Fast but fragile: British restructuring for foreign direct investment in a global era

In the ‘globalization’ debates of the early 1990s, the Anglo-American practices of rapid restructuring to achieve ‘attractiveness’ to foreign direct investment tended to be presented as the universal panacea for dealing with the pressures of global change. However, the East Asian economic crises of the late 1990s have precipitated a widespread questioning, both of the export-oriented ‘Asian model’ of development, and of the possible contagion spreading to the western financial market and ‘FDI attracting’ western states. This article considers the ‘fast but fragile’ nature of Anglo-Saxon style restructuring in the light of the political-economic and social crises experienced by East Asian state-societies. The discussion focuses specifically on the British approach to restructuring for FDI, arguing that this reflects and embodies both a distinctive set of state-societal relations, and a distinctive understanding of what the process of globalization implies for these relations.