The Political Economy of Globalization – Revisiting Stephen Hymer 50 Years On

Abstract

We discuss issues pertaining to the political economy of “globalization”, in the context of the seminal contribution by Stephen Hymer. While Hymer’s contribution to the theory of the multinational enterprise (MNE) and foreign direct investment (FDI) is widely recognized, his contribution to the political economy of what he called “multinational corporate capital” has received less attention. In this paper we revisit some of the issues he raised, notably uneven development, global governance and central planning in the context of post-Hymer scholarly thinking and the shifting global landscape. In so doing we also speculate on the challenges and future of globalization.

Keywords: Stephen Hymer, International Political Economy, Institutions, Globalization, Sustainability

JEL Classification: F02, F23, F21