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Foreign Market Entry: A Formal Extension of Internalization Theory

In: Economics of International Business

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Abstract

Economics of International Business sets out a new agenda for international business research. Mark Casson asserts that it is time to move the subject on from sterile debates about transaction cost economies and resource-based theories of the firm. Instead of focusing on the individual firm, the new agenda focuses on the global systems view of international business. A static view of the firm’s environment is replaced by a dynamic view which highlights the volatility of the international business environment. Coping with volatility requires entrepreneurial skills, flexibility and the need to synthesize information on a global basis. To co-ordinate the global system properly, entrepreneurs must co-operate through social networks of trust, as well as competing. Constructing a network of joint ventures, it is argued, is simply not enough.

Suggested Citation

  • ., 2000. "Foreign Market Entry: A Formal Extension of Internalization Theory," Chapters, in: Economics of International Business, chapter 2, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:2063_2
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