Santiago as Code Hero in Hemingways The Old Man and The Sea Essay

Santiago as Code Hero in Hemingway's The Old Man and The Sea "The Old Man and the Sea" is a heroic tale of man's strength pitted against forces he cannot control. It is a story about an old Cuban fisherman and his three-day battle with a giant Marlin. Through the use of three prominent themes; friendship, bravery, and Christianity; the "Old Man and the Sea" strives to teach important life lessons to the reader while also epitomizing Santiago, the old fisherman, as a Hemingway code hero. The relationship between Santiago and the boy is introduced early in the story. They are unlikely companions; one is old and the other young, yet they share an insuperable amount of respect and loyalty for each other. Santiago does not treat Manolin as a young boy but rather as an equal. Age is not a factor in their relationship. Manolin does not even act as a young boy; he is mature and sensitive to Santiago's feelings. He even offers to disobey his parents and accompany Santiago on his fishing trips. Santiago is viewed as an outcast in his village because he has not caught any fish for more than eighty-four days and is therefore "unlucky". Nonetheless Manolin is loyal to Santiago and even when his parents forbid him he wants to help his friend. Their conversations are comfortable, like that of two friends who have known each other for a long time. When they speak it is usually about baseball or fishing, the two things they have most in common. Their favorite team is the Yankees and Santiago never loses faith in them even when the star player, Joe DiMaggio is injured with a heel spur. In this way Santiago not only teaches Manolin about fishing but also about important characteristics such as faith. In the story Santiago's bravery is uns... ...e does allow Christianity to be a more dominant theme than the other but instead makes it more symbolic than intentional. He does not smother the relationship between the old man and the young boy but instead separates them for a large part of the story. Finally, he does not make Santiago's bravery a central them by highlighting his weaknesses. In the end the old mans perseverance and faith pay off. He finally gains the respect of the village and succeeds in teaching Manolin the lessons of faith and bravery. In Ernest Hemingway's "The Old Man and the Sea", one will find many examples in which the main character, Santiago, surpasses many hardships while being courageous, brave, and being a friend. Each of these: courage, bravery, and friendship, are qualities in a Hemingway code hero. Hemingway, Ernest. "The Old Man and the Sea. New York: Simon & Schuster, 1999.

Essay example --

Report on copper ‘Copper is a commodity that measures the pulse of the global economy’ (Tutor2u, 2012). The features of this metal is the reason why it is demanded so highly around the world, which is the reason why â€Å"copper is the third most widely used metal in the world† (investopedia, 2013). What makes Copper so different from other metals? Firstly, pure copper is ductile which means it can easily be stretched and shaped into different forms. Secondly, the scientific elements of copper make it highly conductive in heat and electricity than any other metal, except silver which is 100 times more expensive. Thirdly, it is 100% recyclable. Did you know 80% of copper ever mined is still in use today? Fourthly, it is highly alloyable. Lastly, it is one of three metals that has its own unique colour other than silver or grey. In the current market copper is used in a variety of ways due to its specification. 5% of copper production is used in combining with other metals to form a lloys such as brass and bronze. 15% is used in industrial machinery, because coppers superior conductivity improves the electrical energy efficiency of motor-driven systems. 20% is used in roofing and plumbing because the lifespan of copper is estimated to be 100 years before major defects in the material start to occur. Lastly, the remaining 60% of copper is used in electrical wires and the reason why such a huge proportion is used in electrical wires is because there are no close substitutes for copper. Aluminium wiring is comparably priced, but is unsafe and can start fires and silver is a slightly better conductor of electricity; however it is too expensive (visual capitalist, 2013). In this report I will cover the supply and demand of copper and how it a... ...e amounts of copper (oracle mining, 2013). Copper is an example of a good that has low price elasticity of demand, which means that a change in price would lead smaller change in demand. The reason for this is because there is a lack of close substitutes in the market. For some products that use copper components can be substituted for aluminium or plastic; however, the costs and delays involved in switching between substitute goods aren’t worth it sometimes (copper investing news). Copper is used in a variety of different ways in some uses it would be a necessity an in others it would be a luxury. For example in some plumbing cases you would be able to use flexible plastic pipes, which is cheaper to use, however if you choose not to then copper would be deemed an luxury product. On the other hand, in some plumbing cases you have no choice but to use copper pipes. Essay example -- Report on copper ‘Copper is a commodity that measures the pulse of the global economy’ (Tutor2u, 2012). The features of this metal is the reason why it is demanded so highly around the world, which is the reason why â€Å"copper is the third most widely used metal in the world† (investopedia, 2013). What makes Copper so different from other metals? Firstly, pure copper is ductile which means it can easily be stretched and shaped into different forms. Secondly, the scientific elements of copper make it highly conductive in heat and electricity than any other metal, except silver which is 100 times more expensive. Thirdly, it is 100% recyclable. Did you know 80% of copper ever mined is still in use today? Fourthly, it is highly alloyable. Lastly, it is one of three metals that has its own unique colour other than silver or grey. In the current market copper is used in a variety of ways due to its specification. 5% of copper production is used in combining with other metals to form a lloys such as brass and bronze. 15% is used in industrial machinery, because coppers superior conductivity improves the electrical energy efficiency of motor-driven systems. 20% is used in roofing and plumbing because the lifespan of copper is estimated to be 100 years before major defects in the material start to occur. Lastly, the remaining 60% of copper is used in electrical wires and the reason why such a huge proportion is used in electrical wires is because there are no close substitutes for copper. Aluminium wiring is comparably priced, but is unsafe and can start fires and silver is a slightly better conductor of electricity; however it is too expensive (visual capitalist, 2013). In this report I will cover the supply and demand of copper and how it a... ...e amounts of copper (oracle mining, 2013). Copper is an example of a good that has low price elasticity of demand, which means that a change in price would lead smaller change in demand. The reason for this is because there is a lack of close substitutes in the market. For some products that use copper components can be substituted for aluminium or plastic; however, the costs and delays involved in switching between substitute goods aren’t worth it sometimes (copper investing news). Copper is used in a variety of different ways in some uses it would be a necessity an in others it would be a luxury. For example in some plumbing cases you would be able to use flexible plastic pipes, which is cheaper to use, however if you choose not to then copper would be deemed an luxury product. On the other hand, in some plumbing cases you have no choice but to use copper pipes.

