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Adam Smith’s theory of knowledge and international business theory and practice

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  • Peter J Buckley

    (1] Centre for International Business, Leeds University Business School, UK[2] University of International Business and Economics (UIBE), Beijing, P.R. China)

Abstract

This paper demonstrates that Adam Smith’s insights and reasoning can improve the theory of international business, and shed light on its academic practices. Smith was a system builder; his theory of knowledge underpinned his entire oeuvre, and understanding his systematic approach can help current international business to achieve a similarly coherent body of theory. Smith’s approach sheds direct light on decision-making in multinational enterprises, and on cultural distance (the “liability of foreignness”). Combining these two areas yields new Smithian insights into multinational enterprises from emerging countries.

Suggested Citation

  • Peter J Buckley, 2014. "Adam Smith’s theory of knowledge and international business theory and practice," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 45(1), pages 102-109, January.
    • Handle: RePEc:pal:jintbs:v:45:y:2014:i:1:p:102-109
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    Cited by:

    1. Nagasimha Balakrishna Kanagal, 2017. "Strategic Marketing Issues for an Emerging Market Firm to go Global," International Business Research, Canadian Center of Science and Education, vol. 10(6), pages 35-45, June.
    2. Wood, Geoffrey & Pereira, Vijay & Temouri, Yama & Wilkinson, Adrian, 2021. "Exploring and investigating sustainable international business practices by MNEs in emerging markets," International Business Review, Elsevier, vol. 30(5).
    3. Li, Xiaoqing & Quan, Rose & Stoian, Maria-Cristina & Azar, Goudarz, 2018. "Do MNEs from developed and emerging economies differ in their location choice of FDI? A 36-year review," International Business Review, Elsevier, vol. 27(5), pages 1089-1103.
    4. Jane W. Lu & Hao Ma & Xuanli Xie, 2022. "Foreignness research in international business: Major streams and future directions," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(3), pages 449-480, April.

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