ�DV�0H[LFR�DW�WKH�WLPH�RI�WKH�)LUVW�:RUOG�:DU��%DNODQRII�������S������:ULJKW�������S�������%HWZHHQ�:RUOG�:DU�,�DQG�WKH�*UHDW�'HSUHVVLRQ��%UD]LOV�ORDQV�GRXEOHG�WR�HTXDO�'),��ZKLOH�LQ�0H[LFR�GHEW�UHPDLQHG�D�VPDOO�IUDFWLRQ�RI�'),��%DNODQRII�������S��������

)LQDOO\��'),�DOVR�SOD\HG�D�GLIIHUHQW�UROH�LQ�WKH�WUDQVLWLRQ�IURP�WKH�SULPDU\�SURGXFW�H[SRUW�SKDVH�WR�WKH�KRUL]RQWDO�,6,�SKDVH�LQ�HDFK�FRXQ��WU\��)URP�WKH�0H[LFDQ�5HYROXWLRQ�WR�WKH�EHJLQQLQJ�RI�WKH�GHSUHVVLRQ�WKHUH�ZDV�DOPRVW�D�FRPSOHWH�KDOW�LQ�WKH�JURZWK�RI�'),�LQ�0H[LFR��H[FHSW�LQ�WKH�SHWUROHXP�VHFWRU���,QYHVWPHQW�LQ�PDQXIDFWXULQJ��XVHIXO�LQ�PDNLQJ�WKH�WUDQVLWLRQ�WR�KRUL]RQWDO�,6,��ZDV�JURZLQJ�LQ�%UD]LO�EXW�QRW�LQ�0H[LFR��)RU�H[DPSOH��E\�������DOPRVW�RQH�IRXUWK�RI�8�6��'),�LQ�%UD]LO�ZDV�LQ�PDQXIDFWXULQJ��VHH�WDEOH�����ZKLOH�WKLV�UHSUHVHQWHG�RQO\���SHUFHQW�RI�8�6��'),�LQ�0H[LFR��$YDLODEOH�GDWD�LQGLFDWH�WKH�VDPH�ZDV�WUXH�IRU�QRQ��8�6��LQYHVWPHQW�DV�ZHOO��HYHQ�DV�ODWH�DV�������RQO\���SHUFHQW�RI�RYHUDOO�'),�LQ�0H[LFR�ZDV�LQ�PDQXIDFWXULQJ��&LQWD�������S��������

+RUL]RQWDO�,PSRUW�6XEVWLWXWLQJ�,QGXVWULDOL]DWLRQ�������������

+RUL]RQWDO�,6,�KDG�LWV�EHJLQQLQJV�LQ�ERWK�FRXQWULHV�GXULQJ�WKH�SKDVH�RI�SULPDU\�SURGXFW�H[SRUWV��,Q�%UD]LO�ORFDO�WH[WLOH�PDQXIDFWXUHUV�KDG�EHJXQ�WR�UHSODFH�%ULWLVK�LPSRUWV�DV�HDUO\�DV�WKH�WXUQ�RI�WKH�FHQWXU\��,Q�0H[LFR�DV�ZHOO��PDQXIDFWXULQJ�YHQWXUHV�VSUDQJ�XS�GXULQJ�WKH�PLQHUDO�H[SRUW�SKDVH�RI�GHYHORSPHQW��,W�ZDV�QRW��KRZHYHU��XQWLO�WKH�*UHDW�'HSUHVVLRQ�PDGH�H[SRUW�RULHQWHG�JURZWK�XQWHQDEOH�WKDW�KRUL]RQWDO�,6,��ZKLFK�LV�WR�VD\�WKH�GHYHORSPHQW�RI�ORFDO�PDQXIDFWXULQJ�RI�OLJKW�FRQVXPHU�JRRGV��EHFDPH�WKH�GRPLQDQW�DVSHFW�RI�GHYHORSPHQW�LQ�WKH�WZR�FRXQWULHV��

7KH�VKRFN�ZDV�SDUWLFXODUO\�JUHDW�IRU�%UD]LO��&RIIHH�SULFHV�FROODSVHG�DQG�WKH�PDVVLYH�SXEOLF�GHEW��ZKLFK�WKH�FRXQWU\�KDG�EXLOW�XS�LQ�WKH�SURFHVV�RI�WU\LQJ�WR�LPSURYH�LWV�XUEDQ�LQIUDVWUXFWXUH��EHFDPH�DQ�RYHU��ZKHOPLQJ�EXUGHQ�DV�SXEOLF�GHEW�VHUYLFH�VRDUHG�WR����SHUFHQW�RI�H[SRUW�HDUQLQJV�LQ����������%DNODQRII�������S��������6KDUS�GHYDOXDWLRQV�PDGH�ORFDO�SURGXFWLRQ�PRUH�SURILWDEOH��EXW�%ULWLVK�FDSLWDO�GLG�QRW�UHVSRQG�DJJUHVVLYHO\�WR�WKH�VKLIW�LQ�WKH�VLWXDWLRQ��/RFDO�FDSLWDO�LQ�%UD]LO��HVSHFLDOO\�IURP�WKH�FRIIHH�VHFWRU��SOD\HG�D�VWURQJ�UROH�LQ�WKH�PDQXIDFWXUH�RI�WKH�FRQVXPHU�JRRGV�WKDW�ZHUH�WKH�IRFXV�RI�KRUL]RQWDO�,6,����'XULQJ�WKH�GHSUHVVLRQ�WKHUH�ZDV�HYHQ�VRPH��UHQDWLRQDOL]DWLRQ��RI�ORFDO�PDQXIDF��WXULQJ�RSHUDWLRQV�DV��IRU�H[DPSOH��ZKHQ�WKH�9RWRUDQWLP�UD\RQ�PLOO�ZDV�ERXJKW�IURP�WKH�%ULWLVK�E\�WKH�(UPLULR�GH�0RUDHV�JURXS��

6WDWH�SROLF\�UHLQIRUFHG�WKH�LPSDFW�RI�H[WHUQDO�HYHQWV��*HWXLOLR�9DU��JDV�JUDGXDOO\�DEDQGRQHG�KLV�IDLWK�LQ�%UD]LOV�DJULFXOWXUDO�YRFDWLRQ�DQG�EHJDQ�WR�SXUVXH�SROLFLHV�WKDW�VXSSRUWHG�KRUL]RQWDO�,6,��6WDWH�HQWUHSUH��QHXUVKLS�LQ�EDVLF�LQGXVWULHV�OLNH�VWHHO�KHOSHG�HQVXUH�PDQXIDFWXUHUV�D�VXSSO\�RI�ORFDOO\�DYDLODEOH�LQSXWV�ZKLOH�DW�WKH�VDPH�WLPH�OLPLWLQJ�IRUHLJQ�

���

Page 7: Gereffi & Evans 1981 (9)

/DWLQ�$PHULFDQ�5HVHDUFK�5HYLHZ�

7$�%�/�(���8�6��'LUHFW�,QYHVWPHQW�LQ�%UD]LO��0H[LFR��DQG�/DWLQ�$PHULFD������������

$��$EVROXWH�$PRXQLWV��LQ�PLOOLRQV�RI�8�6��GROODUV������� ����� ����� �����

([WUDFWLYH � %UD]LO� �� B�� ��0H[LFR� ���� ���� ���� ����/�$�� ������ ���� ���� ������

3HWUROHXP� %UD]LO� ��� ��� ��� ����0H[LFR� ���� ��� �� ���/�$�� ���� ���� ���� ������

0DQXIDFWXULQJ� %UD]LO� ��� ��� ���� ����0H[LFR� �� ��� ���� ����/�$�� ���� ���� ���� ����

3XEOLF� %UD]LO� ��� ���� ���� ����8WLOLWLHV � 0H[LFR� ���� ���� ���� ����

/�$�� ���� ���� ���� ����

2WKHU � %UD]LO� ��� ��� ��� ����0H[LFR� ��� ��� ��� ���/�$�� ���� ���� ���� ����

7RWDO� %UD]LO� ���� ���� ���� ����0H[LFR� ���� ���� ���� ����/�$�� ������ ������ ������ ������

%��5HODWLYH�3URSRUWLRQV������ ����� ����� �����

%UD]LOLDQ�LQYHVWPHQW�DV�D�SURSRUWLRQ�RI�WRWDO�/DWLQ�$PHULFDQ�LQYHVWPHQW� ���� ���� ���� ����

0H[LFDQ�LQYHVWPHQW�DV�D�SURSRUWLRQ�RI�WRWDO�/DWLQ�$PHULFDQ�LQYHVWPHQW� ���� ���� ���� ����

%UD]LOLDQ�LQYHVWPHQW�DV�D�SURSRUWLRQ�RI�0H[LFDQ�LQYHVWPHQW� ���� ���� ����� �����

0DQXIDFWXULQJ�LQYHVWPHQW�DV�D�SURSRUWLRQ�RI�WRWDO�LQYHVWPHQW�LQ�/DWLQ�$PHULFD� ���� ���� ���� ����

0DQXIDFWXULQJ�LQYHVWPHQW�DV�D�SURSRUWLRQ�RI�WRWDO�LQYHVWPHQW�LQ��

%UD]LO� ���� ���� ���� ����0H[LFR� ���� ���� ���� ����

6RXUFH��8�6��'HSDUWPHQW�RI�&RPPHUFH��6XUYH\�RI�&XUUHQW�%XVLQHVV��YDULRXV�\HDUV��

0LQLQJ�DQG�DJULFXOWXUH�� ,QFOXGHV�WUDQVSRUWDWLRQ�� ,QFOXGHV�WUDGH��ILQDQFH�DQG�LQVXUDQFH��DQG�RWKHU���QFOXGHG�LQ��2WKHU����(VWLPDWHG��GDWD�VXSSUHVVHG�IRU�UHDVRQV�RI�GLVFORVXUH��1��%��/DWLQ�$PHULFD�UHIHUV�WR��/DWLQ�$PHULFDQ�5HSXEOLFV���DQG�GRHV�QRW�LQFOXGH�WKH�&DULEEHDQ��

���

Page 8: Gereffi & Evans 1981 (9)

71&6�� '(3(1'(17� '(9(/230(17�� $1'� 67$7(� 32/,&<�

����� ����� ����� ����� �����

��� ��� ��� ��� �������� ���� ���� ��� ���

������ ������ ������ ������ ������

���� ��� ��� ���� ������� ��� ��� ��� ���

������ ������ ������ ������ ������

���� ���� ���� ������ ���������� ���� ���� ������ ������

������ ������ ������ ������ �������

���� ���� ��� ��� ������� ��� ��� ��� ����

������ ���� ���� ���� ����

���� ���� ���� ���� ��������� ���� ���� ���� �����

������ ������ ������ ������ ������

���� ������ ������ ������ ���������� ���� ������ ������ ������

������ ������ ������� ������� �������

����� ����� ����� ����� �����

���� ���� ���� ���� ����

���� ���� ���� ���� ����

����� ����� ���� ����� �����

���� ���� ���� ���� ����

���� ���� ���� ���� �������� ���� ���� ���� ����

���

Page 9: Gereffi & Evans 1981 (9)

/DWLQ�$PHULFDQ�5HVHDUFK�5HYLHZ�

FRQWURO�LQ�WKHVH�VWUDWHJLF�VHFWRUV��9DUJDV�DOVR�KHOSHG�HQVXUH�WKDW�WKHUH�ZRXOG�EH�ORFDO�GHPDQG�IRU�PDQXIDFWXUHG�JRRGV�E\�DUWLILFLDOO\�VXSSRUWLQJ�FRIIHH�SULFHV��,Q�DGGLWLRQ��KH�SUHVVXUHG�IRUHLJQ�VXEVLGLDULHV�WR�LQFUHDVH�ORFDO�FRQWHQW�DQG�UDLVHG�WDULII�EDUULHUV�DJDLQVW�LPSRUWHG�PDQXIDFWXUHG�JRRGV��

6WDWH�SROLF\�LQ�0H[LFR�ZDV�DOVR�LPSRUWDQW�LQ�PRYLQJ�WKH�FRXQWU\�RXW�RI�WKH�SULPDU\�H[SRUW�SKDVH��EXW�ZLWK�YHU\�GLIIHUHQW�FRQVHTXHQFHV�DV�IDU�DV�'),�ZDV�FRQFHUQHG��&DUGHQDV�QDWLRQDOL]DWLRQ�RI�WKH�SHWUROHXP�LQGXVWU\�LQ������NQRFNHG�WKH�NH\VWRQH�RXW�RI�WKH�IRUHLJQ�GRPLQDWHG�H[SRUW�PRGHO��EXW�LW�DOVR�UHLQIRUFHG�LQYHVWRUV�IHDUV�WKDW�0H[LFR�PLJKW�EH�VHULRXV�DERXW�WKH�VRFLDOLVW�UKHWRULF�LQKHULWHG�IURP�WKH�UHYROXWLRQ��:KLOH�WKH�8�6�� LQYHVWRUV�H[SDQGHG�WKHLU�SRVLWLRQ�LQ�%UD]LO��UHSODFLQJ�WKH�UH��WUHDWLQJ�%ULWLVK�DV� WKH�SULQFLSDO�VRXUFH�RI�'),�� 8�6�� LQYHVWPHQWV�LQ�0H[LFR�GURSSHG�E\����SHUFHQW�EHWZHHQ������DQG�������0RVW�RI�WKLV�GURS�ZDV�DFFRXQWHG�IRU�E\�WKH�HOLPLQDWLRQ�RI�SHWUROHXP�KROGLQJV��EXW�WKH�OHYHO�RI�LQYHVWPHQWV�LQ�RWKHU�H[WUDFWLYH�LQGXVWULHV�DOVR�GHFOLQHG�UDSLGO\�DQG�'),�LQ�SXEOLF�XWLOLWLHV�IHOO�DV�ZHOO��VHH�WDEOH�����1RW�XQWLO�WKH�PRUH�SUR��EXVLQHVV�UHJLPH�RI�0LJXHO�$OHPDLQ�����������GLG�IRUHLJQ�LQYHVWRUV�EHJLQ�WR�VHH�0H[LFR�ZLWK�WKH�VDPH�IDYRU�WKDW�SUHYDLOHG�GXULQJ�WKH�UHLJQ�RI�3RUILULR�'LD]��

'HVSLWH�GLIIHUHQFHV�LQ�GRPHVWLF�SROLWLFV�DQG�LQYHVWRU�UHDFWLRQV�LQ�WKH�HDUO\�SDUW�RI�WKLV�SKDVH��WKH�SRVW�:RUOG�:DU�,,�VHJPHQW�RI�WKH�KRUL��]RQWDO�,6,�SHULRG�VDZ�WKH�HPHUJHQFH�RI�VHYHUDO�WUHQGV�WKDW�EURXJKW�WKH�SDWWHUQ�RI�,6,� LQ�WKH�WZR�FRXQWULHV�FORVHU�WRJHWKHU��)LUVW��WKH�XQFKDO��OHQJHG�ZRUOG�KHJHPRQ\�RI�WKH�8�6��UHVXOWHG�LQ�D�1RUWK�$PHULFDQ�GRPL��QDQFH�RI�%UD]LOLDQ�'),�WKDW�ZDV�VLPLODU�WR�WKH�0H[LFDQ�SDWWHUQ��1RUWK�$PHULFDQ��LQFOXGLQJ�&DQDGLDQ��RYHUVHDV�LQYHVWPHQWV�UHDFKHG�D�SHDN�RI�RYHU����SHUFHQW�RI�%UD]LOV�WRWDO�'),�LQ������ZKLOH�(XURSHDQ�LQYHVWPHQWV�GURSSHG�WR����SHUFHQW��%DNODQRII�������S���������7KH�LPSRUWDQFH�RI�'),�UHODWLYH�WR�ORDQ�FDSLWDO�DOVR�SHDNHG�LQ�D�VLPLODU�IDVKLRQ�LQ�ERWK�FRXQWULHV�GXULQJ�WKLV�SHULRG��(&/$�������S��������3HUKDSV�WKH�PRVW�LPSRUWDQW�DQG�GXUDEOH�RI�WKH�FRQYHUJHQW�WUHQGV�ZDV�WKH�VWURQJ�DVVHUWLRQ�RI�WKH�WHQ��GHQF\�WRZDUG�D�FRPPRQ�VHFWRUDO�GLVWULEXWLRQ�RI�'),��$V�IRUHLJQHUV�ZHUH�SXVKHG�RXW�RI�WKH�SULPDU\�H[SRUW�VHFWRU�LQ�0H[LFR��PDQXIDFWXULQJ�LQ��YHVWPHQW�FRQWLQXHG�WR�JURZ��PDNLQJ�WKH�0H[LFDQ�VHFWRUDO�GLVWULEXWLRQ�PRUH�OLNH�%UD]LOV�DQG�LQFUHDVLQJO\�FRPSDWLEOH�ZLWK�KRUL]RQWDO�,6,��

2YHUDOO��WKH�SHULRG�RI�KRUL]RQWDO�,6,�DSSHDUHG�WR�EH�RQH�RI�GLPLQ��LVKHG�GHSHQGHQF\��1RW�RQO\�ZDV� WKH�LQGXVWULDO�VWUHQJWK�RI�WKH�ORFDO�ERXUJHRLVLHV�LQFUHDVLQJ��EXW�IRUHLJQ�LQYHVWRUV�VHHPHG�WR�EH�SOD\LQJ�D�PRUH�SRVLWLYH�UROH��7KH�HIIHFWV�RI�:RUOG�:DU�,,�DQG�ODWHU�WKH�.RUHDQ�:DU�JDYH�IXUWKHU�UHDVRQ�IRU�DQ�RSWLPLVWLF�SHUVSHFWLYH��:LWK�WKH�GHPDQG�IRU�UDZ�PDWHULDOV�DFFHOHUDWHG�DQG�WKH�LQGXVWULDO�FDSDFLW\�RI�FRUH�FRXQWULHV�GLYHUWHG�WR�ZDUWLPH�SURGXFWLRQ��0H[LFR�DQG�%UD]LO�IRXQG�QHZ�PDUNHWV�

���

Page 10: Gereffi & Evans 1981 (9)

71&6�� '(3(1'(17� '(9(/230(17�� $1'� 67$7(� 32/,&<�

IRU�SULPDU\�H[SRUWV�DQG�GLPLQLVKHG�FRPSHWLWLRQ�IURP�LPSRUWV�LQ�WKHLU�GRPHVWLF�PDUNHWV��

9HUWLFDO�,PSRUW�6XEVWLWXWLQJ�,QGXVWULDOL]DWLRQ�������������

7KH�\HDU������PDUNHG�D�WXUQLQJ�SRLQW��ERWK�LQ�WKHVH�RSWLPLVWLF�SHUFHS��WLRQV�DQG�LQ�WKH�GHYHORSPHQW�SURFHVV�RI�WKH�WZR�FRXQWULHV��7KH�.RUHDQ�:DU�ERRP�ZDV�RYHU�DQG�GHPDQG�IRU��WUDGLWLRQDO��%UD]LOLDQ�DQG�0H[LFDQ�H[SRUWV�KDG�IDOOHQ��0H[LFR�H[SHULHQFHG�D�VHYHUH�UHFHVVLRQ�DIWHU�WKH�.R��UHDQ�:DU�DQG�E\������EDODQFH�RI�SD\PHQW�SUHVVXUHV�IRUFHG�D����SHUFHQW�GHYDOXDWLRQ�RI�WKH�SHVR��%UD]LO�FRQIURQWHG�D�IDOO�LQ�FRIIHH�SULFHV�LQ������WKDW�OHIW�WKHP����SHUFHQW�EHORZ�WKHLU�.RUHDQ�:DU�SHDNV�ZKLOH�LPSRUWV�RI�PDFKLQHU\�DQG�HTXLSPHQW�ZHUH�XS����SHUFHQW�RYHU�WKH�ODWH�����V��/HII�������S������%HUJVPDQ�������S�������)XUWKHUPRUH��E\�WKH�VWDQGDUGV�RI�WKH�HDUO\�����V��LQIODWLRQ�LQ�ERWK�FRXQWLUHV�KDG�DVVXPHG�FULWLFDO�SURSRUWLRQV��7KH�FOHDU�PHVVDJH�IURP�ERWK�WKH�H[WHUQDO�DQG�WKH�LQWHUQDO�VHFWRUV�ZDV�WKDW�D�VKLIW�LQ�GHYHORSPHQW�VWUDWHJ\�ZDV�QHFHVVDU\��

3ROLF\PDNLQJ�HOLWHV�LQ�%UD]LO�DQG�0H[LFR�PDGH�WKH�GHFLVLRQ�DW�WKLV�MXQFWXUH�WR�UHSODFH�KRUL]RQWDO�,6,�E\�YHUWLFDO�,6,��7KH�REMHFWLYHV�RI�YHUWL��FDO�,6,�ZHUH�WR�EURDGHQ�WKH�UDQJH�RI�ORFDO�SURGXFWLRQ�WR�LQFOXGH�FRQVXPHU�GXUDEOHV��HVSHFLDOO\�WKH�DXWRPRELOH��DQG�WR�EXLOG�XS�ORFDO�PDQXIDFWXUH�RI�WKH�FDSLWDO�DQG�LQWHUPHGLDWH�JRRGV�WKDW�ZHUH�FDXVLQJ�WKH�ELJ�GUDLQ�RQ�WKH�EDODQFH�RI�SD\PHQWV��7KH�LQYHVWPHQWV�UHTXLUHG�ZHUH�PRUH�WHFKQR��ORJLFDOO\�VRSKLVWLFDWHG�DQG�FDSLWDO�LQWHQVLYH�WKDQ�WKRVH�UHTXLUHG�E\�KRUL��]RQWDO�,6,��WKXV�PDNLQJ�71&V�UDWKHU�WKDQ�ORFDO�FDSLWDO�WKH�PRVW�OLNHO\�LQVWUXPHQW��7KH�71&V�ZHUH�UHDG\�WR�UHVSRQG��WKH�JURZWK�RI�LQYHVWPHQW�LQ�WKH�FRUH�FRXQWULHV��HVSHFLDOO\�LQ�WKH�8QLWHG�6WDWHV��QR�ORQJHU�GH��PDQGHG�DOO�WKH�UHVRXUFHV�DW�WKHLU�FRPPDQG��

3ROLWLFDO�VKLIWV�ZLWKLQ�%UD]LO�DQG�0H[LFR�KHOSHG�RSHQ�WKH�ZD\�IRU�QHZ�NLQGV�RI�SDUWLFLSDWLRQ�E\�71&V�� 7KH�VKLIW�ZDV�PRVW�GUDPDWLF�LQ�%UD]LO��ZKHUH�WKH�QDWLRQDOLVW�WKUXVW�RI�9DUJDV�VHFRQG�DGPLQLVWUDWLRQ�����������ZDV�EURXJKW�WR�DQ�DEUXSW�HQG�E\�KLV�VXLFLGH��.XELWVFKHN��ZKR�EHFDPH�%UD]LOV�SUHVLGHQW�LQ�������HVWDEOLVKHG�D�SROLF\�RI�UDSLG�LQGXV��WULDOL]DWLRQ�EDVHG�RQ�IXOO�SDUWLFLSDWLRQ�E\�IRUHLJQ�SULYDWH�LQYHVWRUV��,Q�0H[LFR��3UHVLGHQW�5XL]�&RUWLQHV������������ZRUULHG�DERXW�0H[LFRV�SHU��VLVWHQW�EDODQFH�RI�SD\PHQW�GLIILFXOWLHV��LQIODWLRQ��DQG�VFDUFH�SXEOLF�VHF��WRU�UHYHQXHV��VKLIWHG�JHDUV�LQ�PLG�DGPLQLVWUDWLRQ�DQG�PRYHG�WR�DWWUDFW�IRUHLJQ�FDSLWDO�UDWKHU�WKDQ�NHHS�LW�DW�DUPV�OHQJWK�DV�EHIRUH��,Q�ERWK�FRXQWULHV��LPSRUWV�RI�PDFKLQHU\�DQG�HTXLSPHQW�ZHUH�VXEVLGL]HG�LQ�RU��GHU�WR�HQFRXUDJH�PDQXIDFWXULQJ�LQYHVWPHQW��7KHVH� LQFHQWLYHV�ZHUH�FRPELQHG�ZLWK�KLJK�WDULII�ZDOOV�DQG�TXDQWLWDWLYH�FRQWUROV�RQ�LPSRUWV�RI�PDQXIDFWXUHG�JRRGV� WKDW�HVVHQWLDOO\��FORVHG� WKH�ERUGHU��RQFH�ORFDO�PDQXIDFWXUH�KDG�EHHQ�XQGHUWDNHQ��

���

Page 11: Gereffi & Evans 1981 (9)

/DWLQ�$PHULFDQ�5HVHDUFK�5HYLHZ�

/RFDO�HOLWHV�LQWHUHVWHG�LQ�GHYHORSPHQW�WKXV�IRXQG�FRPPRQ�JURXQG�ZLWK�PDQ\�RI�WKH�71&V� LQWHUHVWHG�LQ�JOREDO�H[SDQVLRQ��/RFDO�PDQX��IDFWXUH�URVH��LPSRUWV�DV� D� SHUFHQWDJH�RI�WRWDO�FRQVXPSWLRQ�IHOO��'),�EXUJHRQHG����DQG� ORFDO�PDQXIDFWXULQJ�EHFDPH� LQFUHDVLQJO\�IRUHLJQ��RZQHG���� ,W�LV�WKLV�LQLWLDO�SHULRG�RI�WKH�YHUWLFDO�,6,�SKDVH�WKDW�KDV�EHHQ�FKDUDFWHUL]HG�DV��WKH�LQWHUQDOL]DWLRQ�RI�LPSHULDOLVP���(YDQV�������RU�WKH��LQWHUQDWLRQDOL]DWLRQ�RI�WKH�LQWHUQDO�PDUNHW���&DUGRVR�DQG�)DOHWWR��������9HUWLFDO�,6,� FUHDWHG�WKH�IRXQGDWLRQV�IRU�WKH��WULSOH�DOOLDQFH��RI�VWDWH��71&��DQG�ORFDO�FDSLWDO��7KH�YHUWLFDO�,6,�VWDJH�PDUNV�WKH�IXOO�EORVVRPLQJ�RI�WKH�SURFHVV�RI��GHSHQGHQW�GHYHORSPHQW��DQG�WKH�ILQDO�VWDJHV�RI�WUDQ��VLWLRQ�IURP�WKH�SHULSKHU\�WR�WKH�VHPLSHULSKHU\��

7KH�WHQGHQF\�WRZDUG�VHFWRUDO�FRQYHUJHQFH�WKDW�KDG�EHJXQ�LQ�WKH�KRUL]RQWDO�,6,�SKDVH�FXOPLQDWHG�LQ�WKH�YHUWLFDO�,6,�VWDJH��)RU�H[DPSOH��E\�������WZR�WKLUGV�RI�WRWDO�8�6��'),�LQ�ERWK�FRXQWULHV�ZDV�FRQFHQWUDWHG�LQ�PDQXIDFWXULQJ��ZLWK�PRVW�RI�WKH�UHVW�LQ�VHUYLFH�LQGXVWULHV�DQG�ILQDQFH��7KLV�FRQFHQWUDWLRQ�QRW�RQO\�JDYH�8�6�� '),� LQ�WKH�FRXQWULHV�D�SDUDOOHO�FRQILJXUDWLRQ��LW�DOVR�VKDUSO\�GLVWLQJXLVKHG�WKHP�IURP�WKH�RYHUDOO�/DWLQ�$PHULFDQ�SDWWHUQ�LQ�ZKLFK�PDQXIDFWXULQJ�LQYHVWPHQW�DFFRXQWHG�IRU�OHVV�WKDQ�RQH�WKLUG�RI�WRWDO�8�6�� '),��VHH�WDEOH�����

6LPLODULWLHV�LQ�WKH�GLVWULEXWLRQ�RI�'),�ZHQW�EH\RQG�D�FRQFHQWUD��WLRQ�RQ�PDQXIDFWXULQJ��7KH�ORFXV�RI�71&� LQYHVWPHQWV�LQ�WKH�ODUJHVW�ILUPV�LQ�WKH�PRVW�G\QDPLF�LQGXVWULHV�LQ�ERWK�FRXQWULHV�SURGXFHG�D�VLPL��ODU�SDWWHUQ�RI�GLVWULEXWLRQ�ZLWKLQ�WKH�PDQXIDFWXULQJ�VHFWRU��VHH�WDEOH�����%UD]LOLDQ�'),� ZDV� VWLOO�PRUH�GLYHUVH�LQ�WHUPV�RI�LWV�RULJLQV��%XW�WKH�GRPLQDQW�IRUHLJQ�SUHVHQFH�LQ�NH\�VHFWRUV�RI�WKH�ORFDO�LQGXVWU\�WKDW�HPHUJHG�DV� D�UHVXOW�RI�YHUWLFDO�,6,� IRUFHG�ERWK�FRXQWULHV�WR�FRQIURQW�GHSHQGHQF\�LQ�WKH�IRUP�RI�H[WHUQDO�FRQWURO�RYHU�WKH�ORFDO�SURGXFWLYH�DSSDUDWXV��$V�WDEOH���LQGLFDWHV��E\�WKH�EHJLQQLQJ�RI�WKH�����V��71&V�KHOG�DERXW�KDOI�WKH�DVVHWV�RI�WKH�ODUJHVW�PDQXIDFWXULQJ�ILUPV�LQ�HDFK�RI�WKH�WZR�FRXQWULHV��

,Q�ERWK�%UD]LO�DQG�0H[LFR�WKHUH�ZHUH�QDWLRQDOLVW�UHDFWLRQV�WR�WKH�GHQDWLRQDOL]DWLRQ�WKDW�DFFRPSDQLHG�YHUWLFDO�,6,��EXW�WKHLU�FKDUDFWHU�DQG�LPSDFW�RQ�'),�ZHUH�TXLWH�GLIIHUHQW��,Q�0H[LFR��QDWLRQDOLVW�SHULRGV�DOWHU��QDWHG�ZLWK�SHULRGV�RI�FRQFLOLDWRU\�SROLFLHV�WRZDUG�SULYDWH�FDSLWDO�LQ�JHQ��HUDO�DQG�IRUHLJQ�FDSLWDO�LQ�SDUWLFXODU��/RSH]�0DWHRV��OLNH�5XL]�&RUWLQHV��PRYHG�ILUVW�LQ�D�PRUH�QDWLRQDOLVW�GLUHFWLRQ�DQG�WKHQ�LQ�D�PRUH�FRQFLO��LDWRU\�RQH��:KHQ�/RSH]�0DWHRV�VSRNH�RI�JRYHUQLQJ��RQ�WKH�H[WUHPH�OHIW�ZLWKLQ�WKH�&RQVWLWXWLRQ��DW�WKH�VWDUW�RI�KLV�WHUP�LQ�'HFHPEHU�������URXJKO\������PLOOLRQ�IURP�WKH�0H[LFDQ�SULYDWH�VHFWRU�IOHG�WKH�FRXQWU\�LQ�D�PDWWHU�RI�GD\V��+DQVHQ�������S��������,Q������DQG�������VSXUUHG�E\�/R��SH]�0DWHRV�YDULRXV�HIIRUWV�WR�FXW�EDFN�WKH�UROH�RI�'),�LQ�0H[LFR��FDSLWDO�IOLJKW�FRQWLQXHG��DQG�ZDV�HVWLPDWHG�WR�KDYH�UHDFKHG�D�PDJQLWXGH�RI�ZHOO�RYHU������PLOOLRQ��:LRQF]HN�������SS����������9HUQRQ�������S��������:LWK�WKH�0H[LFDQ�SHVR�QHDU�FULVLV�DQG�HFRQRPLF�JURZWK�VOXJJLVK��/RSH]�

���

Page 12: Gereffi & Evans 1981 (9)

71&6�� '(3(1'(17� '(9(/230(17�� $1'� 67$7(� 32/,&<�

7�$�%�/�(���3HUFHQWDJH�RI�$VVHWV�RI�/DUJHVW�����0DQXIDFWXULQJ�)LUPV�LQ�%UD]LO�DQG�0H[LFR��+HOG�E\�8�6��DQG�2WKHU�)RUHLJQ�71&V��6HOHFWHG�,QGXVWULHV�������

8�6��71&� 2WKHU� 7RWDO�6KDUH� )RUHLJQ�6KDUH� )RUHLJQ�6KDUH�

,QGXVWU\� %UD]LO� 0H[LFR� %UD]LO� 0H[LFR� %UD]LO� 0H[LFR�

)RRG� ��� ���� ���� ��� ���� ����7H[WLOHV� ��� �� ���� ��� ���� ���0HWDO�)DEULFDWLRQ � ��� ����R� ���� ��� ���� ����1RQPHWDOOLF�2UHV� ���� ���� ����&KHPLFDOV� ���� ���� ���� ���� ���� ����5XEEHU� ����� ����� �� �� ����� �����1RQHOHFWULFDO�0DFKLQHU\� ���� ���� ���� ���� ���� ����(OHFWULFDO�0DFKLQHU\� ���� ���� ���� ���� ���� ����7UDQVSRUWDWLRQ�(TXLS�� ���� ���� ���� ��� ���� ����7RWDO�0DQXIDFWXULQJ� ���� ���� ���� ���� ���� ����

6RXUFH��1HZIDUPHU�DQG�0XHOOHU�������SS�����DQG������

C0HWDO�)DEULFDWLRQ��GRHV�QRW�LQFOXGH��3ULPDU\�0HWDOV��LQ�0H[LFR��3HUFHQWDJHV�IRU��3UL��PDU\�0HWDOV��LQ�0H[LFR�DUH�DV�IROORZV��8�6��71&V������ 2WKHU�)RUHLJQ�71&V������7RWDO�)RUHLJQ������

0DWHRV�DQG�WRS�PHPEHUV�RI�KLV�DGPLQLVWUDWLRQ�DVVXUHG�WKH�EXVLQHVV�VHFWRU�RI�WKHLU�HVWHHP�IRU�DQG�VXSSRUW�RI�SULYDWH�HQWHUSULVH��

9HUWLFDO�,6,�GHYHORSHG�LQ�%UD]LO�XQGHU�SROLWLFDO�FRQGLWLRQV�TXLWH�GLIIHUHQW�IURP�WKRVH�WKDW�SUHYDLOHG�LQ�0H[LFR��:KHQ�%UD]LOLDQ�QDWLRQDO��LVP�UHDFKHG�IXOO�IORZHU�GXULQJ�WKH�EULHI�UHJLPH�RI�-RDR�*RXODUW�������������LW�ZDV�OHVV�XQGHU�FRQWURO�DQG�WKHUHIRUH�PXFK�PRUH�WKUHDWHQLQJ�WR�FDSLWDO�ERWK�ORFDO�DQG�IRUHLJQ��)URP�DQ�DYHUDJH�RI������PLOOLRQ�IRU�WKH�ILYH�SUHYLRXV�\HDUV��'),�LQ�%UD]LO�SUDFWLFDOO\�GULHG�XS�HQWLUHO\�LQ�������ZLWK�D�WRWDO�LQIORZ�RI�RQO\����PLOOLRQ��(YDQV�DQG�*HUHIIL�������WDEOH�$�����,Q�$SULO�RI�������RQ�WKH�YHUJH�RI�GHIDXOWLQJ�RQ�LWV�LQWHUQDWLRQDO�GHEW�SD\PHQWV��ZLWK�QHJDWLYH�SHU�FDSLWD�JURZWK��LQIODWLRQ�RI�RYHU�����SHU��FHQW��DQG�PRXQWLQJ�LQWHUQDO�RSSRVLWLRQ��WKH�*RXODUW�JRYHUQPHQW�IHOO�WR�D�PLOLWDU\�FRXS�KHDGHG�E\�*HQHUDO�+XPEHUWR�&DVWHOOR�%UDQFR������������7KH�PLOLWDU\�UHJLPH�LQ�%UD]LO�ZDV�FORVHU�WR�0H[LFRV�3RUILULDWR�LQ�SROLWLFDO�WRQH�WKDQ�DQ\WKLQJ�WKDW�KDG�DSSHDUHG�LQ�WKH�LQWHULP�LQ�HLWKHU�FRXQWU\��DQG�LWV�DWWUDFWLYHQHVV�WR�IRUHLJQ�LQYHVWRUV�ZDV�VLPLODU��%\�������WKH�DQ��QXDO�IORZ�RI�'),�LQWR�%UD]LO�ZDV�DJDLQ�ZHOO�RYHU������PLOOLRQ��EROVWHUHG�E\�D�VXEVWDQWLDO�TXDQWLW\�RI�IRUHLJQ�SXEOLF�IXQGV��

7KH�SROLWLFDO�FRQWUDVWV�UHVXOWHG�LQ�GLIIHUHQFHV�LQ�WKH�UDWH��GLVWULEX��WLRQ��DQG�WR�D�OHVVHU�H[WHQW��RZQHUVKLS�RI�'),��EXW�WKH�FRPPRQ�RXWFRPH�ZDV�LQ�WKH�HQG�PRUH�LPSRUWDQW�WKDQ�WKH�GLIIHUHQFHV��%RWK�FRXQWULHV�HQGHG�XS�ZLWK�DQ�H[SDQGHG�DQG�GLYHUVLILHG�PDQXIDFWXULQJ�FDSDFLW\��WKH�OHDGLQJ�VHFWRUV�RI�ZKLFK�ZHUH�ODUJHO\�FRQWUROOHG�E\�IRUHLJQ�FDSLWDO��,Q�

���

Page 13: Gereffi & Evans 1981 (9)

/DWLQ�$PHULFDQ�5HVHDUFK�5HYLHZ�

VKRUW��E\�WKH�HQG�RI�WKH�YHUWLFDO�,6,�SKDVH��GHSHQGHQW�GHYHORSPHQW�KDG�EHFRPH�WKRURXJKO\�HVWDEOLVKHG�DV� WKH�GRPLQDQW�PRGH�RI�HFRQRPLF�JURZWK�LQ�ERWK�FRXQWULHV��

'LYHUVLILHG�([SRUW�3URPRWLRQ�������3UHVHQW��

'LYHUVLILHG�H[SRUW�SURPRWLRQ�������SUHVHQW����HPHUJHG�DV�WKH�PRVW�UH��FHQW�SKDVH�LQ�WKH�HYROXWLRQ�RI�GHSHQGHQW�GHYHORSPHQW�IRU�PDQ\�RI�WKH�VDPH�UHDVRQV�WKDW�YHUWLFDO�,6,�VXFFHHGHG�KRUL]RQWDO�,6,��%\�WKH�ODWH�����V��LQ�ERWK�%UD]LO�DQG�0H[LFR��YHUWLFDO�,6,�DORQH�SURYHG�LQFDSDEOH�RI�UHVROY��LQJ�WKH�SUREOHP�RI�LPEDODQFHG�HFRQRPLF�UHODWLRQV�ZLWK�WKH�H[WHUQDO�ZRUOG��&KURQLF�EDODQFH�RI�SD\PHQW�GHILFLWV�ZHUH�JURZLQJ�ODUJHU�DQG�LQIODWLRQ�ZDV�EHFRPLQJ�ZRUVH�LQ�ERWK�FRXQWULHV��6RPHWKLQJ�QHZ�ZDV�QHHGHG��$W�WKH�VDPH�WLPH��UHGXFHG�OHYHOV�RI�SURILWV�LQ�WKH�FRUH�DQG�LQFUHDVHG�FRQILGHQFH�LQ�WKH�SURILWDELOLW\�RI�PDQXIDFWXULQJ�LQ�WKH�VHPL��SHULSKHU\���PDGH�LW�SRVVLEOH�WR�JDLQ�WKH�FRRSHUDWLRQ�RI�WKH�71&V�LQ�WKH�SURPRWLRQ�RI�PDQXIDFWXUHG�H[SRUWV��

7KH�H[SRUW�SURPRWLRQ�WKDW�FKDUDFWHUL]HV�WKLV�SKDVH�LV�IXQGDPHQ��WDOO\�GLIIHUHQW�IURP�WKH�H[SRUW�RULHQWHG�JURZWK�RI�WKH�SULPDU\�H[SRUW�SKDVH��,QFUHDVLQJ�GLYHUVLILFDWLRQ�UDWKHU�WKDQ�WKH�TXDQWLWDWLYH�H[SDQVLRQ�RI�D� VLQJOH�FRPPRGLW\�RU�D� VPDOO�QXPEHU�RI�FRPPRGLWLHV�LV�LWV�NH\�IHDWXUH�DQG�PDQXIDFWXUHG�H[SRUWV�KDYH�EHHQ�SDUWLFXODUO\�SURPLQHQW�LQ�WKLV�SURFHVV��%HWZHHQ������DQG������WKH�SURSRUWLRQ�RI�H[SRUWV�DFFRXQWHG�IRU�E\�PDQXIDFWXUHG�JRRGV�GRXEOHG�LQ�0H[LFR���DQG�PRUH�WKDQ�GRXEOHG�LQ�%UD]LO��.DXIPDQ�������S�������6HUUD�������S��������3ULPDU\�SURGXFW�H[SRUWV��HYHQ�WKRXJK�WKH\�UHSUHVHQWHG�D�VPDOOHU�VKDUH��ZHUH�H[SDQGHG�DQG�GLYHUVLILHG��,Q�0H[LFR�WKLV�PHDQW�PDLQWDLQLQJ�LWV�SUHYLRXV�H[WUDRU��GLQDU\�H[SRUW�YDULHW\��QR�VLQJOH�SURGXFW��ZLWK�WKH�H[FHSWLRQ�RI�FRWWRQ�IRU�D�IHZ�\HDUV��DQG�RLO�YHU\�UHFHQWO\��KDV�DFFRXQWHG�IRU�PRUH�WKDQ����SHU��FHQW�RI�0H[LFRV�H[SRUWV�LQ�WKH�SRVWZDU�SHULRG���IRU�%UD]LO�WKLV�PHDQW�D�GHFOLQH�LQ�WKH�VKDUH�RI�FRIIHH�IURP����SHUFHQW�RI�H[SRUWV�LQ�WKH�PLG�����V�WR����SHUFHQW�LQ�������

:KLOH�LW�GRHV�QRW�HQWDLO�WKH�VDPH�GUDPDWLF�LPSODQWDWLRQ�RI�QHZ�LQGXVWULHV�WKDW�DFFRPSDQLHG�YHUWLFDO�,6,��WKH�H[SRUW�SURPRWLRQ�SKDVH�GRHV�HQWDLO�D�VLJQLILFDQW�WUDQVIRUPDWLRQ�RI�WKH�SODFH�RI�WKH�VHPLSHULSKHU\�LQ�JOREDO�71&�VWUDWHJ\��%UD]LO�DQG�0H[LFR�DUH�QR�ORQJHU�VHHQ�VLPSO\�DV�SURILWDEOH�GRPHVWLF�PDUNHWV��UDWKHU�WKH\�DUH�WUHDWHG�DV�SDUW�RI�DQ�RYHUDOO�VWUDWHJ\�RI��ZRUOGZLGH�VRXUFLQJ���71&�VXEVLGLDULHV�LQ�WKH�VHPLSHULSK��HU\�SOD\�D�UROH�PRUH�OLNH�WKDW�RI�IDFLOLWLHV�LQ�WKH�FRUH��DQG�\HW�DW�WKH�VDPH�WLPH�WKHLU�IDWH�LV�PRUH�WKRURXJKO\�GHWHUPLQHG�E\�WKH�SODQV�RI�WKH�SDUHQW��VLQFH�PRVW�71&�PDQXIDFWXUHG�H[SRUWV�IURP�FRXQWULHV�OLNH�%UD]LO�DQG�0H[LFR�DUH��LQWUDILUP��VDOHV�EHWZHHQ�DIILOLDWHG�FRUSRUDWH�XQLWV��VHH�WDEOH���EHORZ��� 7KH�PDUNHWV�LQ�ZKLFK�WKHVH�VXEVLGLDULHV�VHOO�DUH�QRZ�OHVV�

���

Page 14: Gereffi & Evans 1981 (9)

71&6�� '(3(1'(17� '(9(/230(17�� $1'� 67$7(� 32/,&<�

XQGHU�WKH�SRWHQWLDO�SROLWLFDO�FRQWURO�RI�%UD]LO�DQG�0H[LFR�DQG�PRUH�XQ��GHU�WKH�DGPLQLVWUDWLYH�FRQWURO�RI�LQGLYLGXDO�71&V��

,W�LV�LPSRUWDQW��RI�FRXUVH��WR�NHHS�LQ�PLQG�WKDW�HYHQ�PRUH�WKDQ�LQ�WKH�FDVH�RI�KRUL]RQWDO�DQG�YHUWLFDO�,6,��WKH�GLYHUVLILHG�H[SRUW�SURPRWLRQ�SKDVH�LV�FKDUDFWHUL]HG�E\�D�FRPSOH[�VHW�RI�IHDWXUHV��QRW�DOO�RI�ZKLFK�DUH�D�GLUHFW�SDUW�RI�H[SRUW�SURPRWLRQ��7R�EHJLQ�ZLWK��YHUWLFDO�,6,�HIIRUWV�FRQ��WLQXH�LQ�WKLV�SKDVH��HVSHFLDOO\�LQ�WKH�FDSLWDO�JRRGV�VHFWRU��&KDQJHV�LQ�WKH�VWUXFWXUH�RI�WKH�FDSLWDOLVW�ZRUOG�HFRQRP\�DOVR�DIIHFW�WKH�FKDUDFWHU�RI�'),�DW�WKLV�MXQFWXUH��7KH�WUHQG�WRZDUG�LQFUHDVLQJ�8�6�� GRPLQDWLRQ�RI�'),�ZKLFK�ZDV�HYLGHQW�LQ�WKH�LPPHGLDWH�SRVW�:RUOG�:DU�,,�SHULRG�KDV�QRZ�UHYHUVHG�LWVHOI��7KH�QHZ�GLVSHUVLRQ�LQ�VRXUFHV�RI�'),�UHDSSHDUHG�ILUVW�LQ�%UD]LO��EXW��E\�WKH�HQG�RI�WKH�����V��0H[LFR��WRR��ZDV�PRYLQJ�LQ�WKH�GLUHFWLRQ�RI�JUHDWHU�GLYHUVLILFDWLRQ�DPRQJ�QRQ�8�6�� IRUHLJQ�LQYHVWRUV��VHH�(YDQV�DQG�*HUHIIL�������S�������7KH�UHODWLYH�LPSRUWDQFH�RI�'),�DQG�ORDQ�FDSLWDO�DOVR�VKLIWHG�LQ�WKLV�SHULRG��SDUWO\�RXW�RI�%UD]LOV�DQG�0H[LFRV�DWWHPSWV�WR�VROYH�EDODQFH�RI�SD\PHQW�SUREOHPV��EXW�DOVR�EHFDXVH�RI�WKH�SRVW������H[SORVLRQ�RI�(XURGROODU�IXQGV��

