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Organizing the Modern Firm in the Worldwide Market for Market Transactions

In: The Multinational Enterprise and the Emergence of the Global Factory

Author

Listed:
  • Peter W. Liesch

    (The University of Queensland)

  • Peter J. Buckley

    (Leeds University Business School
    University of International Business and Economics (UIBE))

  • Bernard L. Simonin

    (Tufts University)

  • Gary Knight

    (Florida State University)

Abstract

To represent the modern world economy, we introduce the worldwide market for market transactions concept to enable us to model the organization of the firm. Outsourcing and offshoring are changing the nature of the firm, presenting internalization/externalization decisions for international managers, and producing unprecedented international relocation of economic activity. We engage with Williamson’s (1996) challenge to address ‘which transactions go where and why?’ to explain the outsourcing—offshoring phenomenon. We offer a novel modelling approach to represent a firm of any scale and scope in this modern world economy. Propositions that frame our modelling approach are offered. We conclude that foreign involvement alongside foreign investment shapes the scale and scope of the firm as the internationalization of productive capabilities, coordinated through the worldwide market for market transactions, redefines the modern world economy.

Suggested Citation

  • Peter W. Liesch & Peter J. Buckley & Bernard L. Simonin & Gary Knight, 2014. "Organizing the Modern Firm in the Worldwide Market for Market Transactions," Palgrave Macmillan Books, in: The Multinational Enterprise and the Emergence of the Global Factory, chapter 4, pages 78-99, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-40238-7_4
    DOI: 10.1057/9781137402387_4
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    Cited by:

    1. Dan Prud’homme & Tony W. Tong, 2024. "Rethinking firm-specific advantages from intellectual property rights: Boundary conditions for MNEs," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 55(1), pages 91-109, February.

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