The American Model of the Multinational Firm and the “New” Multinationals from Emerging Economies1
Mauro F. Guillén
The Lauder Institute, The Wharton School
Universidad de Oviedo
The traditional American model of multinational enterprise (MNE), characterized by foreign direct investment (FDI) aimed at exploiting firm-specific capabilities developed at home and a gradual, country-by-country, approach of internationalization dominated the global economy during much of the post World War II period. In the last two decades, however, new MNEs from emerging, upper middle-income, or oil-rich countries have followed completely different patterns of international expansion. In this paper we analyze the processes through which these firms became MNEs and to what extent do we need a new theory to explain their international growth.
1 Financial support provided by the Fundación Rafael del Pino is gratefully acknowledged.