%UD]LO�HQWHUHG�WKH�FXUUHQW�SKDVH�ZLWK�FHUWDLQ�DGYDQWDJHV�LQ�LWV�UHODWLRQ�WR�71&V��+DYLQJ�DSSDUHQWO\�H[RUFLVHG�OHIW�OHDQLQJ�QDWLRQDOLVP��%UD]LOLDQ�PLOLWDU\�UHJLPHV�KDG�FUHDWHG�WKH�EHVW�SRVVLEOH�LQYHVWPHQW�FOL��PDWH�IRU�IRUHLJQ�SULYDWH�HQWHUSULVH��,Q�0H[LFR��3UHVLGHQW�/XLV�(FKHYH��UULD��ZKLOH�KDUGO\�D�UDGLFDO��ZDV�FRQWLQXLQJ�WR�SXVK�WKH�LQWHUHVWV�RI�WKH�ORFDO�ERXUJHRLVLH��DV�ZHOO�DV�WKH�VWDWH�VHFWRU��E\�H[SDQGLQJ�WKH�VFRSH�RI�0H[LFDQL]DWLRQ�DQG�WDNLQJ�D�JHQHUDOO\�QDWLRQDOLVW�VWDQFH�LQ�UHODWLRQ�WR�'),��7KH�FRQWUDVW�LQ�WKH�DWWUDFWLYHQHVV�RI�WKH�WZR�FRXQWULHV�IRU�EXVLQHVV�ZDV�PDQLIHVW��)RU�H[DPSOH��LQ�������DIWHU�WKH�*RXODUW�VFDUH�DQG�WKH�GLVUXSWLRQ�RI�WKH�FRXS��%UD]LO�KDG�VOLJKWO\�OHVV�8�6�� '),�WKDQ�0H[LFR��,Q������DW�WKH�HQG�RI�(FKHYHUULDV�UHJLPH��LW�KDG����SHUFHQW�PRUH�WKDQ�0H[LFR�L�H��� �����ELOOLRQ�YV�������ELOOLRQ��8�6��'HSDUWPHQW�RI�&RPPHUFH��6XUYH\�RI�&XUUHQW�%XVLQHVV���7KH�UHDFWLRQ�RI�QRQ�8�6�� LQYHVWRUV�ZDV�VLPLODU��

$V� WKH�����V�GUHZ�WR�D� FORVH��KRZHYHU��WKH�WHQGHQF\�WRZDUG�FRQYHUJHQFH�UHDVVHUWHG�LWVHOI��%\�WKH�WLPH�/RSH]� 3RUWLOOR�HQWHUHG�WKH�0H[LFDQ�SUHVLGHQF\�LQ�������WKH�FRVWV�RI�WU\LQJ�WR�SXUVXH�D�PRUH�QD��WLRQDOLVW�FRXUVH�ZHUH�HYLGHQW�DQG�PRYHPHQW�WRZDUG�D�PRUH�FRQFLOLDWRU\�VWDQFH�EHJDQ��,Q�%UD]LO��ORFDO�FDSLWDO�ZDV�SXWWLQJ�PRUH�SUHVVXUH�RQ�WKH�PLOLWDU\�DQG�WKH�WHFKQRFUDWV�WR�DWWHQG�WR�WKHLU�QHHGV�E\�WDNLQJ�D�PRUH�QDWLRQDOLVW�OLQH�WRZDUG�WKH�71&V��

5HYLHZLQJ�WKH�IRXU�SKDVHV��WKHUH�LV�D�FRPPRQ�SURFHVV�RI�WUDQV��IRUPDWLRQ�LQ�WKH�QDWXUH�RI�GHSHQGHQF\��LQ�HDFK�WUDQVLWLRQ��EDODQFH�RI��SD\PHQW�GLIILFXOWLHV��FDXVHG� LQ�SDUW�E\�VKLIWV�LQ�WKH�LQWHUQDWLRQDO�HFRQRP\��DORQJ�ZLWK�GRPHVWLF�LQIODWLRQ�DQG�D�ODFN�RI�FDSLWDO�RU�QHHGHG�WHFKQRORJ\��FUHDWHG�SUHVVXUHV�IRU�FKDQJH��7KH�GLUHFWLRQ�RI�FKDQJH�ZDV�

���

Page 15: Gereffi & Evans 1981 (9)

/DWLQ�$PHULFDQ�5HVHDUFK�5HYLHZ�

GHWHUPLQHG�E\�WKH�LQWHUDFWLRQ�RI�71&�VWUDWHJLHV�DQG�ORFDO�VWDWH�SROLFLHV��)UHTXHQWO\�WKHUH�ZDV�D�VWURQJ�FRUUHVSRQGHQFH�EHWZHHQ�ZKDW�WKH�VWDWH�ZDQWHG�IURP�WKH�71&V�DQG�WKH�ODWWHUV�RZQ�JOREDO�VWUDWHJLHV��$OWKRXJK�WKH�FKDQJHV�LQ�WKH�QDWXUH�RI�GHSHQGHQF\�DUH�DSSDUHQW��LW�LV�PXFK�KDUGHU�WR�VD\�ZKHWKHU�WKHUH�KDV�EHHQ�D�FKDQJH�LQ�WKH�RYHUDOO�OHYHO�RI�GHSHQ��GHQF\��)RU�0H[LFR��ZLWK�LWV�PXFK�KLJKHU�GHJUHH�RI�GHSHQGHQF\�LQ�WKH�3RUILULDWR�DQG�LWV�JUHDWHU�QDWLRQDOLVW�WKUXVW�LQ�VXEVHTXHQW�SHULRGV��WKH�PRYHPHQW�PD\�EH�LQ�WKH�GLUHFWLRQ�RI�OHVV�GHSHQGHQF\��)RU�%UD]LO��WKH�GLUHFWLRQ�RI�FKDQJH�LV�OHVV�FOHDU��DQG� GHSHQGV�PRUH�RQ�WKH�UHODWLYH�LPSRUWDQFH�DVVLJQHG�WR�GHSHQGHQF\�DV�JHQHUDWHG�E\�YXOQHUDELOLW\�WR�WKH�H[WHUQDO�PDUNHW�DQG�GHSHQGHQF\�DV�JHQHUDWHG�E\�H[WHUQDO�FRQWURO�RYHU�WKH�LQWHUQDO�SURGXFWLYH�DSSDUDWXV��

71&6� ,1� 7+(� &217(0325$5<� 6(0,3(5,3+(5<�� &2175$676� $1'�&219(5*(1&(6� %(7:((1� %5$=,/� $1'� 0(;,&2�

%\�WKH�����V��WKH�VDOLHQW�LVVXHV�EHWZHHQ�WKH�71&V�DQG�%UD]LO�DQG�0H[LFR�ZHUH�QR�ORQJHU�WKRVH�WKDW�DUH�WKH�IRFXV�RI�FRQIOLFW�LQ�WKH�UHDO�SHULSKHU\��:KLOH�WKH�VPDOOHU�FRXQWULHV�RI�/DWLQ�$PHULFD��ZLWK�OLWWOH�'),�LQ�PDQXIDF��WXULQJ��PLJKW�VWLOO�KDYH�DQ�LQWHUHVW�LQ�ILJKWLQJ�WKH�EDWWOHV�RI�KRUL]RQWDO�,6,��%UD]LO�DQG�0H[LFR�KDG�WR�ZRUU\�DERXW�WKH�FRQVHTXHQFHV�RI�KDYLQJ�ZRQ�WKRVH�EDWWOHV��+DYLQJ�VNHWFKHG�WKH�KLVWRULFDO�SURFHVVHV�WKDW�EURXJKW�%UD]LO�DQG�0H[LFR�WR�WKLV�SRLQW��LW�LV�WLPH�WR�GHOYH�LQ�PRUH�GHWDLO�LQWR�WKH�LPSOLFDWLRQV�RI�GHSHQGHQW�GHYHORSPHQW�IRU�WKH�VKDSH�RI�'),��WKH�EH��KDYLRU�RI�71&V��DQG�WKH�SROLF\�UHVSRQVHV�RI�VHPLSHULSKHUDO�FRXQWULHV��

7KUHH�GLOHPPDV�VWDQG�RXW�IRU�WKH�VHPLSHULSKHU\�DQG�ZH�ZLOO�WU\�WR�GHDO�ZLWK�HDFK�RI�WKHVH�LQ�WXUQ��)LUVW��WKHUH�LV�WKH�TXHVWLRQ�RI�ZKHWKHU�DQ�H[FHVVLYH�SULFH�KDV�EHHQ�SDLG�IRU�GHSHQGHQW�GHYHORSPHQW�LQ�WHUPV�RI�LQFUHDVLQJ�71&�FRQWURO�LQ�WKH�ORFDO�HFRQRP\�L�H��� WKH�LVVXH�RI�GHQD��WLRQDOL]DWLRQ��6HFRQG��WKHUH�LV�WKH�TXHVWLRQ�RI�WKH�FRQWLQXLQJ�LPEDODQFH�LQ�%UD]LOV�DQG�0H[LFRV�HFRQRPLF�UHODWLRQV�ZLWK�WKH�LQWHUQDWLRQDO�FDSL��WDOLVW�HFRQRP\��)LQDOO\��WKHUH�UHPDLQV�WKH�TXHVWLRQ�RI�ZKHWKHU�D�SULPDU\�FRQFHUQ�ZLWK�WKHVH�WZR�GLOHPPDV�KDV�OHG�ERWK�FRXQWULHV�GRZQ�D�GHYHO��RSPHQW�SDWK�WKDW�LPSHGHV�WKH�UHVROXWLRQ�RI�WKH�HYHQ�PRUH�LQWUDQVLJHQW�TXHVWLRQV�RI�ZHOIDUH�DQG�HTXLW\��

&RPSDULVRQV�EHWZHHQ�%UD]LO�DQG�0H[LFR�RQ�WKHVH�LVVXHV�RIWHQ�IRFXV�RQ�SROLF\�UHVSRQVHV��FRQWUDVWLQJ�0H[LFRV�UHODWLYHO\�JUHDWHU�HP��SKDVLV�RQ�SUHVHUYLQJ�ORFDO�RZQHUVKLS�ZLWK�%UD]LOV�PRUH�HIIHFWLYH�PD��QLSXODWLRQ�RI�71&�EHKDYLRU��:KLOH�WKHUH�LV�VRPH�WUXWK�WR�WKLV�FRQWUDVW��ZH�ZLOO�DUJXH�WKDW�LW�LV�RYHUGUDZQ��&DUHIXO�H[DPLQDWLRQ�RI�WKH�GDWD�VXJ��JHVWV�WKDW�0H[LFR�KDV�QRW�SURWHFWHG�WKH�ORFDO�ERXUJHRLVLH�WR�WKH�H[WHQW�WKDW�LW�PLJKW�DSSHDU�RQ�WKH�VXUIDFH�DQG�WKDW�%UD]LO�KDV�QRW�EHHQ�DV�HIIHFWLYH�DW�PDQLSXODWLQJ�71&�EHKDYLRU�DV�VRPH�KDYH�FODLPHG��:H�DUJXH�IXUWKHU�WKDW�E\�WKH�HQG�RI�WKH�����V�LW�ZDV�PRUH�XVHIXO�WR�VHH�VWDWH�SROLF\�

���

Page 16: Gereffi & Evans 1981 (9)

71&6�� '(3(1'(17� '(9(/230(17�� $1'� 67$7(� 32/,&<�

LQ�WKH�WZR�FRXQWULHV�DV�KDYLQJ�FRQYHUJHG�DURXQG�D�VLPLODU�EOHQG�RI�RZQHUVKLS�DQG�EHKDYLRUDO�FRQWUROV��

71&V�DQG�WKH�/RFDO�%RXUJHRLVLH��7KH�'HQDWLRQDOL]DWLRQ�,VVXH�

$V�WDEOH���DQG�GLVFXVVLRQ�RI�WKH�YHUWLFDO�,6,�SKDVH�KDYH�VKRZQ��71&�GRPLQDQFH�RI�OHDGLQJ�LQGXVWULHV�LV�FRPPRQ�WR�ERWK�FRXQWULHV��$YDLODEOH�GDWD�LQGLFDWH�WKDW�WKH�UHODWLYH�VKDUH�RI�IRUHLJQ�ILUPV�ZDV�RQ�WKH�LQFUHDVH�GXULQJ�WKH�����V��1HZIDUPHU�DQG�0XHOOHU�������S������0DODQ�DQG�%RQHOOL�������SS���������8�6��7DULII�&RPPLVVLRQ�������S��������)LQGLQJV�RI�LQ��FUHDVLQJ�GHQDWLRQDOL]DWLRQ�DUH��RI�FRXUVH��VXEMHFW�WR�DW�OHDVW�WZR�GLIIHUHQW�LQWHUSUHWDWLRQV��,I�71&�JURZWK�FDQ�EH�DWWULEXWHG�WR�SLRQHHULQJ�HQWUH��SUHQHXUVKLS�LQ�QHZ�LQGXVWULDO�VHFWRUV�WKDW�ORFDO�FDSLWDO�ZDV�LQFDSDEOH�RI�HQWHULQJ��WKHQ�GHQDWLRQDOL]DWLRQ�FDQ�EH�VHHQ�DV�D�SULFH�IRU�EURDGHQLQJ�WKH�LQWHUQDO�GLYLVLRQ�RI�ODERU�DQG�GLPLQLVKLQJ�GHSHQGHQF\�LQ�WKLV�VHQVH��,I��RQ�WKH�RWKHU�KDQG��71&V�ZHUH�FRQFHQWUDWHG�LQ�LQGXVWULHV�LQ�ZKLFK�ORFDO�ILUPV�SUHYLRXVO\�KDG�EHHQ�RSHUDWLQJ��WKHQ�WKH�HIIHFWV�RI�GHQDWLRQ��DOL]DWLRQ�DUH�PRUH�QHJDWLYH��

7R�DGGUHVV�WKLV�LVVXH��ZH�WXUQ�WR�GDWD�RQ�WKH�PRGH�RI�HQWU\�RI�71&V�LQWR�%UD]LO�DQG�0H[LFR��2WKHU�WKLQJV�EHLQJ�HTXDO��HQWU\�E\�DFTXLVL��WLRQ�LV�DQ�LQGLFDWLRQ�RI�GLUHFW�GLVSODFHPHQW�RI�ORFDO�FDSLWDO��ZKHUHDV�D�QHZO\�IRUPHG�VXEVLGLDU\�LV�PRUH�OLNHO\�WR�UHSUHVHQW�DQ�H[SDQVLRQ�RI�WKH�LQWHUQDO�GLYLVLRQ�RI�ODERU��/RRNLQJ�DW�WDEOH����LW�DSSHDUV�WKDW�GLVSODFH��PHQW�RI�WKH�ORFDO�ERXUJHRLVLH�EHFDPH�DQ�LQFUHDVLQJO\�LPSRUWDQW�IHDWXUH�RI�8�6��71&�H[SDQVLRQ�DIWHU�:RUOG�:DU�,,���� 'XULQJ�WKH�YHUWLFDO�,6,�SHULRG��DFTXLVLWLRQ�JUDGXDOO\�HPHUJHG�DV�WKH�SUHGRPLQDQW�PHWKRG�RI�HQWU\�LQWR�ERWK�%UD]LO�DQG�0H[LFR�DQG�E\�WKH�EHJLQQLQJ�RI�WKH�GLYHUVLILHG�H[SRUW�SURPRWLRQ�SKDVH�LW�ZDV�FOHDUO\�WKH�SUHIHUUHG�VWUDWHJ\�IRU�D�8�6��71&�WU\LQJ�WR�EUHDN�LQWR�WKHVH�PDUNHWV��

:KDW�LV�SHFXOLDU�DERXW�WDEOH���LV�WKDW�LW�JLYHV�QR�LQGLFDWLRQ�ZKDW��VRHYHU�RI�WKH�VXSSRVHGO\�JUHDWHU�0H[LFDQ�FRQFHUQ�ZLWK�WKH�SUHVHUYDWLRQ�RI�WKH�ORFDO�ERXUJHRLVLH��7R�EH�VXUH��WKH�GDWD�SUHFHGH�LQ�WLPH�(FKHYHUULDV�IDPRXV��0H[LFDQL]DWLRQ��ODZ�RI������DQG�SUHVXPDEO\�HYLGHQFH�IURP�WKH�����V�ZRXOG�ORRN�GLIIHUHQW�����EXW�HYHQ�LQ�WKH�����V�DQG�����V��0H[LFR�DSSHDUHG�WR�EH�WDNLQJ�D�WRXJK�VWDQFH�RQ�WKH�TXHVWLRQ�RI�ORFDO�RZQHUVKLS�,Q�WKH�ODWH�����V��IRU�H[DPSOH��0H[LFR�UHVWULFWHG�IRUHLJQ�RZQHUVKLS�LQ�EDVLF�DQG�VHFRQGDU\�SHWURFKHPLFDOV��DQWLFLSDWLQJ�E\�PRUH�WKDQ�D�GHFDGH�VLPLODU�WKRXJK�OHVV�WKRURXJKJRLQJ�PRYHV�RQ�WKH�SDUW�RI�%UD]LO��,Q������OHJLVODWLRQ�ZDV�SDVVHG�UHTXLULQJ�0H[LFDQL]DWLRQ�RI�WKH�PLQLQJ�LQGXVWU\��DQG�LQ�������ZKLOH�WKH�%UD]LOLDQ�PLOLWDU\�ZDV�RSHQLQJ�XS�PLQLQJ�WR�IRUHLJQ�ILUPV��0H[LFRV�ODVW�IRUHLJQ�GRPLQDWHG�PLQLQJ�DFWLYLW\�LWV�ODUJH�DQG�SURILWDEOH�VXOSKXU�LQGXVWU\�FDPH�XQGHU�PDMRULW\�0H[LFDQ�RZQHU��VKLS��,I�0H[LFDQL]DWLRQ��RU�ORFDO�HTXLW\�SDUWLFLSDWLRQ�DQG�SUHIHUDEO\�PD��MRULW\�FRQWURO�E\�QDWLRQDOV��ZDV�D�FRQVLVWHQW�LQIRUPDO�SROLF\�RI�0H[LFDQ�

���

Page 17: Gereffi & Evans 1981 (9)

/DWLQ�$PHULFDQ�5HVHDUFK�5HYLHZ�

7�$�%�/�(���$FTXLVLWLRQ�DV�D�0RGH�RI�(QWU\�LQWR�0H[LFR�DQG�%UD]LO��3HUFHQW�RI�1HZ�8��6��0DQXIDFWXULQJ�$IILOLDWHV�(VWDEOLVKHG�E\�$FTXLVLWLRQ��5DWKHU�WKDQ�)RUPDWLRQ�RU�5HRUJDQL]DWLRQ��

0H[LFR� %UD]LO�

7RWDO�1XPEHU� ��RI�1HZ� 7RWDO�1XPEHU� ��RI�1HZ�RI�1HZO\� $IILOLDWHV� RI�1HZO\� $IILOLDWHV�

'DWH�RI� (VWDEOLVKHG� (VWDEOLVKHG�E\� (VWDEOLVKHG� (VWDEOLVKHG�E\�)RUPDWLRQ� $IILOLDWHV� $FTXLVLWLRQ� $IILOLDWHV� $FTXLVLWLRQ�

3ULRU�WR������ ��� ��� ��� ������������� ��� ��� ��� ������������� ��� ���� ��� �������������� ��� ���� ��� �������������� ��� ���� ��� �������������� ��� ���� ��� ������������� � ��� ���� ��� ����7RWDO�DOO�SHULRGV� ���� ���� ���� ����

6RXUFH��1HZIDUPHU�DQG�0XHOOHU�������SS�����������

7KH�WHUPLQDO�GDWH�IRU�0H[LFR�LV�������

UHJLPHV�DV�D�FRQGLWLRQ�RI�IRUHLJQ�HQWU\�LQ�WKH�ODWH�����V�DQG�WKH�����V��WKHQ�ZK\�GRQW�ZH�VHH�IDU�IHZHU�DFTXLVLWLRQV�LQ�0H[LFR�WKDQ�LQ�%UD]LO"�

3DUW�RI�WKH�DQVZHU�OLHV�VLPSO\�LQ�WKH�IDFW�WKDW�8�6�� 71&V�DFFRXQW�IRU�DERXW����SHUFHQW�RI�DOO�DFTXLVLWLRQV�LQ�0H[LFR��EXW�RQO\�DERXW����SHUFHQW�LQ�%UD]LO��9DXSHO�DQG�&XUKDQ�������SS�������������WKXV��FRQVLG��HUDWLRQ�RI�QRQ�8�6��71&V�ZRXOG�LQFUHDVH�WKH�YDOXH�RI�IRUHLJQ�DFTXLVL��WLRQV�LQ�%UD]LO�UHODWLYH�WR�WKRVH�LQ�0H[LFR��,I�WKH�GDWD�ZHUH�DGMXVWHG�WR�JHW�DQ�HVWLPDWH�RI�DOO�DFTXLVLWLRQV�LQ�WKH�WZR�FRXQWULHV��WKH�WRWDO�QXPEHU�DQG�YDOXH�RI�DFTXLVLWLRQV�LQ�%UD]LO�ZRXOG�EH�JUHDWHU�WKDQ�LQ�0H[LFR��$QRWKHU�LQVLJKW�LQWR�WKH�GLIIHUHQFHV�EHWZHHQ�WKH�FRXQWULHV�LV�SURYLGHG�E\�UH��DQDO\]LQJ�WKH�8�6�� GDWD��ZKHQ�ODUJH�DQG�VPDOO�ILUPV�DUH�VHSDUDWHG��DV�LQ�WDEOH����LW�LV�FOHDU�WKDW�VPDOO�ILUPV�DFFRXQWHG�IRU�D�VXEVWDQWLDOO\�KLJKHU�SURSRUWLRQ�RI�8�6�� DFTXLVLWLRQV�LQ�0H[LFR�WKDQ�WKH\�GLG�LQ�%UD]LO��DQG��ZKLOH�WKH�QXPEHU�RI�ODUJH�ILUPV�DFTXLUHG�ZDV�DERXW�WKH�VDPH�LQ�ERWK�FRXQWULHV��WKH�DVVHWV�RI�WKH�ODUJH�ILUPV�DFTXLUHG�LQ�%UD]LO�DPRXQWHG�WR�����PLOOLRQ�PRUH�WKDQ�WKH�DVVHWV�RI�WKH�ODUJH�ILUPV�DFTXLUHG�LQ�0H[LFR�����,Q�RWKHU�ZRUGV��ODUJH�ILUPV�ZHUH�PXFK�PRUH�OLNHO\�WR�UHPDLQ�ORFDOO\�RZQHG�LQ�0H[LFR��0H[LFDQL]DWLRQ�SROLFLHV�PD\�QRW�SURYLGH�SURWHFWLRQ�IRU�WKH�ERXUJHRLVLH�LQ�JHQHUDO��EXW�WKH\�VHHP�WR�SURYLGH�JUHDWHU�SURWHF��WLRQ�IRU�WKH�ODUJH�HQWHUSULVHV��

)XUWKHU�HYLGHQFH�WKDW�0H[LFRV�UHODWLYHO\�JUHDWHU�HPSKDVLV�RQ�RZQHUVKLS�LVVXHV�KDV�LQ�IDFW�DIIHFWHG�71&�EHKDYLRU�LV�SURYLGHG�E\�GDWD�

���

Page 18: Gereffi & Evans 1981 (9)

71&6�� '(3(1'(17� '(9(/230(17�� $1'� 67$7(� 32/,&<�

7�$�%�/�(���1XPEHU�DQG�6L]H�RI�/RFDOO\�2ZQHG�)LUPV�$FTXLUHG�LQ�0H[LFR�DQG�%UD]LO��$FTXLVLWLRQV�E\�8�6��71&V�������������

0H[LFR� %UD]LO�1XPEHU�RI� 9DOXH�RI� 1XPEHU�RI� 9DOXH�RI�)LUPV� $VVHWV � )LUPV� $VVHWV �

6L]H�RI�)LUP� $PRXQW�3HUFHQW�$PRXQW�3HUFHQW�$PRXQW�3HUFHQW�$PRXQW�3HUFHQW�

/DUJH�)LUPV � ��� ���� ����� ���� ��� ���� ����� ����6PDOO�)LUPV� ���� ���� ����� ���� ��� ���� ���� ����7RWDO� ���� ����� ����� ����� ��� ����� ����� �����

