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基本説明
The author explores how eleven postsocialist countries address the very idea of FDI as an integral part of their market transition. The book reveals how social forces not only constrain economic transformations but also make them possible.
Full Description
From Communists to Foreign Capitalists explores the intersections of two momentous changes in the late twentieth century: the fall of Communism and the rise of globalization. Delving into the economic change that accompanied these shifts in central and Eastern Europe, Nina Bandelj presents a pioneering sociological treatment of the process of foreign direct investment (FDI). She demonstrates how both investors and hosts rely on social networks, institutions, politics, and cultural understandings to make decisions about investment, employing practical rather than rational economic strategies to deal with the true uncertainty that plagues the postsocialist environment. The book explores how eleven postsocialist countries address the very idea of FDI as an integral part of their market transition. The inflows of foreign capital after the collapse of Communism resulted not from the withdrawal of states from the economy, as is commonly expected, but rather from the active involvement of postsocialist states in institutionalizing and legitimizing FDI.
Using a wide array of data sources, and combining a macro-level account of national variation in the liberalization to foreign capital with a micro-level account of FDI transactions in the decade following the collapse of Communism in 1989, the book reveals how social forces not only constrain economic transformations but also make them possible. From Communists to Foreign Capitalists is a welcome addition to the growing literature on the social processes that shape economic life.
Contents
List of Tables ix List of Figures xi Acknowledgments xiii Prologue xvii CHAPTER 1: Social Foundations of the Economy 1 The Argument 2 A Social-Constructivist Perspective on Economic Organization and Action 8 The Empirical Case: Foreign Direct Investment in Postsocialist Europe 16 CHAPTER 2: From Socialism to Postsocialism 29 Socialism 30 Challenges of the Transformation: Shock Therapy versus Gradualism 43 The Context of Transformation 46 Conclusion 64 CHAPTER 3: Institutionalization of FDI in Postsocialism 65 FDI as Instituted Process 66 Legitimization of FDI Practice 70 FDI Trends since 1989 88 Explaining FDI Inflows across Countries over Time 91 How Postsocialist States Create Markets 99 Conclusion 101 CHAPTER 4: Cross-Country Patterns in FDI Flows 103 From Country Characteristics to Relations between Countries 104 Social Relations as Determinants of FDI Flows 111 Embeddedness and Globalization 126 Conclusion 130 CHAPTER 5: Embeddedness of Organizational FDI Attempts 131 Invested Transactions: The Intricacies of FDI Attempts 131 What Determines FDI Transactions? 143 Network Embeddedness 145 Cultural Embeddedness 149 Political Embeddedness 155 Macro-Institutional Embeddedness 159 Embeddedness: Structures-Power-Culture Configurations 162 Conclusion 166 CHAPTER 6: Uncertainty and the Practice of FDI Transactions 168 Rethinking Instrumental Rational Action 169 Uncertainty 174 Practical Action Model 177 Substantive Varieties of Rationality 179 Procedural Varieties of Action 181 Logic of Decision-Making Practice: Routines, Emotions, Creativity 189 Conclusion 194 CHAPTER 7: Embedded Economies 196 Creation of Markets: From One Kind of Embeddedness to Another 196 Operation of Markets: Structures-Power-Culture Configurations 200 Varieties of Postsocialist Capitalism 206 Conclusion 218 Epilogue 221 Appendix on Method and Data Sources 223 Notes 243 References 255 Index 291