Assembly language vs. Mechanical language Essay

Assembly language can execute the same commands as machine language; however, the commands have names instead of numbers. Assembly language, unlike machine language, is a symbolic representation of operation codes, symbolic memory addresses and pseudo codes, which makes the virtual environment user friendly. Machine language, on the other hand, is represented as binary bits consisting of a string of 0s and 1s, which makes the virtual world challenging since the lingo is only comprehended primarily by computers. Therefore, assembly language is considered more user friendly than machine language. Assembly language enables programmers to relate op codes using symbolic names in place of numbers to perform an instruction or input a piece of data. Programmers can inscribe op codes using purposeful words like JUMP, CLEAR, and ADD as an alternative to cryptic binary codes consisting of series of 0s and 1s. An example of assembly language, machine language and its meaning are listed in the book called, â€Å"Invitation to Computer Science† (Schneider & Gersting, 2013, pp. 285, fig. 6.5). In figure 6.5, assembly language is clearly easier to comprehend than machine language, which makes assembly language user friendly. In addition, assembly language allows programmers to utilize symbolic addresses to replace numeric memory addresses in binary bits to execute a command or input data. Computer specialist can link symbolic labels to an instruction or piece of data in the program. In other words, the symbolic label turns into a permanent tag for the instruction or piece of data disregarding where it populates in the program or where it relocates in the memory. However, machine language is more complicated. To perform an instruction or input data in the memory in a specific location, the computer specialist must specify the direct address. For example, â€Å"In machine language, to jump to the instruction stored in memory location 18, you must specify directly to address 18 (write JUMP 18 in binary code). The programming is complicated if a new instruction or data is introduced anywhere within the 18 lines of the program, the jump location 18 shifted to 19. According to Schneider and Gersting, â€Å"This makes modifying programs very difficult, and even small changes become big efforts† (2013, pp. 285). Assembly language use symbolic address is proven to be more user friendly than a numeric address for programmers. Moreover, pseudo code allows the programmer to use a special type of assembly language to be converted into op code referred to as pseudo op. Unlike other operation codes, a pseudo –op does not develop a machine language for instructions or data. In order to execute such task, pseudo-op implores the service of the assembler. One of the many services provided by the assembler is the ability to generate instructions or data into the suitable binary likeness for the system. A brief summary of the conversion is documented in the publication â€Å"Invitation to Computer Science† (Schneider & Gersting, 2013, pp. 287). The summary breaks down how the pseudo-op commands the assembler to generate a binary representation for the integer, and so on. If a programmer had to manually construct the conversion, this would prove to be a very cumbersome task. Therefore the application of assembly language pseudo-op makes the task more favorable for the user. Consequently, assembly language symbolic representation of op codes, addresses, and pseudo codes all makes the virtual environmental experience for users more appealing than that of machine language. Assembly language is developed with the human factor in mind and with that, the experience for the programmer is uncomplicated. Advancement in the virtual world deemed assembly language more appropriate named low-level programming language. Where machine language in the virtual world was once considered primitive, assembly language to, now resides in the same era. In the land of programming, the assembly language created for a specific task or data input must be converted into machine language. The conversion is executed by an assembler. Therefore, low-level programming language, in the same manner, has to convert into machine language the same. More specifically, â€Å"Each symbolic assembly language instruction is translated into exactly one binary machine language instruction† (Schneider & Gersting, 2013, pp. 282). The translation into binary machine language means that instructions or data is represented by a series of 0s and 1s in order for the computer to execute the instruction or store the data information given. Schneider and Gersting said it best when they stated, â€Å"†¦it is the language of the hardware itself† (2013, pp. 282). Since programmers are not hardware the process could prove to very cumbersome for users. The silver lining in this storm is the creation of high-level programming language. Unlike low-level programming language, high-level programming language is more maneuverable by the programmer. High-level programming language is created to use both natural language and mathematical notation. In other words, Schneider and Gersting states, â€Å"A single high-level language instruction is typically translated into many machine language instructions, and the virtual environment created by a high-level language is much more powerful than the one produced by an assembly language† (2013, pp. 282). In short, high-level programming language differs from low-level programming language in that the translation into many machine languages versus translation into one machine language is more