6RXUFH��1HZIDUPHU�DQG�0XHOOHU�������SS�����������

0LOOLRQV�RI�8�6��GROODUV�� /DUJH�ILUPV�DUH�WKRVH�ZLWK�DVVHWV�JUHDWHU�WKDQ����PLOOLRQ��

RQ�MRLQW�YHQWXUHV��WDEOH�����71&V�DUH�PRUH�OLNHO\�WR�VKDUH�RZQHUVKLS�DQG�PXFK�PRUH�OLNHO\�WR�DFFHSW�PLQRULW\�SRVLWLRQV�LQ�0H[LFR�WKDQ�LQ�%UD]LO��:KHQ�D�GLVWLQFWLRQ�LV�PDGH�EHWZHHQ�VKDULQJ�RZQHUVKLS�ZLWK�WKH�ORFDO�ERXUJHRLVLH�RU�VKDULQJ�LW�ZLWK�RWKHU�71&V��WKH�GLIIHUHQFHV�EHWZHHQ�WKH�WZR�FRXQWULHV�EHFRPH�HYHQ�PRUH�SURQRXQFHG��2YHU�KDOI�WKH�SDUWQHU��VKLSV�LQ�0H[LFR�LQYROYH�WKH�ORFDO�ERXUJHRLVLH�DV�VLJQLILFDQW��L�H���QRQ��GLVSHUVHG��RZQHUV��LQ�%UD]LO��WKH�PRVW�IUHTXHQW�NLQG�RI�SDUWQHUVKLS�LQ��YROYHV�RWKHU�IRUHLJQ�SDUWQHUV�PRUH�WKDQ�WKH�ORFDO�ERXUJHRLVLH��

7KH�GDWD�VXJJHVW�D�SDWWHUQ�VLPLODU�WR�WKDW�LQGLFDWHG�E\�%HQQHWW�DQG�6KDUSHV��������LQWHUSUHWDWLRQ�RI�0H[LFDQL]DWLRQ��:KLOH�0H[LFDQL]D��WLRQ�KDV�QRW�ORZHUHG�WKH�SDUWLFLSDWLRQ�RI�71&V� LQ�WKH�FRPPDQGLQJ�KHLJKWV�RI�LQGXVWU\��WDEOH�����RU�SUHYHQWHG�WKH�GLVSODFHPHQW�RI�FHUWDLQ�VHJPHQWV�RI�WKH�ORFDO�ERXUJHRLVLH��WDEOH�����LW�GRHV�VHHP�WR�KDYH�OLPLWHG�WKH�LPSDFW�RI�71&� HQFURDFKPHQWV�RQ�WKH�ODUJHU�HFRQRPLF�JURXSV�LQ�0H[LFR��WDEOH����DQG�SURYLGHG�D�EHWWHU�FKDQFH�IRU�VRPH�ORFDO�FDSLWDOLVWV�WR�JDLQ�DFFHVV�WR�SDUWQHUVKLSV�ZLWK�71&V� �WDEOH�����2XU�GDWD�DOVR�VHHP�FRQVLVWHQW�ZLWK�WKH�JHQHUDOO\�KHOG�LQWHUSUHWDWLRQ�WKDW�WKH�ODUJHVW�ORFDO�FDSLWDOLVWV�LQ�0H[LFR�DUH�EHWWHU�FRQQHFWHG�WR�WKH�VWDWH�SROLWLFDO�DSSDUDWXV�WKDQ�WKHLU�%UD]LOLDQ�FRXQWHUSDUWV��FI��'RPLQJXH]� ������(FNVWHLQ�DQG�(YDQV�������.DXIPDQ�������DQG�2'RQQHOO��������

+DYLQJ�DUJXHG�IRU�WKH�FRQWUDVW�EHWZHHQ�%UD]LO�DQG�0H[LFR�RQ�WKH�RZQHUVKLS�LVVXH��ZH�VKRXOG�UHLWHUDWH�RXU�FRQWHQWLRQ�WKDW�WKH�GLIIHUHQFH�LV�RQH�RI�GHJUHH��(YHQ�GXULQJ�WKH�DSH[�RI�LWV�OHJLWLPDF\�LQ�WKH�HDUO\�����V��WKH�%UD]LOLDQ�PLOLWDU\�ZDV�FDUHIXO�WR�OLPLW�IRUHLJQ�RZQHUVKLS�LQ�WKH�PRVW�LPSRUWDQW�DQG�G\QDPLF�LQGXVWULDO�VHFWRU�RI�WKH�GHFDGH��WKH�SHWUR��FKHPLFDO�LQGXVWU\��VHH�(YDQV�����D��SS�����������0RUH�UHFHQWO\��REVHUY��HUV�KDYH�QRWHG�WKDW�WKH�%UD]LOLDQ�SROLWLFDO�DEHUWXUD��RSHQLQJ��KDV�KDG�DV�RQH�RI�LWV�FRQFRPLWDQWV�DQ�LQFUHDVHG�HPSKDVLV�RQ�WKH�SURWHFWLRQ�RI�WKH�ORFDO�ERXUJHRLVLH��H�J���(YDQV�����E��'RPLQJXH]��������7KHUH�DUH�D�QXP��

���

Page 19: Gereffi & Evans 1981 (9)

/DWLQ�$PHULFDQ�5HVHDUFK�5HYLHZ�

7$�%�/�(���71&�-RLQW�9HQWXUHV�LQ�0H[LFR�DQG�%UD]LO�

$��'HJUHH�RI�&RQWURO�E\�71&�0H[LFR� %UD]LO�

:KROO\�RZQHG� ���� ��������� �� ��

0DMRULW\�RZQHG� ���� ��������������

0LQRULW\�RZQHG� ���� �������������

����� ����������� ������

%��1DWXUH�RI�2WKHU�2ZQHU�LQ�71&�-RLQW�9HQWXUHV�0H[LFR� %UD]LO�

/RFDO� 3ULYDWH� ���� ����/RFDO� 6WDWH� ��� ���'LVSHUVHG�6WRFN�2ZQHUV� ���� ����2WKHU�)RUHLJQ�3DUWQHU� ���� ����

����� ����������� �����

6RXUFH��9DXSHO�DQG�&XUKDQ�������SDQHO�$��SS������������SDQHO�%��SS������������

1RWH��7KH�GLUHFWLRQ�RI�WKH�GLIIHUHQFHV�EHWZHHQ�0H[LFR�DQG�%UD]LO�LV�WKH�VDPH�ZKHWKHU�WKH�GDWD�RQ�8�6�� DQG�QRQ�8�6��71&V�DUH�DQDO\]HG�VHSDUDWHO\��RU�FRPELQHG�DV�DERYH��

EHU�RI�H[DPSOHV�WKDW�VXSSRUW�WKLV�YLHZ��WKH�UHVWULFWLRQ�RI�WKH�PLQL��FRPSXWHU�PDUNHW�WR�ILUPV�ZLWK�PDMRULW\�ORFDO�SDUWLFLSDWLRQ��%XVLQHVV�/DWLQ�$PHULFD�>%/$@��������SS������������WKH�UHTXLUHPHQW�WKDW�71&V�ELGGLQJ�RQ�WHOHFRPPXQLFDWLRQV�FRQWUDFWV�SUHVHQW��%UD]LOLDQL]DWLRQ��SODQV��%/$�������S�������DQG�UHFHQW�OHJLVODWLRQ�WKDW�ZRXOG�EDU�VWDWH�FRQWUDFWV�ZLWK�IRUHLJQ�FRQWUROOHG�FRPSDQLHV�LQ�WKH�KHDOWK�FDUH�ILHOG��%/$�������SS�����������

,I�WKH�FXUUHQW�WUHQG�WRZDUG�SROLWLFDO�RSHQQHVV�FRQWLQXHV��ZH�PD\�H[SHFW�IXWXUH�GDWD�RQ�DFTXLVLWLRQV�DQG�MRLQW�YHQWXUHV�LQ�%UD]LO�DQG�0H[LFR�WR�DSSHDU�PRUH�VLPLODU��(YHQ�D�FRPSOHWH�FRQYHUJHQFH�WRZDUG�SROLFLHV�RI�VKDUHG�RZQHUVKLS��KRZHYHU��LV�XQOLNHO\�WR�HOLPLQDWH�WKH�SURE��OHP�RI�GHQDWLRQDOL]DWLRQ��6RPH�H[DPSOHV�IURP�WKH�UHFHQW��QDWLRQDOLVW��SHULRG�LQ�%UD]LO�ZLOO�VHUYH�WR�LOOXVWUDWH�WKH�LQWUDFWDELOLW\�RI�WKH�SUREOHP��%UD]LOLDQ�FDSLWDO�JRRGV�PDQXIDFWXUHUV�DUH�ZHOGHG�WRJHWKHU�LQ�D�SRZHUIXO�LQGXVWU\�DVVRFLDWLRQ��$VVRFLDF�R�%UDVLOHLUD�SHOR�'HVHQYROYLPHQWR�GH�,Q��GXVWULD�GH�%DVH��$%',%���DQG�DUH�NQRZQ�DV�WKH�PRVW�SROLWLFDOO\�HIIHFWLYH�VHFWRU�RI�WKH�ORFDO�LQGXVWULDO�ERXUJHRLVLH��<HW�ORFDO�FDSLWDO�JRRGV�PDQX��

���

Page 20: Gereffi & Evans 1981 (9)

71&6�� '(3(1'(17� '(9(/230(17�� $1'� 67$7(� 32/,&<�

IDFWXUHUV�ZHUH�DPRQJ�WKH�KDUGHVW�KLW�E\�UHFHQW�JRYHUQPHQW�HIIRUWV�WR�WULP�GHILFLWV�E\�FXWWLQJ�WKH�H[SHQGLWXUHV�RI�VWDWH�FRPSDQLHV��2QH�SURPL��QHQW�PHPEHU�RI�$%',%��3HGUR�6DQVRQ��ZDV�IRUFHG�WR�VHOO����SHUFHQW�RI�KLV�FRPSDQ\�WR�D�:HVW�*HUPDQ�ILUP��/DWLQ�$PHULFD�(FRQRPLF�5HSRUW�>/$(5@�������S��������(YHQ�ZRUVH��%UD]LOLDQ�3ODQQLQJ�0LQLVWHU�'HOILP�1HWR��RIWHQ�FRQVLGHUHG�WKH�EHVW�SROLWLFDO�IULHQG�RI�WKH�ORFDO�ERXUJHRLVLH��ZDV�IRUFHG�E\�%UD]LOV�IDLOXUH�WR�FRSH�ZLWK�LQIODWLRQ�WR�FRPH�RXW�ZLWK�DQ�HFRQRPLF�SDFNDJH�LQ�WKH�IDOO�RI������WKDW�LQFOXGHG�WKH�DEROLWLRQ�RI�%UD]LOV�/DZ�RI�6LPLODUV��7KLV�ODZ��ZKLFK�SURKLELWHG�LPSRUWV�RI�FDSLWDO�JRRGV�EHLQJ�SURGXFHG�ZLWKLQ�%UD]LO��KDG�EHHQ�RQH�RI�WKH�NH\VWRQHV�RI�WKH�ORFDO�LQGXVWU\V�VXUYLYDO��VHH�/DWLQ�$PHULFD�:HHNO\�5HSRUW�>/$:5@�������S�������

7KH�FDVH�RI�WKH�PLQL�FRPSXWHU�LQGXVWU\�DOVR�LOOXVWUDWHV�WKH�GLIIL��FXOWLHV�RI�LPSOHPHQWLQJ�SROLFLHV�WKDW�ZLOO�VXFFHHG�LQ�SUHVHUYLQJ�ORFDO�RZQHUVKLS�RI�OHDGLQJ�LQGXVWULHV��6HWWLQJ�XS�&REUD�DV�D�%UD]LOLDQ�VWDWH��RZQHG�YHQWXUH�WR�SURGXFH�PLQL�FRPSXWHUV�DQG�H[FOXGLQJ�,%0�IURP�WKLV�PDUNHW�ZDV� FRQVLGHUHG�WR�EH�DQ� LPSRUWDQW�QDWLRQDOLVW�LQLWLDWLYH��FI��(YDQV�����E��'RPLQJXH]��������<HW�E\�������&REUD�ZDV�FDOOHG�D��UH��VRXQGLQJ�IDLOXUH��WKDW�KDG��XQZLVHO\�ERXJKW�RXWGDWHG�DQG�H[SHQVLYH�WHFKQRORJ\��IURP�LWV�PLQRULW\�71&� SDUWQHU��D�8�6�� FRPSDQ\�QDPHG�6\FRU��/$(5�������S�� ������0HDQZKLOH��,%0�FRQWLQXHV�WR�GHYHORS�D�VXFFHVVIXO�OLQH�RI�PLG�UDQJH�FRPSXWHUV�WKDW�DUH�SRWHQWLDO�FRPSHWLWRUV�IRU�WKH�PLQL�FRPSXWHUV�SURGXFHG�E\�QHZO\�FUHDWHG�ORFDOO\�FRQWUROOHG�MRLQW�YHQWXUHV�OLNH�&REUD��/$(5�������S�������)URP�FDSLWDO�JRRGV�WR�PLQL��FRPSXWHUV��LW�LV�FOHDU�WKDW�HYHQ�ZLWK�D�FRQYHUJHQFH�DURXQG�VXSSRUWLYH�VWDWH�SROLFLHV�UHJDUGLQJ�ORFDO�RZQHUVKLS��WKH�GLVSODFHPHQW�RI�WKH�GR��PHVWLF�ERXUJHRLVLH�ZLOO�FRQWLQXH�WR�EH�D�PDMRU�SROLWLFDO�LVVXH�LQ�WKH�VHPLSHULSKHU\��

6KDSLQJ�71&�%HKDYLRU�WR�5HVROYH�([WHUQDO�,PEDODQFHV�

-XVW�DV�GHQDWLRQDOL]DWLRQ�KDV�SHUVLVWHG�DV�D�SUREOHP�IRU�WKH�VHPLSHULSK��HU\�GHVSLWH�WKH�WUDQVIRUPDWLRQ�LQ�WKH�QDWXUH�RI�GHSHQGHQF\��VR�KDV�WKH�TXHVWLRQ�RI�H[WHUQDO�LPEDODQFHV��%RWK�%UD]LO�DQG�0H[LFR�KDYH�ZDJHG�D�FRQWLQXRXV�DQG�FKURQLFDOO\�XQVXFFHVVIXO�VWUXJJOH�WR�EDODQFH�WKHLU�LQWHU��QDWLRQDO�DFFRXQWV��71&V��ZLWK�WKHLU�YRUDFLRXV�DSSHWLWHV�IRU�LPSRUWHG�LQ��SXWV�DQG�WKHLU�WHQGHQF\�WR�JHQHUDWH�RXWIORZV�RI�SURILWV��UR\DOWLHV��DQG�RWKHU�VHUYLFH�SD\PHQWV��DUH�D�SDUW�RI�WKH�SUREOHP��2Q�WKH�RWKHU�KDQG��DV�SRWHQWLDO�VRXUFHV�IRU�IUHVK�FDSLWDO�LQIORZV��DV� SRWHQWLDO�SURGXFHUV�RI�FXUUHQWO\�LPSRUWHG�JRRGV��DQG��PRVW�FULWLFDOO\�LQ�WKH�SUHVHQW�SKDVH�RI�GHSHQGHQW�GHYHORSPHQW��DV�JHQHUDWRUV�RI�H[SRUW�LQFRPH��71&V�FDQ�DOVR�EH�SDUW�RI�WKH�VROXWLRQ��

'XULQJ�WKH�����V�%UD]LO�GHYHORSHG�D� UHSXWDWLRQ�IRU�HIIHFWLYHO\�VKDSLQJ�71&�EHKDYLRU�FRPSDUDEOH�WR�0H[LFRV�UHSXWDWLRQ�DV�D�GHIHQGHU�RI�ORFDO�RZQHUVKLS��7KH�DXWR�LQGXVWU\�LV�RIWHQ�XVHG�DV�DQ�H[DPSOH��%UD]LO�

���

Page 21: Gereffi & Evans 1981 (9)

/DWLQ�$PHULFDQ�5HVHDUFK�5HYLHZ�

VWDUWHG�D�SURJUDP�RI�ORFDO�LQWHJUDWLRQ�LQ�������VL[�\HDUV�EHIRUH�0H[LFR��%\������%UD]LO�DOUHDG\�UHTXLUHG����SHUFHQW�ORFDO�FRQWHQW�E\�ZHLJKW�IRU�SDVVHQJHU�FDUV�SURGXFHG�QDWLRQDOO\��0H[LFR�UHTXLUHG�RQO\����SHUFHQW�ORFDO�FRQWHQW�DQG�JDYH�WKH�FRPSDQLHV�PRUH�OHHZD\�E\�PHDVXULQJ�WKH����SHUFHQW�LQ�WHUPV�RI�SURSRUWLRQ�RI�GLUHFW�FRVW�UDWKHU�WKDQ�ZHLJKW��-HQNLQV�������S������%HQQHWW�HW�DO��������S��������%\�WKH�HQG�RI�WKH�����V��%UD]LO�FRXOG�ERDVW�RI�DQ�LQWHJUDWHG�DXWR�LQGXVWU\�ZKLFK��DOWKRXJK�WRWDOO\�IRU��HLJQ�RZQHG�LQ�WKH�WHUPLQDO��ILQLVKHG�DXWRV��VHFWRU��ZDV�D�JUHDW�VXFFHVV�DV�IDU�DV�LPSRUW�VXEVWLWXWLRQ�ZDV�FRQFHUQHG��

%\�WKH�EHJLQQLQJ�RI�WKH�����V�%UD]LO�KDG�GLVFRYHUHG�WKDW�WKH�FRP��ELQDWLRQ�RI�SURILW�UHPLWWDQFHV�DQG�LPSRUWHG�FDSLWDO�LQSXWV�PDGH�WKH�DXWR�LQGXVWU\�D�GUDLQ�RQ�IRUHLJQ�H[FKDQJH�GHVSLWH�LWV�DGYDQFHV�LQ�WKH�DUHD�RI�LPSRUW�VXEVWLWXWLRQ��,Q������WKH�%(),(;��([SRUW�)LVFDO�%HQHILWV��SUR��JUDP��ZKLFK�DOORZV�FRPSDQLHV�WD[�FUHGLWV�DQG�RWKHU�ILVFDO�EHQHILWV�LI�WKH\�DJUHH�WR�SURJUDPV�WKDW�ZRXOG�UHVXOW�LQ�SRVLWLYH�WUDGH�EDODQFHV��ZDV�LQWURGXFHG�ZLWK�WKH�DXWR�LQGXVWU\�DV�RQH�RI�LWV�PDLQ�WDUJHWV��$JDLQ��%UD]LO�ZDV�UHPDUNDEO\�VXFFHVVIXO��%\������WKH�IRUHLJQ�DXWR�FRPSDQLHV�RSHUDWLQJ�LQ�%UD]LO�ZHUH�H[SRUWLQJ�DW�D�\HDUO\�UDWH�RI�DOPRVW������PLOOLRQ�DQG�FUHDWLQJ�D�WUDGH�VXUSOXV�RI������PLOOLRQ��D�UHPDUNDEOH�FRQWUDVW�WR�WKH�GHILFLW�RI�DOPRVW������PLOOLRQ�WKH\�KDG�JHQHUDWHG�MXVW�WKUHH�\HDUV�HDUOLHU��0XOOHU�DQG�0RRUH��������

%UD]LOV�VXFFHVV�LQ�WKLV�UHJDUG�VWRRG�LQ�FRQWUDVW�WR�WKH�SHUIRUPDQFH�RI�WKH�0H[LFDQ�DXWR�LQGXVWU\��,Q������H[SRUWV�IURP�0H[LFRV�DXWR�LQGXVWU\�ZHUH�DERXW�RQH�WHQWK�RI�%UD]LOV�DXWR�H[SRUWV��/$(5�������S��������7KH�0H[LFDQ�LQGXVWU\�JHQHUDWHG�LQ�WKDW�\HDU�D�QHW�WUDGH�GHILFLW�RI������PLOOLRQ��GRZQ�IURP�����V������PLOOLRQ�GHILFLW�EXW�VWLOO�GLVFRXUDJLQJ�LQ�UHODWLRQ�WR�WKH�%UD]LOLDQ�VXUSOXV��

%UD]LOV�JUHDWHU�VXFFHVV�ZDV�QRW�FRQILQHG�WR�WKH�DXWR�LQGXVWU\��)RU�LQVWDQFH��LI�WKH�H[SRUW�SHUIRUPDQFH�RI�8�6��71&V�LQ�WKH�WZR�FRXQWULHV�LV�H[DPLQHG�IRU�WKH�����V�DQG�HDUO\�����V��LW�LV�FOHDU�WKDW��ZKLOH�ERWK�FRXQ��WULHV�ZHUH�DEOH�WR�H[SDQG�WKH�VKDUH�RI�VDOHV�RI�PDQXIDFWXUHG�JRRGV�JRLQJ�WR�H[SRUW�PDUNHWV��%UD]LO�GLG�VR�PRUH�HIIHFWLYHO\��0H[LFR��JLYHQ�LWV�SUR[��LPLW\�WR�WKH�8QLWHG�6WDWHV�DQG�WKH�H[LVWHQFH�RI�WKH�ERUGHU�LQGXVWULHV�SURJUDP��EHJDQ�WKH�SHULRG�ZLWK�D�FRQVLGHUDEOH�DGYDQWDJH��VHH�WDEOH�����,WV�PDQXIDFWXUHG�H[SRUWV�ZHUH�PRUH�WKDQ�WKUHH�WLPHV�WKH�PDJQLWXGH�RI�%UD]LOV�LQ�DEVROXWH�WHUPV�LQ������DQG�DOVR�WKUHH�WLPHV�ODUJHU�DV�D�SURSRU��WLRQ�RI�ORFDO�VDOHV��,Q�WKH�QH[W�VL[�\HDUV��8�6��71&V�EDVHG�LQ�0H[LFR�TXDGUXSOHG�WKHLU�H[SRUWV��EXW�WKRVH�LQ�%UD]LO�LQFUHDVHG�WKHLUV�QHDUO\�HLJKWIROG��,Q�WKH�QH[W�IRXU�\HDUV�PDQXIDFWXUHG�H[SRUWV�E\�8�6��71&V�LQ�0H[LFR�LQFUHDVHG�E\�D�IDFWRU�RI�VL[��EXW�DJDLQ��VXEVLGLDULHV�LQ�%UD]LO�LQFUHDVHG�WKHLUV�E\�D�IDFWRU�RI�HLJKW��7KXV��ZKLOH�QR�RQH�FRXOG�GHQ\�WKDW�0H[LFR�ZDV�HQJDJHG�LQ�WKH�SURPRWLRQ�RI�PDQXIDFWXUHG�H[SRUWV��%UD]LO�ZDV�IDU�PRUH�VXFFHVVIXO�DW�VKDSLQJ�WKH�EHKDYLRU�RI�WKH�71&V�LQ�WKLV�GLUHFWLRQ��

���

Page 22: Gereffi & Evans 1981 (9)

