By Conference of Socialist Economists
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Additional resources for Capital & Class. - 1982. - Issue 16
In Hilferding's formulation : `The issue is not that of the incorporation of countries with a high degree of capitalist development and with industries able to export on a competitive basis, for which the industry of the conquering country would merely represent additional competition, and which in any case would not really enter into consideration as a sphere of investment for the excess capital of the other country . . Rather, we are talking about areas which have not yet been opened up . .
19 Energy, Equity and Jobs, George, in CAITS Pack . 90. 7 . 22 Refusal of Work, Echanges et Mouvement . 7-9 . 24 Guardian 23/4/81 . 14 . 14, in Radical America May-June 1979 . 27 Financial Times 19/7/79 . 28 Financial Times 19/7/79, 18/8/80 . 29 Undercurrents 38 . 30 Newcastle Journal 30/12/80 . 31 Financial Times 15/2/80 . 32 Guardian 1/5/80 . 39 . 34 Ibid . 12 . 36 See Disarmament the Armament Process in Reverse, Kaldor, in Protest & Survive ; Thompson & Smith (eds), Penguin . 93 . 10 . 39 Disintegrating West, Kaldor, Penguin, pp .
In other words, the lower outlay of capital via joint ventures or the many available subsidies - required from the foreign investor has a much greater impact on output . Secondly, direct investments in developing countries usually involve the setting up of new production facilities, in contrast to the industrial countries where a not insignificant share of direct investment merely brings about a change of ownership . 1 ° Because of the limited comparability between direct investments in industrialised countries and those in developing countries, the regional structure of employment abroad proves to be a much more important indicator of the share of production abroad induced through direct investment .