Government Antitrust Actions and Remedies Involving Foreign Commerce: Procedural and Substantive Limitations

In recent years, application of American antitrust laws to activities in foreign commerce has been a source of controversy. In this article, Mr. Holmes addresses criticisms directed at the application of the antirtust laws to commercial activities abroad, and argues that these criticisms, while not without some merit, often fail to recognize the procedural and substantive limitations which have recently been imposed upon government agencies. Mr. Holmes discusses these limitations at length

The dynamics of experiential learning: Microprocesses and adaptation in a professional service INV

In international new ventures (INVs), experiential learning happens in quick succession and across a wide number of diverse contexts. Yet, we lack an empirical understanding of the microprocesses through which INVs learn and adapt in their foreign expansion. Understanding those microprocesses is important because timely adaptation can save the venture time and resources, thus promoting sustainable growth. In this study, we investigate the dynamics of experiential learning and adaptation in the internationalisation process of an INV in the professional service sector. Findings from our study illustrate that the firm applies deliberate experiential learning by developing, revising, and finalising criteria for important dimensions in the international growth process, and adapts its internationalisation practices accordingly. We further show that deliberate experiential learning is predicated on an actively and closely monitored learning process, involving critical evaluation, adjustment of criteria, and acceptance of affordable mistakes, as opposed to learning by defaul

Regulating Strategic Sovereign Wealth

In an era of ascendant globalization, sovereign wealth funds were used by governments around the world – and, in particular, by governments with massive natural resource wealth or balance-of-trade surpluses – to invest widely in foreign markets. Sovereign wealth funds were products of the international economic order then in existence, adapted to a political and economic environment in which borders could be easily crossed and foreign assets seemed abundant and easily acquired. After the Financial Crisis, and with the increasing nationalization seen in the 2010s, this environment began to change. Both domestic and international forces spurred the development of new, “strategic” sovereign funds. No longer operating primarily in international markets, nor tightly linked to the international economic order, these sovereign funds are developments of a more desperate age. Rather than focusing on outward investment, these sovereign funds turn inward, focusing instead on domestic concerns and prioritizing domestic political legitimacy. While these strategic funds are designed to thrive in more nationalized economic and political environments, the legal regimes of the sovereign funds’ home jurisdictions must also adapt to the domestic turn in sovereign funds. This Article analyzes recent legal adaptations that attempt to manage a more mercantilist and nationalistic orientation from sovereign funds, and it outlines a framework for the legal innovations necessary to regulate and govern the funds within their home jurisdictions and minimize the risk of negative spillovers in other jurisdictions

The role of the state in Kenya's post-war industrialisation

This paper is concerned to evaluate the nature of industrial growth in Kenya in the context of worldwide concentration of capital after the Second World War. There is a focus on the role of the metropolitan state in the promotion of colonial 'development. This change of emphasis in raising productivity in the industrial as well as agricultural spheres in British colonial territories after the war was, in part, a consequence of Britain's radically altered world position. The result of this change in metropolitan policy was the provision of large grants for the colonial territories on a scale unprecedented before 1939, which were to be utilised in providing infrastructure and facilities to encourage the flow of private capital. In this process, the role of finance capital is enhanced to provide favourable conditions for the ultimate intervention of foreign industrial capital. The case studies examine in detail the activist role of the post-war colonial state in supporting the participation of industrial capital in colonial enterprises. Due to the length of this paper I have decided to discuss one case study only in order to have a focal point for the seminar. This will involve an analysis of the role of the state, in building up Kenya's pineapple industry, see.pp 66—78 of the above paper

Opportunities and Challenges of the Ugandan Business Environment

This book contains findings of eight of the several research projects sponsored by the Investment Climate and Business Environment (ICBE) Research Fund in Uganda. It's an effort to provide evidence to inform policy that improves the business environment in Uganda. The findings coincide with the efforts of the government to implement policies and programs targeting private sector development, solving daunting problems of unemployment, economic growth and development. The studies have been carried out by Ugandans and address issues pertinent to the Ugandan economy, but also to other developing countries

Taxation as a driver for Portuguese foreign direct investment in Netherlands: myth or reality?

Together with the increased internationalization of the companies, as an answer to the challenges of globalization, emerged the interaction between different tax systems. In this context, MNCs exploited gaps and differences between tax systems in order to reduce the tax burden. As a result, the taxation became an area of attention and highly considered as a key factor in the decision of internationalization. The present study aims to identify the countries where the Portuguese companies normally invest, and how taxation influence that decision of investment. With this objective, a comparative analysis between the Portuguese tax system and the tax system of the country where the Portuguese companies more invest in was made. It was also made a financial analysis to a set of Portuguese companies with presence in that country, in order to analyse the nature of its activities, the functions performed, the assets owned and the risks assumed by those companies. The results allowed to identify the existence of differences in Portuguese taxation regime and the Dutch tax regime, namely regarding the business profits, capital gains, dividends and interests/loans. Finally, it was possible to conclude that the tax regime assumes a great importance for the investment decision. However, it was possible to conclude that the investment of the companies analysed does not correspond to genuine FDI, but to the creation of SPEs, which in turn were platforms for the investment and internalisation of the group, allowing the group benefit from the advantages of the Dutch tax regime.A par da crescente internacionalização das empresas como resposta aos desafios da globalização emergiu também a interação entre os diversos sistemas fiscais. Neste sentido as multinacionais tem explorado as diferenças existentes entre estes com o objetivo de diminuir o montante de impostos a pagar. O presente estudo visa identificar os países mais representativos do investimento português no estrangeiro e o modo como a fiscalidade pode influenciar a decisão de investimento para os mesmos. Assim, realizou-se uma análise comparativa entre o sistema fiscal português e o sistema fiscal do país mais representativo do investimento português no estrangeiro. Adicionalmente realizou-se uma análise económica a um conjunto de empresas portuguesas com presença neste país de modo a identificar as funções desempenhadas, os riscos assumidos e os ativos empregues na sua atividade. Os resultados permitiram identificar diferenças entre os dois sistemas fiscais, nomeadamente no que respeita à tributação de dividendos, juros e mais-valias. Por último foi possível concluir que a fiscalidade assume um papel de relevo na decisão de investimento e que o investimento realizado pelas empresas em análise não corresponde a um genuíno investimento na Holanda mas à criação de SPEs, utilizadas pelos Grupos como plataformas para potenciar o seu investimento no estrangeiro, beneficiando das vantagens do sistema fiscal holandês