71&6�� '(3(1'(17� '(9(/230(17�� $1'� 67$7(� 32/,&<�

7$�%�/�(���([SRUWV�LQ�&RPSDULVRQ�WR�6DOHV�IRU�8�6��71&V�LQ�%UD]LO�DQG�0H[LFR��0DQXIDFWXULQJ�2QO\��������������������LQ�0LOOLRQV�RI�8�6��'ROODUV��

([SRUWV�WR� ([SRUWV�DV� ��RI�([SRUWV�/RFDO� 7RWDO� $IILOLDWHG� ��RI�/RFDO� WKDW�DUH�,QWUD��6DOHV� ([SRUWV� &RPSDQLHV� 6DOHV� &RPSDQ\�6DOHV����� ���� ���� ����,����� ����,�����

�����%UD]LO� ���� ���� ���� ����� ����0H[LFR� ���� ���� ���� ����� ����

�����%UD]LO� ���� ����� ���� ����� ����0H[LFR� ������ ����� ����� ����� ����

�����%UD]LO� ������ ����� ����� ����� ����0H[LFR� ������ ������ ������ ����� ����

6RXUFH��1HZIDUPHU�DQG�0XHOOHU�������SS����������

'XULQJ�WKH�ODWH�����V�WKHUH�ZHUH�VLJQV�RI�FRQYHUJHQFH�RQ�WKLV�LVVXH�VLPLODU�WR�WKRVH�LQ�SROLFLHV�UHODWLQJ�WR�ORFDO�RZQHUVKLS��,Q������0H[LFR�HVWDEOLVKHG�D�EURDG�VHW�RI�%UD]LOLDQ�W\SH�LQFHQWLYHV�IRU�ILUPV�WKDW�ZRXOG�XQGHUWDNH�WKH�ORFDO�SURGXFWLRQ�RI�FDSLWDO�JRRGV�DQG�EDODQFH�WKHLU�LPSRUWV�ZLWK�H[SRUWV��,Q�ZKDW�%XVLQHVV�/DWLQ�$PHULFD��������S������FDOOHG�DQ�HQFRXUDJLQJ�VLJQ�RI�IOH[LELOLW\���UHGXFWLRQV�LQ�LPSRUW�GXWLHV�ZHUH�PDGH�DYDLODEOH�WR�IRUHLJQ�RZQHG�DV�ZHOO�DV�ORFDOO\�RZQHG�ILUPV�DV�ORQJ�DV�WKHLU�H[SRUW�VDOHV�ZHUH�VXIILFLHQW�WR�FRYHU�WKHLU�LPSRUW�QHHGV��7KH�DXWR�ILUPV��SURYLGHG�ZLWK�WKHLU�RZQ�VSHFLDO�VHW�RI�LQFHQWLYHV�LQ�������ZHUH�DOORZHG�WR�WDNH�DGYDQWDJH�RI�WKLV�JHQHUDO�VFKHPH�DV�ZHOO��DQG�WKH�QXPEHU�RI�SURGXFWV�HOLJLEOH�IRU�H[SRUW�WD[�UHEDWHV�ZDV�LQFUHDVHG�IURP�����WR������%/$�������S�������

$JDLQ��DV�LQ�WKH�FDVH�RI�RZQHUVKLS�SROLFLHV��FRQYHUJHQFH�LQ�WKH�DUHD�RI�H[SRUW�SURPRWLRQ�VKRXOG�QRW�EH�WDNHQ�WR�LQGLFDWH�WKH�HQG�RI�WKH�SUREOHPV�IDFHG�E\�VHPLSHULSKHUDO�FRXQWULHV��0H[LFRV�DWWHPSW�WR�WDNH�D�VWURQJHU�VWDQG�DJDLQVW�71&V�LQ�VHOHFWHG�DUHDV�LQ�WKH�HDUO\�����V�UHVXOWHG�LQ�DQ�XQH[SHFWHGO\�VKDUS�LQYHVWRU�UHDFWLRQ��)URP�DERXW�������ZKHQ�WKH�0H[LFDQL]DWLRQ�ODZ�ZDV�SDVVHG��XQWLO�WKH�HQG�RI�(FKHYHUULDV�UHJLPH��0H[LFR�ZDV�LQFUHDVLQJO\�GHILQHG�DV�D��EDG�LQYHVWPHQW�FOLPDWH����DQG�WKH�FRXQWU\�VXIIHUHG�IURP�D�VHYHUH�UHGXFWLRQ�RI�'),��GHVSLWH�WKH�IDFW�WKDW�LQYHVWRUV�WKHUH�ZHUH�PDNLQJ�KLJK�UDWHV�RI�UHWXUQ��FRPSDUDEOH�WR�UDWHV�LQ�%UD]LO�DQG�DERXW����SHUFHQW�KLJKHU�WKDQ�WKRVH�RI�PDQXIDFWXUHUV�LQ�WKH�8QLWHG�6WDWHV��&RQQRU�DQG�0XHOOHU�������SS����������

:KDW�(FKHYHUULD�ZDV�GRLQJ��ZURQJ��IURP�WKH�YLHZSRLQW�RI�71&V�FDQ�EH�LQIHUUHG�IURP�WKH�SROLFLHV�WKDW�/RSH]� 3RUWLOOR�HPEDUNHG�RQ�WR��UHVWRUH�LQYHVWRU�FRQILGHQFH��LQ������DQG�������7KH�JRYHUQPHQWV������

���

Page 23: Gereffi & Evans 1981 (9)

/DWLQ�$PHULFDQ�5HVHDUFK�5HYLHZ�

SROLF\�ZDV��GHFLGHGO\�UHFHVVLRQLVW���,WV�VXFFHVV�LQ�EULQJLQJ�LQIODWLRQ�GRZQ�ZDV��SDLG�IRU�SULPDULO\�E\�WKH�JURZLQJ�QXPEHU�RI�XQHPSOR\HG�DQG�E\�WKH�GURS�LQ�WKH�VWDQGDUG�RI�OLYLQJ�RI�WKRVH�OXFN\�HQRXJK�WR�ILQG�ZRUN���/$(5�������S�������EXW�WKH�,QWHUQDWLRQDO�0RQHWDU\�)XQG��,0)���ZKLFK�FRQGLWLRQHG�QHZ�ORDQV�WR�0H[LFR�XSRQ�VXFK�PHDVXUHV��ZDV�SOHDVHG��7KH�FRUUHVSRQGHQFH�EHWZHHQ�WKHVH�SROLFLHV�DQG�WKH�RQHV�%UD]LO�HPEDUNHG�XSRQ�LV�KDUG�WR�LJQRUH��7KH�VKDUS�GURS�LQ�WKH�VWDQGDUG�RI�OLYLQJ�RI�WKH�DYHUDJH�%UD]LOLDQ�EHWZHHQ������DQG������LV�ZHOO�NQRZQ��EXW�LW�LV�LPSRUWDQW�WR�NHHS�LQ�PLQG�WKDW�WKLV�ZDV�QRW�RQO\�D�IHDWXUH�RI�WKH�DQWL�LQIODWLRQDU\��UHDGMXVWPHQW�SHULRG���%HWZHHQ������DQG������SURGXF��WLYLW\�LQ�%UD]LO�LQFUHDVHG�E\����SHUFHQW�ZKLOH�WKH�UHDO�YDOXH�RI�WKH�PLQL��PXP�ZDJH�GURSSHG�E\����SHUFHQW��/$(5�������S��������7KH�SRVLWLYH�LPSDFW�RQ�SURILWV�LV�REYLRXV��EXW�LQ�DOO�OLNHOLKRRG�WKH�JHQHUDO��JRRG�LQWHQWLRQV��LPSOLHG�E\�VXFK�SROLFLHV�DUH�MXVW�DV�LPSRUWDQW�LQ�HQVXULQJ�WKDW�D�FRXQWU\�LV�GHILQHG�DV�D��JRRG�LQYHVWPHQW�FOLPDWH���

7KH�LPSOLFDWLRQV�RI�WKLV�DQDO\VLV�IRU�WKH�FRXQWULHV�RI�WKH�VHPL��SHULSKHU\�DUH�VRPHZKDW�JULP��0H[LFR��RQH�RI�WKH�ULFKHVW�DQG�EHVW��EHKDYHG�QDWLRQV�LQ�WKH�7KLUG�:RUOG��KDG�RQO\�WR�VWUD\�VOLJKWO\�IURP�WKH�SDWK�RI�VRXQG�EXVLQHVV�SUDFWLFH�WR�HQG�XS�VKLIWLQJ�WKH�LPSDFW�RI�71&�FDSLWDO�DQG�SURILW�IORZV�IURP�D�SRVLWLYH������PLOOLRQ�LQ�WKH���������SHULRG�WR�D�QHJDWLYH������PLOOLRQ�LQ�WKH���������SHULRG��6LQFH�(FKHYHUULD�ZDV�RQO\�PLOGO\�UHIRUPLVW�LQ�D�7KLUG�:RUOG�FRQWH[W��LW�ZRXOG�DSSHDU�WKDW�WKH�EDQG�RI�DFFHSWDEOH�SROLF\�LV�H[FHHGLQJO\�QDUURZ�DQG�WKDW�WKH�SHQDO��WLHV�IRU�VWUD\LQJ�RXWVLGH�LW�DUH�VWULFW�DQG�VZLIW��

:KLOH�WKH�(FKHYHUULD�SHULRG�GHPRQVWUDWHG�WKH�OLPLWDWLRQV�ZLWKLQ�ZKLFK�VHPLSHULSKHUDO�FRXQWULHV�PXVW�ZRUN��%UD]LOV�H[SHULHQFH�LQ�WKH�ODWH�����V�VKRZHG�WKDW�HYHQ�WKH�PRVW�JHQHURXV�SROLFLHV�WRZDUG�'),�PD\�QRW�UHVROYH�WKH�SUREOHP�RI�H[WHUQDO�LPEDODQFHV��$IWHU�D�GHFDGH�RI�FDUH��IXOO\�FRQVWUXFWHG�H[SRUW�LQFHQWLYHV�%UD]LO�VWLOO�ILQGV�LWVHOI�ZLWK�XQIDYRU��DEOH�WUDGH�EDODQFHV��:RUVH�VWLOO��LQFHQWLYHV�KDYH�RQO\�SDUWLDOO\�FKDQJHG�WKH�UROH�RI�71&V�LQ�JHQHUDWLQJ�FXUUHQW�DFFRXQW�EDODQFH�RI�SD\PHQW�GHIL��FLWV����5DSLGO\�JURZLQJ�IORZV�RI�'),�WKXV�KDYH�EHHQ�LQVXIILFLHQW�WR�VROYH�%UD]LOV�EDODQFH�RI�SD\PHQW�SUREOHPV��DQG�WKH�LQFHQWLYHV�XVHG�WR�DWWUDFW�WKHP�FRQWULEXWHG�WR�GULYLQJ�%UD]LOV�LQIODWLRQ�UDWH�EDFN�XS�WR�WKH�OHYHOV�DVVRFLDWHG�ZLWK�WKH�*RXODUW�SHULRG�E\�WKH�HQG�RI�WKH�GHFDGH��QHDUO\����SHUFHQW�LQ��������,W�ZDV�HVWLPDWHG�WKDW�IRU�������JRYHUQPHQW�VXEVLGLHV�WR�LQGXVWU\�DQG�DJULFXOWXUH�FRVW�����ELOOLRQ�RU�DERXW���SHUFHQW�RI�%UD]LOV�*'3��/$:5�������S�������/RRNLQJ�DW�WKH�FRVWV�DQG�EHQHILWV�RI�LWV�LQFHQ��WLYHV�WR�WKH�71&V��RQH�KDG�WR�ZRQGHU�ZKHWKHU�%UD]LO�ZDV�VKDSLQJ�WKH�EHKDYLRU�RI�WKH�71&V�RU�YLFH�YHUVD��

7KH�%(),(;�SURJUDP�LQ�WKH�DXWR�LQGXVWU\�LV�D�JRRG�H[DPSOH�RI�WKH�GXELRXV�EDODQFH�RI�FRVWV�DQG�EHQHILWV��7R�EHJLQ�ZLWK��WKH�71&V�ZHUH�DEOH�WR�PDNH�KLJKHU�SURILWV�SURGXFLQJ�FDUV�LQ�%UD]LO�DQG�H[SRUWLQJ�WKHP�WKDQ�WKH\�FRXOG�KDYH�PDGH�PDQXIDFWXULQJ�WKHP�LQ�WKH�8�6���(XURSH��RU�

���

Page 24: Gereffi & Evans 1981 (9)

71&6�� '(3(1'(17� '(9(/230(17�� $1'� 67$7(� 32/,&<�

-DSDQ��VR�LQFUHDVHG�SURGXFWLRQ�IRU�H[SRUW�ZDV�KDUGO\�D�VDFULILFH�RQ�WKHLU�SDUW��$GGHG�WR�WKH�JHQHUDO�SURILWDELOLW\�RI�WKHVH�RSHUDWLRQV�ZHUH�WKH�JHQHURXV�%(),(;�VXEVLGLHV��$PRQJ�RWKHU�EHQHILWV��WKH�FRPSDQLHV�ZHUH�DOORZHG�DQ�H[SRUW�FUHGLW�IRU�WD[HV�WKH\�QRUPDOO\�ZRXOG�KDYH�SDLG�RQ�WKHLU�GRPHVWLF�SURGXFWLRQ��VWDWH�VDOHV�WD[�DQG�LQGXVWULDO�SURGXFWV�WD[���7RJHWKHU�WKHVH�WZR�FUHGLWV�DPRXQWHG�WR����SHUFHQW�RI�WKH�YDOXH�DGGHG�SRUWLRQ�RI�H[SRUW�VDOHV��3XW�FUXGHO\��WKH�%UD]LOLDQ�JRYHUQPHQW�ZDV�SD\��LQJ�WKH�FRPSDQLHV�DQ�H[WUD����WR����FHQWV�IRU�HYHU\�GROODUV�ZRUWK�RI�JRRGV�WKH\�VROG�DEURDG��)RU�WKH�71&V�WKHUH�LV�QR�TXHVWLRQ�WKDW�WKH��WUDGH�RII��LV�SRVLWLYH��IRU�%UD]LO�WKH�HTXDWLRQ�LV�PRUH�GRXEWIXO��

7KHUH�LV�DQRWKHU�DVSHFW�RI�%UD]LOV�H[SRUW�SURPRWLRQ�WKDW�VHHPV�HYHQ�PRUH�GLVWXUELQJ�LQ�WKH�ORQJ�UXQ��0RVW�RI�WKH�JURZWK�RI�71&�PDQX��IDFWXUHG�H[SRUWV�LV�UHSUHVHQWHG�E\��LQWUDFRPSDQ\�VDOHV��EHWZHHQ�D�71&V�DIILOLDWHG�PHPEHUV��)RU�LQVWDQFH��WDEOH���VKRZV�WKDW�E\������DO��PRVW�WKUHH�IRXUWKV�RI�8�6��71&�PDQXIDFWXUHG�H[SRUWV�IURP�%UD]LO�ZHUH�LQWUDFRPSDQ\�VDOHV�DQG�RYHU�IRXU�ILIWKV�RI�WKRVH�IURP�0H[LFR��,Q�PDQ\�FDVHV��WKHUH�LV�UHDOO\�RQO\�RQH�FXVWRPHU�IRU�WKH�SURGXFW�EHLQJ�H[SRUWHG��6DOHV�RI�3LQWR�HQJLQHV��IRU�H[DPSOH��GHSHQG�HQWLUHO\�RQ�WKH�IRUWXQHV�RI�D�VLQJOH�71&�FXVWRPHU��WKH�SDUHQW��)RUG�0RWRU�&RPSDQ\��DQG�WKH�DG��PLQLVWUDWLYH�GHFLVLRQV�RI�WKDW�FXVWRPHU�DV�WR�ZKHUH�WKHVH�HQJLQHV�ZLOO�EH�PDGH��7KXV��LW�LV�WKH�71&��DQG�QRW�%UD]LO�RU�0H[LFR��ZKR�JHQHUDOO\�KDV�WKH�ILQDO�ZRUG�RQ�WKH�H[SRUW��PDUNHW��DQG�ORFDO�SURGXFWLRQ��([SRUW�SURPRWLRQ��ZKLFK�VHHPV�OLNH�D�YLFWRU\�IRU�VHPLSHULSKHUDO�FRXQWULHV�EH��FDXVH�LW�IXUWKHU�WUDQVIRUPV�WKHLU�SRVLWLRQ�LQ�WKH�LQWHUQDWLRQDO�GLYLVLRQ�RI�ODERU��DSSHDUV�WR�LQFUHDVH�GHSHQGHQF\�ZKHQ�YLHZHG�IURP�D�SHUVSHFWLYH�WKDW�IRFXVHV�RQ�FRQWURO��

,Q�DGGLWLRQ�WR�DOO�LWV�RWKHU�SUREOHPV��DQG�SHUKDSV�PRVW�VHULRXVO\�RI�DOO��H[SRUW�SURPRWLRQ�PXVW�IDFH�WKH�UHWDOLDWRU\�UHVSRQVHV�RI�WKH�71&V�KRPH�JRYHUQPHQWV��,Q�������IRU�H[DPSOH��)UHG�%HUJVWHQ�WROG�WKH�%UD]LO��LDQV�WKDW�WD[HV�RQ�WKHLU�WH[WLOH�H[SRUWV�WR�WKH�8QLWHG�6WDWHV�ZRXOG�EH�LQFUHDVHG�WR�D�OHYHO�RI����SHUFHQW�E\�������/$(5�������S�������7KH�HIIHFWV�RI�WKLV�SROLF\�DUH�OLNHO\�WR�EH�VHYHUH��,Q�������ZKHQ�WKH�$PHULFDQ�JRY��HUQPHQW�UDLVHG�LWV�GXWLHV�WR�WKH�OHYHO�RI����SHUFHQW��%UD]LOV�WH[WLOH�H[SRUWV�WR�WKH�8QLWHG�6WDWHV�EHJDQ�WR�GURS�LPPHGLDWHO\��*D]HWD�0HUFDQWLOH��6DR�3DXOR�����0D\��������

([SRUW�SURPRWLRQ�PXVW�EH�YLHZHG��WKHQ��QRW�DV�DQRWKHU�YLFWRU\�RYHU�GHSHQGHQF\�VR�PXFK�DV�DQRWKHU�WUDQVIRUPDWLRQ�LQ�D�FRQWLQXLQJ�VWUXJJOH�ZLWK�GHSHQGHQF\��RQH�WKDW�LV�OLNHO\�WR�VHH�QHZ�VWUDWHJLHV�LQ�WKH�QRW�WRR�GLVWDQW�IXWXUH��,W�LV�SHUKDSV�LURQLF�WKDW�'HOILP�1HWR��ZKR�KDG�EHJXQ�WKH�����V�IRUPXODWLQJ�LQFHQWLYH�SURJUDPV��HQGHG�WKH�GHFDGH�LQ�'HFHPEHU�RI������E\�DQQRXQFLQJ�WKDW�KLV�V\VWHP�RI�VXEVLGLHV�IRU�PDQX��IDFWXUHG�H[SRUWV�ZDV�EHLQJ�GLVPDQWOHG��/$:5�������S�������

7KH�OLPLWV�WR�H[SRUW�SURPRWLRQ�LQ�WKH�OHVV�GHYHORSHG�FRXQWULHV��/'&V��DUH�PRUH�JHQHUDOL]HG�WKDQ�WKRVH�GHILQHG�E\�0H[LFRV�RU�%UD]LOV�

���

Page 25: Gereffi & Evans 1981 (9)

/DWLQ�$PHULFDQ�5HVHDUFK�5HYLHZ�

UHODWLRQV�ZLWK�WKH�FRUH�FRXQWULHV��7R�FRPEDW�WKH�LQIODWLRQDU\�LPSDFW�RI�KLJKHU�RLO�ELOOV��PRVW�FRUH�FRXQWULHV�DUH�DGRSWLQJ�UHVWULFWLYH�ILVFDO�DQG�PRQHWDU\�SROLFLHV�WKDW�DUH�JHDUHG�WR�VORZ�HFRQRPLF�JURZWK��6WDJQDWLRQ�LQ�WKH�FRUH�HURGHV�WKH�EHVW�PDUNHWV�IRU�/'&�PDQXIDFWXUHG�H[SRUWV�DQG�GHSUHVVHV�WKH�SULFHV�RI�WKHLU�SULPDU\�SURGXFW�H[SRUWV�DW�WKH�VDPH�WLPH��$FFRUGLQJ�WR�0RUJDQ�*XDUDQW\�7UXVW�&R���D�GRZQWXUQ�LQ�WKH�LQGXVWULDO�ZRUOG�DV�VHYHUH�DV�WKH���������UHFHVVLRQ�ZRXOG�SURGXFH�DQ�LPSDFW�RQ�/'&� WUDGH�EDODQFHV�HTXLYDOHQW�WR�D�����D�EDUUHO�LQFUHDVH�LQ�WKH�SULFH�RI�23(&�RLO��1HZVZHHN�������SS����������

35263(&76� )25� 7+(� )8785(� (92/87,21� 2)� )25(,*1� ,19(670(17�,1� 7+(� 6(0,3(5,3+(5<�

%UD]LO�DQG�0H[LFR�VKRZ�ERWK�WKH�H[WHQW�WR�ZKLFK�IXQGDPHQWDO�FKDQJHV�LQ�WKH�UROH�RI�IRUHLJQ�LQYHVWPHQW�DUH�SRVVLEOH�DQG�WKH�VWULFWQHVV�RI�WKH�OLPLWV�FUHDWHG�E\�GHSHQGHQW�GHYHORSPHQW��7LPH�DQG�DJDLQ�GXULQJ�WKH�SURFHVV�RI�GHSHQGHQW�GHYHORSPHQW�LQ�WKH�WZR�FRXQWULHV��SUHVLGHQWV�KDYH�GLVFRYHUHG�WKH�FRQVWUDLQWV�LPSRVHG�E\�WKH�QHFHVVLW\�RI�PDLQWDLQLQJ�D��JRRG�LQYHVWPHQW�FOLPDWH���)URP�&DUGHQDV�LQ�WKH�����V�WR�WKH�LQLWLDO�\HDUV�RI�/RSH]�0DWHRV�UHJLPH�WR�WKH�(FKHYHUULD�SHULRG��WKH�IORZ�RI�'),�WR�0H[LFR�GHFOLQHG�LPPHGLDWHO\�ZKHQHYHU�D�SUHVLGHQW�VRXQGHG�WRR�QD��WLRQDOLVWLF�RU�WRR�FRQFHUQHG�ZLWK�WKH�SUREOHPV�RI�ODERU�DQG�WKH�SRRU��%UD]LO�VDZ�WKH�IORZ�RI�'),�GHFOLQH�LQ�WKH�QDWLRQDOLVWLF�SHULRG�RI�9DUJDV�VHFRQG�SUHVLGHQF\�����������DQG�GURS�RII�HYHQ�PRUH�GUDPDWLFDOO\�GXU��LQJ�WKH�H[SHULPHQW�ZLWK�D�PRUH�OHIW�OHDQLQJ�QDWLRQDOLVP�XQGHU�*RXODUW��(DFK�WLPH��WKH�WHQRU�RI�WKH�UHJLPH�KDV�EHHQ�UHYHUVHG�DQG�SRVLWLYH�UHOD��WLRQV�ZLWK�WKH�71&V� KDYH�EHHQ�UHFRYHUHG��EXW�WKH�OLPLWV�KDYH�EHHQ�GHPDUFDWHG�DQHZ��7KH�VHPLSHULSKHU\�LV�VLPSO\�QRW�IUHH�WR�H[SORUH�D�ZHOIDUH�RULHQWHG�YHUVLRQ�RI�FDSLWDOLVW�GHYHORSPHQW��

8QGHU�IULHQGO\�UHJLPHV��KRZHYHU��'),�KDV�SURYHQ�WR�EH�PXFK�PRUH�IOH[LEOH�WKDQ�HDUO\�WKHRULHV�RI�WKH��GHYHORSPHQW�RI�XQGHUGHYHORS��PHQW���%DUDQ�������)UDQN�������ZRXOG�KDYH�SUHGLFWHG��%RWK�0H[LFR�DQG�%UD]LO�VXFFHHGHG�LQ�EXLOGLQJ�GLYHUVLILHG��VRSKLVWLFDWHG��DQG�LQWHUQDWLRQ��DOO\�FRPSHWLWLYH�LQGXVWULDO�HFRQRPLHV��LQ�ODUJH�PHDVXUH�RQ�WKH�EDVLV�RI�'),��*LYHQ�WKH�VWURQJ�SDUDOOHOV�LQ�WKH�HYROXWLRQ�RI�'),�LQ�WKH�WZR�FRXQ��WULHV��WKH�SDWWHUQ�PD\�UHSUHVHQW�D�JHQHUDO�WUHQG�URRWHG�LQ�WKH�QDWXUH�RI�WKH�FDSLWDOLVW�ZRUOG�HFRQRP\�DV�ZHOO�DV�LQ�WKH�VRFLDO�VWUXFWXUHV�RI�WKH�WZR�FRXQWULHV�XQGHU�FRQVLGHUDWLRQ�KHUH��DQG�VKRXOG�QRW�EH�GLVPLVVHG�DV�IRUWXLWRXV�RU�LGLRV\QFUDWLF��

/LNH�WKH�EHKDYLRU�RI�WKH�71&V��WKH�EHKDYLRU�RI�WKH�0H[LFDQ�DQG�%UD]LOLDQ�VWDWHV�KDV� VKRZQ�PDQ\�SDUDOOHOV��7KH�FRQYHUJHQFH�RI�VWDWH�SROLFLHV�KDV�EHHQ�SDUWLFXODUO\�HYLGHQW�LQ�WKH�PRVW�UHFHQW�SHULRG��$V�WKH�����V�SURJUHVVHG��WKH�EOHQG�RI�PHDVXUHV�RULHQWHG�WRZDUG�WU\LQJ�WR�SUR��WHFW�ORFDO�RZQHUVKLS�DQG�WU\LQJ�WR�LQGXFH�71&� EHKDYLRU�WKDW�ZRXOG�

���

Page 26: Gereffi & Evans 1981 (9)

71&6�� '(3(1'(17� '(9(/230(17�� $1'� 67$7(� 32/,&<�

LPSURYH�H[WHUQDO�LPEDODQFHV�EHFDPH�UHPDUNDEO\�VLPLODU�LQ�WKH�WZR�FRXQWULHV��,Q�QHLWKHU�FDVH��KRZHYHU��ZHUH�WKH�SROLFLHV�DGRSWHG�UHDO�VROX��WLRQV�WR�WKH�EDVLF�GLOHPPDV�RI�GHQDWLRQDOL]DWLRQ�DQG�H[WHUQDO�LPEDODQFH��7KH�VHPLSHULSKHU\�FRQWLQXHV�WR�EH�D�ORFXV�IRU�WUDQVIRUPDWLRQ�UDWKHU�WKDQ�D�VHWWLQJ�IRU�VWDEOH�VROXWLRQV��

,PSRUWDQW�FKDQJHV�LQ�WKH�VWUXFWXUH�DQG�UROH�RI�'),�DUH�VWLOO�XQ��GHUZD\��3HUKDSV�EHVW�SXEOLFL]HG�LV�WKH�JURZWK�LQ�ORDQ�FDSLWDO�UHODWLYH�WR�'),��%\�WKH�HQG�RI�WKH�����V��IRUHLJQ�GHEW�LQ�%UD]LO�DQG�0H[LFR�KDG�EDOORRQHG�RXW�RI�DOO�SURSRUWLRQ�WR�'),��,Q�0H[LFR��WKH�SUHGRPLQDQFH�RI�GHEW�WR�'),�ZDV�UHODWHG�WR�WKH�GLIILFXOW\�RI�DWWUDFWLQJ�QHZ�71&�LQYHVW��PHQWV�GXULQJ�WKH�(FKHYHUULD�SHULRG��GHEW�WULSOHG�EHWZHHQ������DQG������ZKLOH�'),�LQFUHDVHG�E\�RQO\����SHUFHQW��:HLQHUW�������S��������%UD]LO�KDG�QR�SUREOHP�DWWUDFWLQJ�'),��EXW�GHEW�PRXQWHG�DW�DQ�HYHQ�IDVWHU�UDWH�WKDQ�LQ�0H[LFR��0DODQ�DQG�%RQHOOL�������SS�����������

7KH�H[SODQDWLRQ�IRU�WKH�VN\URFNHWLQJ�RI�IRUHLJQ�GHEW�LV�FRPSOH[��,W�GHSHQGHG�RQ�LQWHUQDWLRQDO�OLTXLGLW\�UHODWLQJ�WR�WKH�DYDLODELOLW\�RI��SHWUR��GROODUV��IURP�23(&�QDWLRQV�DQG�WKH�UHODWLYH�VWDJQDWLRQ�RI�LQYHVWPHQW�RSSRUWXQLWLHV�LQ�WKH�GHYHORSHG�FRXQWULHV��DV�ZHOO�DV�RQ�PRXQWLQJ�EDO��DQFH�RI�SD\PHQW�SUREOHPV�LQ�%UD]LO�DQG�0H[LFR��,W�DOVR�GHSHQGHG�LQ�SDUW�RQ�WKH�IRXQGDWLRQ�RI�JRRG�UHODWLRQV�ZLWK�71&V�WKDW�KDG�EHHQ�EXLOW�XS�WKURXJK�WKH�JURZWK�RI�'),��1RW�RQO\�GLG�WKH�71&V�WKHPVHOYHV�FRQ��WUDFW�RU�YRXFK�IRU�VRPH�RI�WKH�GHEW��EXW�WKHLU�VWURQJ�SUHVHQFH�LQ�%UD]LO�DQG�0H[LFR�PDGH�WKHVH�FRXQWULHV�VHHP�PRUH�UHOLDEOH�WKDQ�RWKHUV�OHVV�WKRURXJKO\�WLHG�WR�LQWHUQDWLRQDO�FDSLWDO��)RU�LQVWDQFH��WKH�H[WHQW�RI�WKLV�UHODWLYH�DWWUDFWLYHQHVV�FDQ�EH�VHHQ�IURP�WKH�IDFW�WKDW�WRJHWKHU�%UD]LO�DQG�0H[LFR�DFFRXQWHG�IRU�RQH�KDOI�RI�DOO�ORDQV�WR�/'&V�PDGH�E\�WKH�WZHQW\��RQH�ODUJHVW�1RUWK�$PHULFD�EDQNV��%DLUG�DQG�0F&DXJKDQ�������S�������

:KHWKHU�LQFUHDVHG�UHOLDQFH�RQ�ORDQ�FDSLWDO�UHSUHVHQWV�D�GLPLQX��WLRQ�LQ�WKH�GHJUHH�RI�GHSHQGHQF\�RU�DQ�LQFUHDVH�LV�HYHQ�PRUH�GLIILFXOW�WR�VRUW�RXW�WKDQ�WKH�UHDVRQV�IRU�WKH�LQFUHDVH��(IIHFWV�RQ�H[WHUQDO�LPEDODQFHV�DQG�HIIHFWV�RQ�FRQWURO�RI�WKH�LQWHUQDO�SURGXFWLYH�DSSDUDWXV�DUH�ERWK�KDUG�WR�MXGJH��)RU�0H[LFR�GXULQJ�WKH�(FKHYHUUID�SHULRG��WKH�ZLOOLQJQHVV�RI�EDQNHUV�WR�OHQG�ZKHQ�71&V�ZHUH�UHOXFWDQW�WR�HQJDJH�LQ�'),�UHSUHVHQWHG�DQ�LPSRUWDQW�H[WUD�GHJUHH�RI�IUHHGRP��+RZHYHU��WKH�ORQJ�UXQ�LPSOLFD��WLRQV�RI�ORDQ�FDSLWDO�IRU�H[WHUQDO�LPEDODQFHV�DUH�PRUH�QHJDWLYH��'),�JHQHUDWHV�SURILW�UHPLWWDQFHV�EXW�WKH�RULJLQDO�LQYHVWPHQW�LWVHOI�GRHV�QRW�KDYH�WR�EH�UHSDLG��/RDQV�UHTXLUH�ERWK�LQWHUHVW�SD\PHQWV�DQG�DPRUWL]D��WLRQ��)RU�%UD]LO��ZKRVH�GHEW�KDV�QRZ�VXUSDVVHG�����ELOOLRQ��LQWHUHVW�SD\PHQWV�DUH�UXQQLQJ�RYHU����ELOOLRQ�SHU�\HDU�DQG�DPRUWL]DWLRQ�RI�GHEW�UHTXLUHV�DERXW����ELOOLRQ�SHU�\HDU��/$(5�������S�������$FFRUGLQJ�WR�'HOILP�1HWR��WKLV�PHDQV�WKDW�%UD]LO�ZLOO�KDYH�WR�ERUURZ�DERXW�����ELOOLRQ�D�\HDU�IRU�WKH�QH[W�IHZ�\HDUV��,W�LV�QRW�VXUSULVLQJ��WKHUHIRUH��WKDW�'HOILP�LV�WU\LQJ�WR�SHUVXDGH�71&V�WR�WUDQVIRUP�VRPH�RI�WKHLU�ORDQV�WR�VXEVLG��LDULHV�LQWR�HTXLW\��/$:5�������S�������

���

Page 27: Gereffi & Evans 1981 (9)

/DWLQ�$PHULFDQ�5HVHDUFK�5HYLHZ�

$V�IDU�DV�FRQWURO�RYHU�WKH�LQWHUQDO�SURGXFWLYH�DSSDUDWXV�LV�FRQ��FHUQHG��LW�LV�XVXDOO\�WKH�FDVH�WKDW�LQYHVWRUV�H[SHFW�PRUH�RI�D�VD\�RYHU�ZKDW�WKHLU�PRQH\�LV�XVHG� IRU�WKDQ�GR� OHQGHUV��2Q� WKH�RWKHU�KDQG��OHQGHUV�PD\�DWWHPSW�D�JHQHUDOL]HG�NLQG�RI�FRQWURO�RYHU�QDWLRQDO�SROLF\�WKDW�LV�UDUHO\�DWWHPSWHG�E\�LQYHVWRUV��,Q�FDVHV�ZKHUH�WKH\�IHOW�WKHLU�ORDQV�ZHUH�LQ�MHRSDUG\��OLNH�3HUX��VHH� 6WDOOLQJV�������DQG�$UJHQWLQD��VHH�)UHQNHO�DQG�2'RQQHOO� �������LQWHUQDWLRQDO�OHQGHUV��XQGHU�WKH�OHDGHU��VKLS�RI�WKH�,0)��KDYH�VXFFHHGHG�LQ�LPSRVLQJ�D�ZKROH�JDPXW�RI�ILVFDO��PRQHWDU\��DQG� HFRQRPLF�SROLFLHV�RQ�WKH�UHFHLYLQJ�QDWLRQV��:KHWKHU�FRXQWULHV�DV�LPSRUWDQW�WR�71&V�DV�%UD]LO�DQG�0H[LFR�ZRXOG�EH�VXEMHFWHG�WR�WKH�VDPH�VWUHQXRXV�EHOW�WLJKWHQLQJ�DV�FRXQWULHV�OLNH�3HUX�DQG�$UJHQ��WLQD�UHPDLQV�WR�EH�VHHQ��1RQHWKHOHVV��LW�VHHPV�FOHDU�WKDW�WKH�OHQGHU�ZLOO�SOD\�DQ�LQFUHDVLQJO\�LPSRUWDQW�UROH�LQ�VKDSLQJ�WKH�QDWXUH�RI�GHSHQGHQW�GHYHORSPHQW�LQ�WKH�QH[W�GHFDGHV��

$� VHFRQG�HPHUJLQJ�IHDWXUH�RI�GHSHQGHQW�GHYHORSPHQW�LQ�WKH�����V�LV�DOVR�UHPLQLVFHQW�RI�HDUOLHU�SHULRGV�RI�GHSHQGHQF\��+DYLQJ�DF��FHOHUDWHG�WKH�JURZWK�RI�PDQXIDFWXUHG�H[SRUWV�WR�WKH�OLPLW��ERWK�%UD]LO�DQG�0H[LFR�DUH�DJDLQ�ORRNLQJ�WR�H[WUDFWLYH�LQGXVWULHV�WR�KHOS�WKHP�UH��VROYH�H[WHUQDO�LPEDODQFHV��,Q�%UD]LO��WKHUH�KDV�EHHQ�D�UHVXUJHQFH�RI�'),�LQ�H[WUDFWLYH�LQGXVWULHV��IRU�H[DPSOH��EHWZHHQ������DQG������WKH�DPRXQW�RI�8�6��'),�LQ�H[WUDFWLYH�LQGXVWULHV�WULSOHG��JURZLQJ�DW�D�PRUH�UDSLG�UDWH�WKDQ�LQYHVWPHQW�LQ�PDQXIDFWXULQJ��VHH�WDEOH�����$W�WKH�VDPH�WLPH��VRDU��LQJ�ELOOV�IRU�LPSRUWHG�RLO�OHG�%UD]LO�WR�UHYHUVH�WKH�WKLUW\�\HDU�EDQ�RQ�WKH�H[FOXVLRQ�RI�IRUHLJQ�RLO�FRPSDQLHV�IURP�H[SORUDWLRQ��%\������8�6�� LQ��YHVWRUV�KDG�PRUH�FDSLWDO�LQYHVWHG�LQ�WKH�SHWUROHXP�LQGXVWU\�LQ�%UD]LO�WKDQ�WKH\�GLG�LQ�9HQH]XHOD��)RU�0H[LFR��WKH�H[SDQVLRQ�RI�H[WUDFWLYH�LQYHVWPHQWV�FDUULHG�ZLWK�LW�QR�HTXLYDOHQW�H[SDQVLRQ�RI�'),�� ,Q�WKLV�LQ��VWDQFH��8�6�� '),� LQ�H[WUDFWLYH�LQGXVWULHV�LQ������UHPDLQHG�EHORZ�WKH�OHYHOV�RI�WKH�����V�DQG�DERXW�RQH�WKLUG�RI�WKH������OHYHO��VHH�WDEOH�����3HWUROHRV�0H[LFDQRV�JRRG�IRUWXQH�LQ�WKH�DUHD�RI�RLO�H[SORUDWLRQ�KDV�JHQHUDWHG�VXIILFLHQW�UHYHQXHV�IRU�LQYHVWPHQW�VR�WKDW�WKHUH�LV�QR�QHHG�WR�ORRN�IRU�DVVLVWDQFH�IURP�IRUHLJQ�FRPSDQLHV��WKXV��'),�LQ�SHWUROHXP�ZDV�DOVR�EHORZ�WKH�OHYHOV�RI�WKH�����V��:KHWKHU�RWKHU�PRUH�JHQHUDO�IRUPV�RI�GLYHUJHQFH�HPHUJH�EHWZHHQ�WKH�WZR�FRXQWULHV�EDVHG� RQ�0H[LFRV�RLO�ERQDQ]D�DQG�%UD]LOV�LQFUHDVLQJ�GHSHQGHQFH�RQ�IRUHLJQ�RLO�UHPDLQV�WR�EH�VHHQ��7KH�IDFW�WKDW�0H[LFRV�FXUUHQW�DFFRXQW�FRQWLQXHV�WR�EH�LQ�GHILFLW�GHVSLWH�RLO�H[SRUWV��DQG�WKH�H[SHULHQFH�RI�9HQH]XHOD��ZKLFK�IRXQG�QR�SDQDFHD�IRU�LWV�HFRQRPLF�RU�VRFLDO�SUREOHPV�LQ�RLO�UHVHUYHV��ERWK�VXJJHVW�WKDW�IXWXUH�GLIIHUHQFHV�EHWZHHQ�0H[LFR�DQG�%UD]LO�PD\�EH�OHVV�WKDQ�H[SHFWHG��1RQHWKHOHVV��WKH�IXWXUH�HYROXWLRQ�RI�WKH�WZR�FRXQWULHV�ZLOO�SURYLGH�D�VLJQLILFDQW�H[SHULPHQW�LQ�WKH�UHODWLYH�LPSRUWDQFH�RI�RLO�LQ�WKH�SURFHVV�RI�GHSHQGHQW�GHYHORSPHQW��

7KH�WKLUG�LPSRUWDQW�FKDQJH�LQ�'),��ZKLFK�LV�SUHILJXUHG�LQ�WKH�GDWD�IRU�WKH�����V��LV�WKH�OHDVW�GUDPDWLF�EXW�PD\�ZHOO�SURYH�WR�EH�WKH�

���

Page 28: Gereffi & Evans 1981 (9)

71&6�� '(3(1'(17� '(9(/230(17�� $1'� 67$7(� 32/,&<�

PRVW�LPSRUWDQW��,I�ZH�ORRN�DW�WRWDO�8�6��'),��WKH�VKDUH�RI�PDQXIDFWXULQJ�LQ�ERWK�FRXQWULHV�VHHPV�WR�KDYH�UHDFKHG�D�SHDN�DURXQG�������DOWKRXJK�WKLV�LV�PRUH�DSSDUHQW�LQ�%UD]LO��$W�DERXW�WKDW�WLPH��LQYHVWPHQWV�LQ�WKH�VHUYLFH�VHFWRU�EHJDQ�WR�DFFHOHUDWH��UHDFKLQJ�D�SURSRUWLRQ�RI�WRWDO�8�6��'),�E\�WKH�HQG�RI�WKH�GHFDGH�FRPSDUDEOH�WR�WKDW�KHOG�E\�PDQXIDFWXULQJ�DW�WKH�EHJLQQLQJ�RI�WKH�KRUL]RQWDO�,6,�SKDVHV��VHH�WDEOH�����,I�WKH�JURZWK�RI�VHUYLFH�VHFWRU�71&V�LV�D�VLJQLILFDQW�IXWXUH�WUHQG�LQ�'),�LQ�WKH�VHPL��SHULSKHU\��WKHQ�VWXGHQWV�RI�GHSHQGHQW�GHYHORSPHQW�ZLOO�EH�IDFHG�ZLWK�D�QHZ�VHULHV�RI�LQWHOOHFWXDO�FKDOOHQJHV��$UJXPHQWV�RYHU�WKH�HIIHFWV�RI�'),�DUH�IUDPHG�LQ�WHUPV�GHYHORSHG� WR�DQDO\]H�WKH�PDQXIDFWXULQJ�VHFWRU��,VVXHV�OLNH�DSSURSULDWH�WHFKQRORJ\��HPSOR\PHQW�HIIHFWV��DQG�ROLJRSROLV��WLF�SULFLQJ�UHTXLUH�VRPH�UHWKLQNLQJ�EHIRUH�WKH\�FDQ�EH�DSSOLHG�WR�WKH�DQDO\VLV�RI�WKH�VHUYLFH�VHFWRU��

2YHUDOO��WKH�VDIHVW�SUHGLFWLRQ�IRU�WKH�VKDSH�RI�IXWXUH�SKDVHV�RI�'),�LQ�%UD]LO�DQG�0H[LFR�LV�WKDW�WKH\�ZLOO�KDYH�WKH�VDPH�JHQHUDO�FKDUDF��WHU�DV�SDVW�SKDVHV��'),�ZLOO�FRQWLQXH�WR�DGDSW�WR�FKDQJHV�LQ�VWDWH�SROLF\�DQG�FKDQJHV�LQ�WKH�VWUXFWXUH�RI�VHPLSHULSKHUDO�HFRQRPLHV��IORZLQJ�LQWR�QHZ�DUHDV�ZKLOH�SHUKDSV�EHLQJ�UHSODFHG�E\�VWDWH�DQG�ORFDO�FDSLWDO�LQ�VRPH�RI�LWV�WUDGLWLRQDO�VWURQJKROGV��7KH�WHFKQRORJ\�DQG�H[SHUWLVH�RI�71&V�ZLOO�FRQWULEXWH�WR�WKH�FRQVWUXFWLRQ�RI�HYHU�PRUH�GLIIHUHQWLDWHG�DQG�VRSKLVWLFDWHG�HFRQRPLHV�LQ�ERWK�FRXQWULHV��6WLOO��SUREOHPV�RI�GHSHQGHQF\�ZLOO�SHUVLVW��7KH�ORFDO�ERXUJHRLVLH�ZLOO�ILQG�LWVHOI�FRQWLQXDOO\�WKUHDWHQHG�E\�GLVSODFHPHQW��WKRXJK�WKH�VHFWRUV�LQ�ZKLFK�LW�LV�GLVSODFHG�PD\�VKLIW��([WHUQDO�LPEDODQFHV�ZLOO�FRQWLQXH�WR�EH�D�FKURQLF�SUREOHP��WKRXJK�WKH�QDWXUH�RI�WKH�LPSRUWV��H[SRUWV��DQG�VHUYLFH�SD\PHQWV�WKDW�DUH�LQFOXGHG�LQ�WKH�LPEDODQFHV�ZLOO�FKDQJH��7KH�WZR�VWDWHV�ZLOO�FRQWLQXH�WR�GHYLVH�QHZ�SROLF\�LQVWUXPHQWV�WR�GHDO�ZLWK�WKH�QHZ�IRUPV�WKHVH�SUREOHPV�ZLOO�WDNH��DQG�ZLOO�SUREDEO\�ILQG�WKDW�WKHLU�SROLFLHV�FRQWLQXH�WR�FRQYHUJH�DURXQG�WKH�VDPH�VRUWV�RI�DWWHPSWHG�VROXWLRQV��)LQDOO\��WKH�ZHOIDUH�SRVVL��ELOLWLHV�RI�FDSLWDOLVP�ZLOO�FRQWLQXH�WR�OLH�RXWVLGH�RI�WKH�SROLF\�ERXQGDULHV�WKDW�DUH�FRPSDWLEOH�ZLWK�HLWKHU�FRXQWU\�FRQWLQXLQJ�LWV�VXFFHVV�LQ�DWWUDFW��LQJ�'),��

127(6�

��� ,Q�������WKH�*'3�SHU�FDSLWD�RI�%UD]LO�DQG�0H[LFR�ZDV�URXJKO\�WKH�VDPH�������� 7KLV�LV�HTXLYDOHQW�WR�RQH�VL[WK�WKH������SHU�FDSLWD�LQFRPH�RI�WKH�2UJDQL]DWLRQ�IRU�(FR��QRPLF�&RRSHUDWLRQ�DQG�'HYHORSPHQW��2(&'�� FRXQWULHV�RI�1RUWK�$PHULFD��:HVWHUQ�(XURSH��DQG�-DSDQ��,QWHU�$PHULFDQ�'HYHORSPHQW�%DQN�������S��������3HU�FDSLWD�LQ��FRPH�LQ�%UD]LO�DQG�0H[LFR�LV�VSUHDG�H[WUHPHO\�XQHYHQO\�DPRQJ�WKH�SRSXODWLRQ��VHH�5H\QROGV�������S���������DQG�ORQJLWXGLQDO�GDWD�VKRZ�WKDW�WKH�GLVWULEXWLRQ�RI�LQFRPH�LQ�ERWK�FRXQWULHV�LV�JURZLQJ�VWLOO�PRUH�VNHZHG�LQ�IDYRU�RI�WKH�ULFK�YHUVXV�WKH�SRRU�RYHU�WLPH��

