By John Dunning
At the 40th anniversary of its unique booklet, Dunning has up to date this seminal vintage, including a brand new creation and concluding bankruptcy that places the paintings in modern viewpoint. This used to be the 1st learn to envision the level and effect of international direct invesment in a bunch of nations.
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Additional info for American Investment in British Manufacturing Industry: Revised and Updated Edition
The abandonment by the United Kingdom of the gold standard in 1931 and the substitution of a managed currency and exchange control in its place, the Ottawa Agreement and the Imperial Preference Tariff of 1932, the rationalization of industry, and a gradual recovery of trade and commerce, heralded a new economic milieu for the United Kingdom, and prompted an increase in foreign investment—and particularly that of American origin—into the country. On the other hand, the world depression and its The growth of US investment in British manufacturing industry 25 crippling effect on the US economy had its own severe repercussions on both the ability and the desire of that country’s firms to invest abroad.
Here, the Utilities Power and Light Corporation Ltd, through the Greater London and Counties Trust Ltd, which was formed in 1925, played a leading role in fostering the development of electricity supply, particularly in rural and semi-rural areas in southern England. g. Wessex Electricity Company and the East Anglian Electric Supply Company, and by the acquisition of established authorized undertakings such as those in Oxford, Reading and Cookham. In February 1928, an offer was made to the shareholders of Edmundsons Electricity Corporation Ltd, the result of which more than 95 per cent of the ordinary capital of that company passed into the American investment in British manufacturing industry 22 hands of the Greater London and Counties Trust Ltd.
But counterbalancing this trend, there were cases of American-originated firms losing their identity and becoming, either de jure or in practice, British companies. At the same time, Continental European companies continued to increase their stake in UK industry. Among the most noticeable of these were British Enka and Philips of the Netherlands, Hoffman La Roche of Switzerland, Electrolux of Sweden, and the Pirelli tyre company of Italy. More generally, of the 315 new manufacturing subsidiaries set up in the UK between 1919 and 1939, 228 were US-owned and all but 17 of the rest were from Continental Europe.