Journal of Economic Literature
Book Reviews
2026-08-28
Robert M. Stern of University of Michigan reviews “Case Studies in US Trade Negotiation. Volume 2. Resolving Disputes” by Charan Devereaux, Robert Z. Lawrence, Michael D. Watkins,. The EconLit Abstract of the reviewed work begins “Examines the debate surrounding the nature and effects of foreign direct investment (FDI) and multinational corporations (MNCs), and analyzes these phenomena in order to resolve the long-standing stalemate. Discusses a better approach to understanding FDI and MNCs; defining the subject--subtleties and ambiguities; from obscurity to international economic powerhouse--the evolution of MNCs; heterogeneity--the many kinds of FDI and MNCs and their disparate effects; perceptions and economic ideologies; why companies invest overseas; where MNCs invest and don't invest, and why; effects of FDI on less developed countries--vagaries, variables, negatives, and positives; why and how MNCs have altered international trade; MNCs versus the nation-state--whether sovereignty has been outsourced; the international regulation of MNCs--why there is no multilateral FDI regime; the case for FDI and MNCs; the case against FDI and MNCs; an agnostic conclusion--“it depends”; and an agenda for future action. Cohen is Professor in the School of International Service at American University. Index.”