��� 0RVW�RI�WKH�FRQWHPSRUDU\�PHPEHUV�RI�WKH�VHPLSHULSKHU\��VXFK�DV�%UD]LO��0H[LFR��$UJHQWLQD��,UDQ��(J\SW��1LJHULD��6RXWK�$IULFD��,QGLD��DQG�,QGRQHVLD��DVFHQGHG�IURP�FODVVLFDOO\�SHULSKHUDO�SRVLWLRQV�LQ�WKH�UHODWLYHO\�UHFHQW�SDVW��7KLV�LV�RQO\�RQH�URXWH�WR�

���

Page 29: Gereffi & Evans 1981 (9)

/DWLQ�$PHULFDQ�5HVHDUFK�5HYLHZ�

WKH�VHPLSKHULSKHU\��KRZHYHU��$QRWKHU�URXWH��OHVV�FRPPRQ��LV�GHFDGHQFH�DQG�GHFOLQH�RQ�WKH�SDUW�RI�D�FHQWHU�FRXQWU\��H�J���6SDLQ�DQG�3RUWXJDO���2XU�FRQFHUQ�KHUH�LV�OLPLWHG�WR�WKH�DVFHQGDQW�PHPEHUV�RI�WKH�VHPLSHULSKHU\��

��� 'HSHQGHQF\�DQG�QRQGHSHQGHQF\�DUH�UHODWLYH�FRQFHSWV�WKDW�PXVW�EH�LQWHUSUHWHG�LQ�WKH�FRQWH[W�RI�D�FRXQWU\V�RYHUDOO�SRVLWLRQ�LQ�WKH�FDSLWDOLVW�ZRUOG�HFRQRP\��'HSHQ��GHQF\�LPSOLHV�YXOQHUDELOLW\�WR�WKH�H[WHUQDO�HFRQRP\�DQG�D�VLJQILFDQW�GHJUHH�RI�H[WHU��QDO�FRQWURO�RYHU�WKH�ORFDO�SURGXFWLYH�DSSDUDWXV��1RQGHSHQGHQF\��RQ�WKH�RWKHU�KDQG��PHDQV�GLPLQLVKHG�H[WHUQDO�GHWHUPLQDWLRQ�RI�WKH�FRXUVH�RI�D�FRXQWU\V�GHYHORSPHQW��,W�PHDQV�KDYLQJ�DQ�LQWHUQDO�SURGXFWLYH�VWUXFWXUH�WKDW�LV�FDSDEOH�RI�SURGXFLQJ�D�EURDG�UDQJH�RI�JRRGV�DQG�WKDW�DOVR�LV�ORFDOO\�RZQHG�DQG�FRQWUROOHG�WR�D�VXEVWDQWLDO�GHJUHH��HVSHFLDOO\�WKH��OHDGLQJ�VHFWRUV��LQ�WHUPV�RI�FDSLWDO�DFFXPXODWLRQ�DQG�VHFWRUV�ZKHUH�FRQVLGHUDEOH�PDUNHW�SRZHU�LV�H[HUFLVHG�E\�WKH�PDMRU�ILUPV���)RU�D�WKRURXJK�GLVFXV��VLRQ�RI�WKH�QRWLRQV�RI�GHSHQGHQF\�DQG�QRQGHSHQGHQF\��VHH�*HUHIIL�������FKDSV�������IRU�WKHLU�DSSOLFDWLRQ�WR�WKH�FDVH�RI�0H[LFRV�VWHURLG�KRUPRQH�LQGXVWU\��VHH�*HUHIIL��������

��� )RUHLJQ�LQYHVWPHQW�LV�RI�WZR�PDLQ�W\SHV��GLUHFW�DQG�LQGLUHFW��'LUHFW�IRUHLJQ�LQYHVW��PHQW�UHIHUV�WR�WKH�DFTXLVLWLRQ�RU�FRQWURO�RI�SURGXFWLYH�IDFLOLWLHV�RXWVLGH�WKH�KRPH�FRXQWU\��&RQWURO�LV�JHQHUDOO\�WKRXJKW�WR�PHDQ�DW�OHDVW�D����SHUFHQW�SDUWLFLSDWLRQ�LQ�WKH�VKDUH�FDSLWDO�RI�WKH�IRUHLJQ�HQWHUSULVH��DOWKRXJK�WKH�SXEOLVKHG�8�6��'HSDUWPHQW�RI�&RPPHUFH�GDWD�DUH�EDVHG�RQ�HTXLW\�KROGLQJV�DV�ORZ�DV����SHUFHQW��7KHUH�DUH�WZR�NLQGV�RI�LQGLUHFW�IRUHLJQ�LQYHVWPHQW���D��LQWHUQDWLRQDO�SRUWIROLR�LQYHVWPHQW��ZKLFK�UH��IHUV�WR�WKH�SXUFKDVH�RI�VHFXULWLHV�LVVXHG�E\�IRUHLJQ�LQVWLWXWLRQV�ZLWKRXW�DQ\�DVVRFLDWHG�FRQWURO�RYHU�RU�PDQDJHPHQW�SDUWLFLSDWLRQ�LQ�WKHP��DQG��E��SXEOLF�ORDQV�WR�IRUHLJQ�FRXQWULHV��3RUWIROLR�LQYHVWPHQWV�W\SLFDOO\�WDNH�WKH�IRUP�RI�ERQGV��ZKHUHDV�GLUHFW�IRUHLJQ�LQYHVWPHQW�HQWDLOV�KROGLQJ�HTXLW\��$OWKRXJK�ERWK�GLUHFW�DQG�LQGLUHFW�IRUHLJQ�LQYHVWPHQW�LQ�%UD]LO�DQG�0H[LFR�ZLOO�EH�GLVFXVVHG�LQ�WKLV�SDSHU��RXU�SULPDU\�FRQFHUQ�LV�ZLWK�WKH�IRUPHU��

��� 7UDQVQDWLRQDO�FRUSRUDWLRQV�PD\�EH�GHILQHG�DV�DQ\�EXVLQHVV�HQWHUSULVH�HQJDJLQJ�LQ�GL��UHFW�IRUHLJQ�LQYHVWPHQW�LQ�SURGXFWLRQ�IDFLOLWLHV�VSDQQLQJ�VHYHUDO�QDWLRQDO�MXULVGLF��WLRQV��7KH�SDUHQW�ILUP�RI�WKH�71&�DQG�LWV�QHWZRUN�RI�DIILOLDWHV�DUH�ERXQG�WRJHWKHU�E\�FRPPRQ�WLHV�RI�RZQHUVKLS��WKH\�GUDZ�RQ�D�FRPPRQ�SRRO�RI�KXPDQ�DQG�ILQDQFLDO�UH��VRXUFHV��DQG�WKH\�UHVSRQG�WR�VRPH�VRUW�RI�FRPPRQ�VWUDWHJ\��

��� 7KH�H[WHQW�RI�IRUHLJQ�GRPLQDWLRQ�LQ�0H[LFR�GXULQJ�WKH�UHLJQ�RI�3RUILULR�'LD]��������������LV�DVWRQLVKLQJ��%\�WKH�HQG�RI�'LD]V�UXOH��IRUHLJQHUV�SUREDEO\�RZQHG�RQH�IRXUWK�RI�WKH�FRXQWU\V�WRWDO�ODQG�DUHD�DQG�DFFRXQWHG�IRU�WZR�WKLUGV�RI�0H[LFRV�WRWDO�LQYHVW��PHQWV�RXWVLGH�DJULFXOWXUH�DQG�KDQGLFUDIWV��:ULJKW�������S������9HUQRQ�������S�������

��� 2XU�GDWD�RQ�8�6��'),�DUH�JHQHUDOO\�PRUH�FRPSUHKHQVLYH�DQG�VSDQ�D�JUHDWHU�SHULRG�RI�WLPH�WKDQ�RXU�GDWD�RQ�QRQ�8�6��'),��ZH�KDYH��WKHUHIRUH��XVHG�8�6��GDWD�LQ�PRVW�RI�RXU�WDEOHV��+RZHYHU��ZH�KDYH�FRQVXOWHG�D�YDULHW\�RI�VRXUFHV�WKDW�FRQWDLQ�GDWD�RQ�ERWK�8�6��DQG�QRQ�8�6��71&V��(&/$�������9DXSHO�DQG�&XUKDQ�������1HZIDUPHU�DQG�0XHOOHU�������)DMQ]\OEHU�DQG�0DUWLQH]�7DUUDJ��������8QLWHG�1DWLRQV��������DQG�ILQG�WKHP�WR�EH�FRQVLVWHQW�ZLWK�WKH�8�6��GDWD��XQOHVV�RWKHUZLVH�QRWHG��

��� )ROORZLQJ�WKH�UHYROXWLRQ��IRUHLJQ�ORDQV�ZHUH�YLUWXDOO\�LPSRVVLEOH�WR�REWDLQ�LQ�0H[LFR�IRU�D�GHFDGH�RU�WZR��VLQFH�WKH�SRVWUHYROXWLRQDU\�DGPLQLVWUDWLRQV�UHIXVHG�WR�DFNQRZ��OHGJH�WKH�H[WHUQDO�GHEWV�RI�WKHLU�SUHGHFHVVRUV��6HUYLFH�SD\PHQWV�RQ�WKH�SXEOLF�GHEW�ZHUH�VXVSHQGHG�IRU�RYHU�ILIWHHQ�\HDUV�XQWLO�DQ�DGMXVWPHQW�RI�0H[LFRV�JHQHUDO�H[WHU��QDO�GHEW�ZDV�QHJRWLDWHG�LQ�������DQG�RI�LWV�UDLOURDG�GHEW�LQ�������:ULJKW�������S�������:LWK�WKHVH�VHWWOHPHQWV��0H[LFRV�H[WHUQDO�FUHGLW�ZDV�UHHVWDEOLVKHG��DQG�WKH�0H[LFDQ�JRYHPPHQW�LQFUHDVLQJO\�VRXJKW�IRUHLJQ�ORDQV�WR�KHOS�ILQDQFH�WKH�FRXQWU\V�HFRQRPLF�H[SDQVLRQ��

��� )RU�LQVWDQFH��IURP������WR�������8�6��LQYHVWPHQW�LQ�SHWUROHXP�MXPSHG�IURP�����PLO��OLRQ�WR������PLOOLRQ��ZKLOH�WKH�RYHUDOO�VWRFN�RI�8�6��'),�LQ�0H[LFR�URVH�YHU\�OLWWOH��IURP������WR������PLOOLRQ��:ULJKW�������SS�����������7KH�IRUHLJQ�RZQHG�RLO�FRPSDQLHV�HVFDSHG�PDMRU�SURSHUW\�GDPDJH�EHFDXVH�RI�WKHLU�ORFDWLRQ�DORQJ�WKH�FRDVWDO�SHULSKHU\�RI�WKH�FRXQWU\�DQG�E\�SD\LQJ�IRU�SURWHFWLRQ��7KHLU�SURGXFWLRQ�H[SDQGHG�VXEVWDQWLDOO\�WKURXJKRXW�WKH�UHYROXWLRQ��%\�������0H[LFR�KDG�EHFRPH�WKH�VHFRQG�ODUJHVW�RLO��SURGXFLQJ�FRXQWU\�LQ�WKH�ZRUOG��LWV�RXWSXW�RI�����PLOOLRQ�EDUUHOV�DPRXQWHG�WR�D�TXDU��WHU�RI�WKH�ZRUOGV�WRWDO��LELG���S�������

���

Page 30: Gereffi & Evans 1981 (9)

71&6�� '(3(1'(17� '(9(/230(17�� $1'� 67$7(� 32/,&<�

���� 7KH�H[LVWHQFH�RI�ORFDOO\�FRQWUROOHG�FDSLWDO�LQ�WKH�SULPDU\�H[SRUW�VHFWRU�JDYH�%UD]LO�DQ�DGYDQWDJH�LQ�WKH�GHYHORSPHQW�RI�KRUL]RQWDO�,6,��/LTXLG�FDSLWDO�IURP�WKH�VDOH�RI�FRIIHH�IRXQG�LWV�ZD\�LQWR�QHZ�LPSRUW�FRPSHWLQJ�LQGXVWULDO�HQWHUSULVHV��*RYHUQPHQW�VXE��VLGLHV�WR�WKH�FRIIHH�VHFWRU�IXUWKHU�DGGHG�WR�LWV�VXSSO\�RI�FDSLWDO��WKXV�LQFUHDVLQJ�WKH�LQ��FHQWLYHV�IRU�FRIIHH�SODQWHUV�WR�LQYHVW�LQ�LQGXVWU\��7KH�UHVXOW�ZDV�WKDW�LQGXVWULDO�SUR��GXFWLRQ�LQ�%UD]LO�IHOO�RII�OHVV�WKDQ����SHUFHQW�LQ�WKH�HDUO\�GHSUHVVLRQ�\HDUV�DQG�E\������KDG�UHJDLQHG�LWV������OHYHOV��VHH�%DHU�������SS����������

���� %HJLQQLQJ�LQ�������'),�EHJDQ�WR�SRXU�LQWR�WKH�%UD]LOLDQ�DQG�0H[LFDQ�HFRQRPLHV�DW�DQ�DOPRVW�XQSUHFHGHQWHG�UDWH��,Q�WKH�VL[�\HDU�SHULRG�PDUNLQJ�WKH�WHQXUH�RI�%UD]LOV�3UHVLGHQW�.XELWVFKHN�����������������PLOOLRQ�LQ�'),�ZHUH�DWWUDFWHG�LQWR�%UD]LO��DQ�DQ��QXDO�DYHUDJH�RI�RYHU������PLOOLRQ��'XULQJ�WKH�VL[�\HDUV�SULRU�WR�������ZKLFK�LQFOXGH�WKH�QDWLRQDOLVW�UHLJQ�RI�*HWXLOLR�9DUJDV��'),�LQ�%UD]LO�DYHUDJHG�OHVV�WKDQ����PLOOLRQ�SHU�\HDU��6LPLODUO\�LQ�0H[LFR��WKH�DYHUDJH�IORZ�RI�'),�IURP������WKURXJK������ZDV������PLOOLRQ��FRPSDUHG�WR�DQ�DQQXDO�IORZ�RI�OHVV�WKDQ�����PLOOLRQ�LQ����������WKH�ILUVW�WKUHH�\HDUV�RI�WKH�5XL]�&RUWLQHV�VH[HQLR���7KH�GDWD�DUH�WDNHQ�IURP�(YDQV�DQG�*HUHIIL�������WDEOH�$�����

���� ,Q�DEVROXWH�WHUPV��WKH�YDOXH�RI�IRUHLJQ�LQYHVWPHQW�DV�D�SURSRUWLRQ�RI�WRWDO�LQYHVWPHQW�LQ�%UD]LO�DQG�0H[LFR�DSSHDUV�UHODWLYHO\�VPDOO��1HW�IRUHLJQ�FDSLWDO�LQIORZV�RI�DOO�W\SHV�LQWR�WKH�WZR�FRXQWULHV�LQ�WKH���������SHULRG�DPRXQWHG�WR�RQO\���WR����SHUFHQW�RI�WRWDO�JURVV�LQYHVWPHQW�LQ�HDFK�HFRQRP\��ZLWK�WKLV�SURSRUWLRQ�EHLQJ�VRPHZKDW�KLJKHU�IRU�WKH�PDQXIDFWXULQJ�VHFWRU�DORQH��/HII�������S������:ULJKW�������SS����������9HUQRQ�������S��������7KH�LPSRUWDQFH�RI�'),�LV�FRQVLGHUDEO\�LQFUHDVHG��KRZHYHU��ZKHQ�RQH�WDNHV�D�PRUH�GLVDJJUHJDWHG�YLHZ�RI�WKHVH�HFRQRPLHV��IRFXVLQJ�RQ�WKHLU�OHDGLQJ�VHF��WRUV�DQG�WKH�ODUJHVW�ILUPV�LQ�WKHVH�VHFWRUV��,Q�%UD]LO��WKH�HVWLPDWHG�VKDUH�RI�WRWDO�JURZWK�SURGXFHG�E\�IRUHLJQ�ILUPV�LQ�WKH���������SHULRG�ZDV����SHUFHQW�LQ�PDQXIDF��WXULQJ�DQG����SHUFHQW�RI�DOO�LQGXVWULDO�JURZWK�GHULYLQJ�IURP�LPSRUW�VXEVWLWXWLRQ��0RUOH\�DQG�6PLWK�������SS�������������)RUHLJQ�ILUPV�DFFRXQWHG�IRU����SHUFHQW�RI�0H[LFRV�RYHUDOO�LQGXVWULDO�SURGXFWLRQ�LQ�������DQG�IRU�PRUH�WKDQ�KDOI�RI�WKH�LQGXV��WULDO�SURGXFWLRQ�LQ�VRPH�RI�WKH�PRUH�PRGHUQ�DQG�VWUDWHJLF�VHFWRUV��VXFK�DV�FKHPLFDOV��HOHFWULFDO�DQG�RWKHU�W\SHV�RI�PDFKLQHU\��DQG�WUDQVSRUWDWLRQ�HTXLSPHQW���$PRQJ�WKH�����ODUJHVW�ILUPV�RSHUDWLQJ�LQ�0H[LFR��71&V�DFFRXQW�IRU����SHUFHQW�RI�WKHLU�LQGXVWULDO�RXWSXW�DQG�IRU�RYHU�WZR�WKLUGV�RI�SURGXFWLRQ�LQ�WKH�PRGHUQ�DQG�VWUDWHJLF�VHFWRUV��)DMQ]\OEHU�DQG�0DUWLQH]�7DUUDJ��������SS�������������

���� ,Q�%UD]LO�WKLV�SKDVH�DFWXDOO\�EHJDQ�D�ELW�HDUOLHU��DURXQG����������� 'DWD�IURP�D�VXUYH\�RI�����RI�WKH�ELJJHVW�8�6��PDQXIDFWXUHUV�ORFDWHG�LQ�%UD]LO�DQG�

0H[LFR��JDWKHUHG�E\�WKH�8�6��6HQDWH�6XEFRPPLWWHH�RQ�0XOWLQDWLRQDO�&RUSRUDWLRQV��LQGLFDWH�WKDW�WKH�RYHUVHDV�RSHUDWLRQV�RI�WKHVH�71&V�ZHUH�YHU\�SURILWDEOH��$IWHU�WD[�HDPLQJV�RI�IRUHLJQ�DIILOLDWHV�DPRXQWHG�WR������SHUFHQW�RI�GLUHFW�LQYHVWPHQWV�LQ�HTXLW\�DQG�ORQJ�WHUP�GHEW�LQ�������DQG�EURDG�HDUQLQJV��DIWHU�WD[�HDUQLQJV�SOXV�UR\DOWLHV��SD\PHQWV�IRU�PDQDJHPHQW�VHUYLFHV��DQG�RWKHU�LQWDQJLEOHV��DPRXQWHG�WR����SHUFHQW��&RQVROLGDWHG�QHW��DIWHU�WD[��HDUQLQJV�RI�WKHVH�71&V�IRU�WKHLU�GRPHVWLF�DQG�IRUHLJQ�RSHUDWLRQV�WRJHWKHU�ZHUH�RQO\������SHUFHQW��1HZIDUPHU�DQG�0XHOOHU�������S�������

���� ,Q�0H[LFR�WKLV�WHQGHQF\�KDV�EHHQ�IXUWKHU�VWLPXODWHG�E\�WKH��ERUGHU�LQGXVWU\��SUR��JUDP�ZKLFK�DVVHPEOHV�FRPSRQHQW�SDUWV�IURP�WKH�8�6��IRU�UHH[SRUW�XVLQJ�ORZHU�FRVW�0H[LFDQ�ODERU��

���� :KLOH�ZH�KDYH�QR�FRPSDUDEOH�GDWD�RQ�WKH�HYROXWLRQ�RI�DFTXLVLWLRQV�E\�QRQ�8�6��71&V��LW�DSSHDUV�IURP�RYHUDOO�GDWD��9DXSHO�DQG�&XUKDQ�������SS������������WKDW�QRQ�8�6��71&V�DUH��LQ�WKH�DJJUHJDWH��DV�SURQH�WR�HQWU\�E\�DFTXLVLWLRQ�DV�DUH�8�6��71&V��

���� (YLGHQFH�SUHVHQWHG�E\�1HZIDUPHU�DQG�0XHOOHU��������S������VXJJHVWV�WKDW�WKHUH�ZDV�LQGHHG�D�VKDUS�GURS�LQ�WKH�QXPEHU�RI�71&�DFTXLVLWLRQV�DV�D�UHVXOW�RI�WKH������ODZ��

���� 7KLV�FRQFOXVLRQ�LV�UHLQIRUFHG�E\�D�ORRN�DW�WKH�UHODWLYH�VL]H�RI�QRQ�8�6��71&V�LQ�%UD]LO�DQG�0H[LFR��1RQ�8�6��71&�VXEVLGLDULHV�LQ�%UD]LO�DUH�VXEVWDQWLDOO\�ODUJHU�PRUH�WKDQ�GRXEOH�WKH�VL]H�LQ�VDOHV��RQ�WKH�DYHUDJH�WKDQ�QRQ�8��6��71&�VXEVLGLDULHV�LQ�0H[LFR��7KLV�GLIIHUHQWLDO�LV�IDU�JUHDWHU�WKDQ�IRU�8�6��71&V�ZKRVH�VXEVLGLDULHV�LQ�%UD]LO�DUH�RQO\�RQH�WKLUG�ODUJHU�WKDQ�WKRVH�LQ�0H[LFR��)DMQ]\OEHU�DQG�0DUWLQH]�7DUUDJ��������S��������,I�WKLV�GLIIHUHQFH�LQ�VXEVLGLDU\�VFDOH�LV�UHIOHFWHG�LQ�WKH�VFDOH�RI�DFTXLVLWLRQV�LQ�WKH�WZR�FRXQWULHV��ZH�ZRXOG�H[SHFW�QRQ�8�6��71&�DFTXLVLWLRQV�WR�EH�FRQFHQWUDWHG�HYHQ�

���

Page 31: Gereffi & Evans 1981 (9)

/DWLQ�$PHULFDQ�5HVHDUFK�5HYLHZ�

PRUH�KHDYLO\�RQ�ODUJH�ILUPV�LQ�%UD]LO�WKDQ�DUH�WKH�8�6��71&�DFTXLVLWLRQV�VKRZQ�LQ�WDEOH����

���� ,Q�DGGLWLRQ�WR�FRQFHP�RYHU�RZQHUVKLS�SROLFLHV��71&V�IRXQG�(FKHYHUULD�LQVXIILFLHQWO\�WRXJK�RQ�ODERU��%XVLQHVV�/DWLQ�$PHULFD�FRPSODLQHG�WKDW��/DERU�LV�RQH�DUHD�ZKHUH�FRPSDQLHV�DUH�ILJKWLQJ�D�ORVLQJ�EDWWOH�WR�NHHS�FRVWV�GRZQ���7D[DWLRQ�SROLFLHV�ZHUH�DOVR�FRQVLGHUHG�QHJDWLYH��,Q�KLV�ILUVW�\HDU�LQ�RIILFH�(FKHYHUULD�KLW�WKH�FRPSDQLHV�ZLWK�UHGXFHG�GHSUHFLDWLRQ�DOORZDQFHV��D�QHZ�OLPLW�RQ�WKHLU�DELOLW\�WR�GHGXFW�DGYHUWLVLQJ�H[SHQVHV��KLJKHU�WD[HV�RQ�WHFKQLFDO�IHHV��DQG�DQ�LQFUHDVH�LQ�WKH�JURVV�PHUFDQWLOH�UH��YHQXH�WD[��%/$�������S�������:KLOH�WD[HV�DPRXQWHG�WR����SHUFHQW�RI�SUH�WD[�HDUQLQJV�LQ�0H[LFR�LQ�������WKH\�DPRXQWHG�WR�RQO\����SHUFHQW�LQ�%UD]LO��1HZIDUPHU�DQG�0XHO��OHU���������

