Relations between transnational corporations and Governments of host countries: a look to the future

Abstract

Market-oriented policies and privatizations are sweeping the developing world, but those developments should be judged in historical perspective. In particular, the causes for the earlier era of confrontation between TNCs and the Governments of host countries should be clearly understood and used to judge the desirability of recent events and policy options. The contrasting cases of Mexico and Argentina under Presidents Salinas and Menem, respectively, are studied in this respect. This article concludes that political reactions against external dependency explain the wave of expropriations during the 1970s, and that policies in the 1990s that allow foreign firms to regain control over politically sensitive and strategic sectors of developing countries run the risk of debt fatigue, causing a return to more radical foreign-direct-investment policies in the future.

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