���� $FFRUGLQJ�WR�&$&(;��WKH�IRUHLJQ�WUDGH�GHSDUWPHQW�RI�WKH�%DQN�RI�%UD]LO��DGGLQJ�WR��JHWKHU�WKH�GHILFLWV�RI�RQO\����71&�VXEVLGLDULHV�LQ������ZDV�VXIILFLHQW�WR�SURGXFH�D�WUDGH�JDS�RI������PLOOLRQ��URXJKO\�IRXU�WLPHV�ODUJHU�WKDQ�WKH�JDS�FDOFXODWHG�E\�WKH�8�6��%XUHDX�RI�(FRQRPLF�$QDO\VLV�IRU�DOO�8�6��71&V�LQ�������

%,%/,2*5$3+<�

%$(5��:(51(5������ ,QGXVWULDOL]DWLRQ�DQG�(FRQRPLF�'HYHORSPHQW�LQ�%UD]LO��+RPHZRRG�� ,OO���

5LFKDUG�'��,UZLQ��%$,5'�� 3(7(5�� $1'� 0F&$8*+$1�� ('�������%H\RQG�WKH�%RUGHU��0H[LFR�DQG�WKH�8��6��7RGD\��1HZ�<RUN��1RUWK�$PHULFDQ�

&RQJUHVV�RQ�/DWLQ�$PHULFD��%$./$12))�� (5,&�1������� �)RUHLJQ�3ULYDWH�,QYHVWPHQW�DQG�,QGXVWULDOL]DWLRQ�LQ�%UD]LO���,Q�1HZ�

3HUVSHFWLYHV�RQ�%UD]LO��HGLWHG�E\�(ULF�1��%DNODQRII��SS����������1DVKYLOOH��7HQQ���9DQGHUELOW�8QLYHUVLW\�3UHVV��

����� �([WHUQDO�)DFWRUV�LQ�WKH�(FRQRPLF�'HYHORSPHQW�RI�%UD]LOV�+HDUWODQG��7KH�&HQWHU�6RXWK��������������,Q�7KH�6KDSLQJ�RI�0RGHUQ�%UD]LO��HGLWHG�E\�(ULF�1��%DNODQRII��SS���������%DWRQ�5RXJH��/RXLVLDQD�6WDWH�8QLYHU��VLW\�3UHVV��

����� �%UD]LOLDQ�'HYHORSPHQW�DQG�WKH�,QWHUQDWLRQDO�(FRQRP\���,Q�0RGHUQ�%UD]LO��1HZ�3DWWHUQV�DQG�'HYHORSPHQW��HGLWHG�E\�-RKQ�6DXQGHUV��SS�����������*DLQHVYLOOH��8QLYHUVLW\�RI�)ORULGD�3UHVV��

%$5$1�� 3$8/������ 7KH�3ROLWLFDO�(FRQRP\�RI�*URZWK��1HZ�<RUN��0RQWKO\�5HYLHZ�3UHVV��

%(11(77�� '28*/$6�� %/$&+0$1�� 0255,6� -���$1'� 6+$53(�� .(11(7+������ �0H[LFR�DQG�0XOWLQDWLRQDO�&RUSRUDWLRQV��$Q�([SODQDWLRQ�RI�6WDWH�$F��

WLRQ���,Q�/DWLQ�$PHULFD�DQG�WKH�:RUOG�(FRQRP\��$�&KDQJLQJ�,QWHUQDWLRQDO�2UGHU��HGLWHG�E\�-RVHSK�*UXQZDOG��SS����������%HYHUO\�+LOOV��&DOLI���6DJH�3XEOLFDWLRQV��

%(11(77�� '28*/$6�� $1'� 6+$53(�� .(11(7+������ �&RQWUROOLQJ�WKH�0,XOWLQDWLRQDOV��7KH�,OO�/RJLF�RI�0H[LFDQL]DWLRQ���8Q��

SXEOLVKHG�PDQXVFULSW��%(5*60$1�� -2(/������ %UD]LO��,QGXVWULDOL]DWLRQ�DQG�7UDGH�3ROLFLHV��1HZ�<RUN��2[IRUG�8QLYHUVLW\�

3UHVV��%XVLQHVV�/DWLQ�$PHULFD��%/$��

9DULRXV�LVVXHV��&$5'262�� )(51$1'2� +(15,48(�� $1'� )$/(772�� (1=2������ 'HSHQGHQF\�DQG�'HYHORSPHQW�LQ�/DWLQ�$PHULFD��%HUNHOH\��8QLYHUVLW\�RI�

&DOLIRUQLD�3UHVV��

���

Page 32: Gereffi & Evans 1981 (9)

71&6�� '(3(1'(17� '(9(/230(17�� $1'� 67$7(� 32/,&<�

&+,527�� '$1,(/������ 6RFLDO�&KDQJH�LQ�WKH�7ZHQWLHWK�&HQWXU\��1HZ� <RUN��+DUFRXUW��%UDFH��

-RYDQRYLFK��&,17$�� 5,&$5'2������ �%XUJXHVLD�QDFLRQDO�\�GHVDUUROOR���,Q�(O�SHUILO�GH�0H[LFR�HQ�������YRO�����

HGLWHG�E\�,QVWLWXWR�GH�,QYHVWLJDFLRQHV�6RFLDOHV��8QLYHUVLGDG�1DFLRQDO�$XW�QRPD�GH�0H[LFR��0H[LFR��'�)��� 6LJOR�;;,��

&21125�� -2+1�0��� $1'�08(//(5�� :,//$5'� )������� 0DUNHW�3RZHU�DQG�3URILWDELOLW\�RI�0XOWLQDWLRQDO�&RUSRUDWLRQV�LQ�%UD]LO�DQG�

0H[LFR��5HSRUW�WR�WKH�8�6�� 6HQDWH��&RPPLWWHH�RQ�)RUHLJQ�5HODWLRQV��6XEFRPPLWWHH�RQ�)RUHLJQ�(FRQRPLF�3ROLF\��:DVKLQJWRQ��'�&��� *RY��HUQPHQW�3ULQWLQJ�2IILFH��

'($1�� :$55(1������ 7KH�,QGXVWULDOL]DWLRQ�RI�6DR�3DXOR�������������$XVWLQ��8QLYHUVLW\�RI�7H[DV�

3UHVV��'20,1*8(=�� -25*(�,������� �1DWLRQDO�DQG�0XOWLQDWLRQDO�%XVLQHVV�DQG�WKH�6WDWH�LQ�/DWLQ�$PHULFD���

8QSXEOLVKHG�PV��(&.67(,1�� 686$1�� $1'� (9$16�� 3(7(5������ �7KH�5HYROXWLRQ�DV�&DWDFO\VP�DQG�&RXS��3ROLWLFDO�7UDQVIRUPDWLRQ�DQG�

(FRQRPLF�'HYHORSPHQW�LQ�%UD]LO�DQG�0H[LFR���,Q�&RPSDUDWLYH�6WXGLHV�LQ�6RFLRORJ\����HGLWHG�E\�5��7RPDVVRQ��SS����������*UHHQZLFK��&RQQ���-$,�3UHVV��

(&/$� �(&2120,&� &200,66,21� )25�/$7,1� $0(5,&$������� ([WHUQDO�)LQDQFLQJ�LQ�/DWLQ�$PHULFD��1HZ�<RUN��8QLWHG�1DWLRQV��

(9$16�� 3(7(5������ �&RQWLQXLWLHV�DQG�&RQWUDGLFWLRQV�LQ�WKH�(YROXWLRQ�RI�%UD]LOLDQ�'HSHQ��

GHQFH���/DWLQ�$PHULFDQ�3HUVSHFWLYHV����QR�����6SULQJ�������������D�'HSHQGHQW�'HYHORSPHQW��7KH�$OOLDQFH�RI�0XOWLQDWLRQDO��6WDWH��DQG�/RFDO�&DS��

LWDO�LQ�%UD]LO��3ULQFHWRQ��1�-���3ULQFHWRQ�8QLYHUVLW\�3UHVV������E��6KRHV��23,&�� DQG�WKH�8QTXHVWLRQLQJ�3HUVXDVLRQ��0XOWLQDWLRQDO�&RU��

SRUDWLRQV�DQG�8�6��%UD]LOLDQ�5HODWLRQV���,Q�&DSLWDOLVP�DQG�WKH�6WDWH�LQ�8�6��/DWLQ�$PHULFDQ�5HODWLRQV���HGLWHG�E\�5LFKDUG�5��)DJHQ��SS����������6WDQIRUG��&DOLI���6WDQIRUG�8QLYHUVLW\�3UHVV��

(9$16�� 3(7(5�� $1'� *(5()),��*$5<������ �,QYHUVL�Q�H[WUDQMHUD�\�GHVDUUROOR�GHSHQGLHQWH��XQD�FRPSDULFLRQ�HQWUH�

%UDVLO�\�0H[LFR���5HYLVWD�0H[LFDQD�GH�6RFLRORJLD�����QWLP�����HQHUR��PDU]R���������6HH�DOVR�(YDQV�DQG�*HUHIIL��������

����� �)RUHLJQ�,QYHVWPHQW�DQG�'HSHQGHQW�'HYHORSPHQW��&RPSDULQJ�%UD]LO�DQG�0H[LFR���,Q�%UD]LO�DQG�0H[LFR��3DWWHUQV�LQ�/DWH�'HYHORSPHQW��HGLWHG�E\�6\OYLD�$QQ�+HZOHWW�DQG�5LFKDUG�6��:HLQHUW��3KLODGHOSKLD��3HQQ���,QVWL��WXWH�IRU�WKH�6WXG\�RI�+XPDQ�,VVXHV��$OO�WKH�WDEOHV�LQ�WKLV�DUWLFOH�DUH�DOVR�FRQWDLQHG�LQ�(YDQV�DQG�*HUHIIL�������

)$-1=</%(5��)(51$1'2�� $1'� 0$57,1(=� 7$55$*��� 75,1,'$'������ /DV�HPSUHVDV�WUDQVQDFLRQDOHV��H[SDQVL�Q�D�QLYHO�PXQGLDO�\�SUR\HFFL�Q�HQ�OD�LQ��

GXVWULD�PH[LFDQD��0H[LFR��'�)���)RQGR�GH�&XOWXUD�(FRQ�PLFD��)5$1.��$1'5(� *81'(5������ &DSLWDOLVP�DQG�8QGHUGHYHORSPHQW�LQ�/DWLQ�$PHULFD��+LVWRULFDO�6WXGLHV�RI�

&KLOH�DQG�%UD]LO��1HZ�<RUN��0RQWKO\�5HYLHZ�3UHVV��)5(1.(/�� 52%(572�� $1'� 2'211(//�� *8,//(502������ �7KH�6WDELOL]DWLRQ�3URJUDPV�RI�WKH�,QWHUQDWLRQDO�0RQHWDU\�)XQG�DQG�

7KHLU�,QWHUQDO�,PSDFWV���,Q�&DSLWDOLVP�DQG�WKH�6WDWH�LQ�8�6��/DWLQ�$PHULFDQ�

���

Page 33: Gereffi & Evans 1981 (9)

/DWLQ�$PHULFDQ�5HVHDUFK�5HYLHZ�

5HODWLRQV��HGLWHG�E\�5LFKDUG�5��)DJHQ��SS�� ���������6WDQIRUG��&DOLI���6WDQIRUG�8QLYHUVLW\�3UHVV��

*(5()),��*$5<������ �'UXJ�)LUPV�DQG�'HSHQGHQF\�LQ�0H[LFR��7KH�&DVH�RI�WKH�6WHURLG�+RU��

PRQH�,QGXVWU\���,QWHUQDWLRQDO�2UJDQL]DWLRQ�����QR�����:LQWHU��������������� �:RQGHU�'UXJV�DQG�7UDQVQDWLRQDO�&RUSRUDWLRQV�LQ�0H[LFR��$Q�(ODE��

RUDWLRQ�DQG�D�/LPLWLQJ�&DVH�7HVW�RI�'HSHQGHQF\�7KHRU\���3K�'��GLVVHU��WDWLRQ��<DOH�8QLYHUVLW\��

*5$+$0�� 5,&+$5'������ %ULWDLQ�DQG�0RGHUQL]DWLRQ�LQ�%UD]LO�������������&DPEULGJH��&DPEULGJH�

8QLYHUVLW\�3UHVV��+$16(1�� 52*(5�'������� 7KH�3ROLWLFV�RI�0H[LFDQ�'HYHORSPHQW��%DOWLPRUH��0G���-RKQV�+RSNLQV�8QL��

YHUVLW\�3UHVV��,17(5�$0(5,&$1� '(9(/230(17� %$1.������ $QQXDO�5HSRUW��������:DVKLQJWRQ��'�&��� ,QWHU�$PHULFDQ�'HYHORSPHQW�

%DQN��-(1.,16��5+<6�2:(1������ 'HSHQGHQW�,QGXVWULDOL]DWLRQ�LQ�/DWLQ�$PHULFD��7KH�$XWRPRWLYH�,QGXVWU\�LQ�

$UJHQWLQD��&KLOH�DQG�0H[LFR��1HZ�<RUN��3UDHJHU�3XEOLVKHUV��,QF��.$8)0$1�� 52%(57�5������� �0H[LFR�DQG�/DWLQ�$PHULFDQ�$XWKRULWDULDQLVP���,Q�$XWKRULWDULDQLVP�LQ�

0H[LFR��HGLWHG�E\�-RV��/XLV�5H\QD�DQG�5LFKDUG�6��:HLQHUW��SS�����������3KLODGHOSKLD��3D���,QVWLWXWH�IRU�WKH�6WXG\�RI�+XPDQ�,VVXHV��

����� �,QGXVWULDO�&KDQJH�DQG�$XWKRULWDULDQ�5XOH�LQ�/DWLQ�$PHULFD��$�&RQ��FUHWH�5HYLHZ�RI�WKH�%XUHDXFUDWLF�$XWKRULWDULDQ�0RGHO��� ,Q�7KH�1HZ�$XWKRULWDULDQLVP�LQ�/DWLQ�$PHULFD��HGLWHG�E\�'DYLG�&ROOLHU��SS�����������3ULQFHWRQ��1�-���3ULQFHWRQ�8QLYHUVLW\�3UHVV��

/DWLQ�$PHULFD�(FRQRPLF�5HSRUW��/$(5��9DULRXV�LVVXHV��

/DWLQ�$PHULFD�:HHNO\�5HSRUW��/$:5��9DULRXV�LVVXHV��

/())��1$7+$1,(/� +������� (FRQRPLF�3ROLF\�0DNLQJ�DQG�'HYHORSPHQW�LQ�%UD]LO�������������1HZ�<RUN��

-RKQ�:LOH\�DQG�6RQV��,QF��/(:,6�� &/(21$������ $PHULFDV�6WDNH�LQ�,QWHUQDWLRQDO�,QYHVWPHQWV��:DVKLQJWRQ��'�&��� 7KH�

%URRNLQJV�,QVWLWXWLRQ��0$/$1�� 3('52� 6��� $1'� %21(//,�� 5(*,6������ �7KH� %UD]LOLDQ�(FRQRP\�LQ�WKH�6HYHQWLHV��2OG� DQG�1HZ� 'HYHORS��

PHQWV���:RUOG�'HYHORSPHQW����QRV�������-DQ��)HE����������025/(<�� 6$08(/� $��� $1'� 60,7+�� *25'21� :������� �,PSRUW�6XEVWLWXWLRQ�DQG�)RUHLJQ�,QYHVWPHQW�LQ�%UD]LO���2[IRUG�(FR��

QRPLF�3DSHUV�����QR�����0DU�����������08//(5�� 521$/'� (��� $1'� 0225(�� '$9,'� +������� �%UD]LOLDQ�%DUJDLQLQJ�3RZHU�6XFFHVV�LQ�%HILH[�([SRUW�3URPRWLRQ�3UR��

JUDP�ZLWK�WKH�7UDQVQDWLRQDO�$XWRPRWLYH�,QGXVWU\���3DSHU�SUHSDUHG�IRU�WKH�8QLWHG�1DWLRQV�&HQWHU�RQ�7UDQVQDWLRQDO�&RUSRUDWLRQV��

1(:)$50(5�� 5,&+$5'� 6��� $1'�08(//(5�� :,//$5'������ 0XOWLQDWLRQDO�&RUSRUDWLRQV�LQ�%UD]LO�DQG�0H[LFR��6WUXFWXUDO�6RXUFHV�RI�(FR��

QRPLF�DQG�1RQHFRQRPLF�3RZHU��5HSRUW�WR�WKH�8�6�� 6HQDWH��&RPPLWWHH�RQ�)RUHLJQ�5HODWLRQV��6XEFRPPLWWHH�RQ�0XOWLQDWLRQDO�&RUSRUDWLRQV��:DVKLQJWRQ��'�&��� *RYHUQPHQW�3ULQWLQJ�2IILFH��

���

Page 34: Gereffi & Evans 1981 (9)

71&6�� '(3(1'(17� '(9(/230(17�� $1'� 67$7(� 32/,&<�

1HZVZHHN������ �$�1HZ�/'&�'HEW�&UXQFK������0D\��SS���������

2�'211(//�� *8,//(502� $������� �5HIOHFWLRQV�RQ�WKH�3DWWHUQV�RI�&KDQJH�LQ�WKH�%XUHDXFUDWLF�$XWKRULWDULDQ�

6WDWH���/$55�����QR�����SS��������5(<12/'6�� &/$5.�:������� �:K\�0H[LFRV�6WDELOL]LQJ�'HYHORSPHQW�:DV�$FWXDOO\�'HVWDELOL]LQJ�

�ZLWK�6RPH�,PSOLFDWLRQV�IRU�WKH�)XWXUH����:RUOG�'HYHORSPHQW����-XO���$XJ�������������

5,33<��-��)5('������ %ULWLVK�,QYHVWPHQWV�LQ�/DWLQ�$PHULFD�������������0LQQHDSROLV��8QLYHUVLW\�

RI�0LQQHVRWD�3UHVV��6(55$��-26(������ �7KUHH�0LVWDNHQ�7KHVHV�5HJDUGLQJ�WKH�&RQQHFWLRQ�EHWZHHQ�,QGXV��

WULDOL]DWLRQ�DQG�$XWKRULWDULDQ�5HJLPHV���,Q�7KH�1HZ�$XWKRULWDULDQLVP�LQ�/DWLQ�$PHULFD��HGLWHG�E\�'DYLG� &ROOLHU��SS�� ��������3ULQFHWRQ��1�-���3ULQFHWRQ�8QLYHUVLW\�3UHVV��

6,1*(5�� 3$8/2������ �2�%UDVLO�QR�&RQWH[WR�GR�&DSLWDOLVPR�0XQGLDO��������������,Q�%UDVLO�

5HSXEOLFDQR��(VWUXWXUD�GH�3RGHU�H�(FRQRPLD��HGLWHG�E\�%RULV�)DXVWR��+LV��WRULD�*HUDO�GD�&LYLOL]D6DR�%UDVLOHLUD��WRPR����YRO�����6DLR�3DXOR��'LIXVDR�(XURSHLD�GR�/LYUR��

67$//,1*6�� %$5%$5$������ �3HUX�DQG�WKH�8�6�� %DQNV��3ULYDWL]DWLRQ�RI�)LQDQFLDO�5HODWLRQV���,Q�

&DSLWDOLVP�DQG�WKH�6WDWH�LQ�8�6��/DWLQ�$PHULFDQ�5HODWLRQV��HGLWHG�E\�5LFKDUG�5��)DJHQ��SS�� �������� 6WDQIRUG��&DO��� 6WDQIRUG�8QLYHUVLW\�3UHVV��

81,7('� 67$7(6�� '(3$570(17� 2)�&200(5&(��������8�6�� 'LUHFW�,QYHVWPHQW�$EURDG��6DOHV�RI�8�6�� $IILOLDWHV���,Q�6XUYH\�RI������ &XUUHQW�%XVLQHVV��

81,7('� 67$7(6� 7$5,))�&200,66,21������ ,PSOLFDWLRQV�RI�0XOWLQDWLRQDO�)LUPV�IRU�:RUOG�7UDGH�DQG�,QYHVWPHQW�DQG�IRU�

8�6�� 7UDGH�DQG�/DERU��5HSRUW�WR�8�6�� 6HQDWH��&RPPLWWHH�RQ�)LQDQFH��:DVKLQJWRQ��'�&��� *RYHUQPHQW�3ULQWLQJ�2IILFH��

9$83(/�� -$0(6�:���$1'� &85+$1�� -2$1�3������� 7KH�:RUOGV�0XOWLQDWLRQDO�(QWHUSULVHV��%RVWRQ��0DVV���+DUYDUG�8QLYHUVLW\��

*UDGXDWH�6FKRRO�RI�%XVLQHVV�$GPLQLVWUDWLRQ��'LYLVLRQ�RI�5HVHDUFK��9(5121�� 5$<021'������ 7KH�'LOHPPD�RI�0H[LFRV�'HYHORSPHQW��&DPEULGJH��0DVV���+DUYDUG�8QL��

YHUVLW\�3UHVV��:$//(567(,1�� ,00$18(/�����D��'HSHQGHQFH� LQ�DQ�,QWHUGHSHQGHQW�:RUOG��7KH�/LPLWHG�3RVVLELOLWLHV�RI�

7UDQVIRUPDWLRQ�ZLWKLQ�WKH�&DSLWDOLVW�:RUOG�(FRQRP\���$IULFDQ�6WXGLHV�5HYLHZ�����QR�����$SU���������

����E�7KH�0RGHUQ�:RUOG�6\VWHP��&DSLWDOLVW�$JULFXOWXUH�DQG�WKH�2ULJLQV�RI�WKH�(XUR��SHDQ�:RUOG�(FRQRP\�LQ�WKH�6L[WHHQWK�&HQWXU\��1HZ�<RUN��$FDGHPLF�3UHVV��

����� �6HPL�3HULSKHUDO�&RXQWULHV�DQG� WKH�&RQWHPSRUDU\�:RUOG�&ULVLV���7KHRU\�DQG�6RFLHW\����QR�����SS����������

:(,1(57�� 5,&+$5'� 6������� �7KH�6WDWH�DQG�)RUHLJQ�&DSLWDO���,Q�$XWKRULWDULDQLVP�LQ�0H[LFR��HGLWHG�

E\�-RVH�/XLV�5H\QD�DQG�5LFKDUG�6��:HLQHUW��SS����������3KLODGHOSKLD��3D���,QVWLWXWH�IRU�WKH�6WXG\�RI�+XPDQ�,VVXHV��

���

Page 35: Gereffi & Evans 1981 (9)

/DWLQ�$PHULFDQ�5HVHDUFK�5HYLHZ�

:,/.,16�� 0,5$������ 7KH�(PHUJHQFH�RI�0XOWLQDWLRQDO�(QWHUSULVH��$PHULFDQ�%XVLQHVV�$EURDG�IURP�

WKH�&RORQLDO�(UD�WR�������&DPEULGJH��0DVV���+DUYDUG�8QLYHUVLW\�3UHVV��:,21&=(.�� 0,*8(/� 6������� (O�QDFLRQDOLVPR�PH[LFDQR�\�OD�LQYHUVLRQ�H[WUDQMHUD��0H[LFR��'�)���6LJOR�;;,��

:5,*+7��+$55<�.������� )RUHLJQ�(QWHUSULVH�LQ�0H[LFR��/DZV�DQG�3ROLFLHV��&KDSHO�+LOO��8QLYHUVLW\�RI�

1RUWK�&DUROLQD�3UHVV��

���