powerful. Moreover, high-level programming language is user friendly rather than low-level programming language which is computer friendly. Since the general idea is making the virtual world friendlier for its users, if Internet did not exist, I would not be so friendly. I access the internet on a daily basis for a variety of tasks like; paying bills, scheduling and canceling appointments, recipes, purchases, banking, and the list could go on and on. However, the most important area of internet use is paying bills. Prior to the internet, paying bill required physically visiting the establishment where the bill is to be paid, purchasing a money order in some cases, writing a check or even more archaic, paying with cash. Somehow, a bill or two slipped through the cracks. Now that the primitive days are over and technology has advanced the human nation, auto pay makes life much easier. The merchants that are due payment for services rendered receive payment automatically and all that is required, is manually setting the date, amount and merchant to be paid. Auto pay is convenient, one less tree is destroyed and gas is saved for another day. Simple as my reasons may be, it works for me. Advance in virtual technology make life easier for internet user, however, piracy can present itself as a problem if certain protocols are not put in place. When communicating with others over the internet, there are many ways to safeguard your computer, here are five protocols used as protection while communicating over the internet, authentication, authorization, encryption, system administrator, and firewalls. A combination of all these protocol could safeguard users while communicating over the internet. Authentication is a way of verify the individual right to access a computer. The individual accessing the computer usually has a unique username and password that allows the computer to recognize the individual to allow access to the system. For example, most employers allow their employees access to computers on the job for various duties. However, some user have restrictions where as others do not. In, â€Å"Invitation to Computer science†, a passage on authentication reads, â€Å"When a user attempts to log on to the machine, the operating system reads the user ID and checks that the password matches the password for that user in the password file† (Schneider & Gersting, 2013, pp. 391). Piracy can still occur if this is the only protocol used. However, if authentication is partnered with encryption, communication may not be compromised over the internet. Encryption allows users to create a message in plain text but before it is send to its destination the message is encrypted also known as ciphertext. When the message is obtained by the receiver the content is decoded so it is able to be read. However, if the message is hijacked by the incorrect receiver, the plain text remains encrypted. Encryption according to Schneider & Gersting, â€Å"is the process of using an algorithm to convert information into a representation that cannot be understood or utilized by anyone without the proper decryption algorithm;†¦Ã¢â‚¬  (2013, pp. 401). Moving along in safe communication over the internet is authorization. Authorization dictates what an authenticated user has permission to do. Contingent on whom the authorized individual may be, they possess the ability to read, write, execute or delete files. The text, â€Å"Invitation to Computer Science† states, â€Å"The system administrator or superuser has access to everything, and is the person who sets up the authorization privileges for all other users† (Schneider & Gersting, 2013, pp. 395). A more tangible explanation is, I am the system administrator for my personal laptop and I delegate authorization to other users. Next in safety is firewall software. Firewall software blocks access points to a users’ computer. It inhibits communication to or from sites you the user do not allow. In addition to safety while communicating over the internet, safeguarding your computer against viruses is vital. One measure a user can utilize to safeguard their computer against viruses is antivirus software. There is much antivirus software available on the market but the main two that comes to mind is Norton and McAfee antivirus software. Both seem to be popular amongst consumers of today. Antivirus software recognizes viruses, worms and Trojan horses by unique signature these programs transmit. The software wipes out the tainted program being transmitted which safeguards your computer from any threats. In the last 12 months, the following three computer viruses have had a significant impact on business are Shamoon which attacked Saudi Aramco oil company computer, St. Barnabas Healthcare System e-mails were infiltrated by Melissa and a Chinese hacker infiltrated the Times computer system through malware which granted them access to any computer on the Times network. The morning of August 15, 2012 a virus was unleashed to execute the destruction of a company called Aramco’s, corporate PCs documents, spreadsheets, e-mails, files putting in place of all the items demolished, an image of a burning American flag. The person responsible for such destruction is unknown but the article states, â€Å"†¦a person with privileged access to the Saudi state-owned oil company’s computers†¦Ã¢â‚¬  is the villain (Perlroth 2012). The name of the virus that collapsed Aramco’s computers is called Shamoon. The virus compelled the company to terminate the company’s internal network in efforts to hinder the virus from spreading like wildfire. In another article, St. Barnabas Health Care System e-mails were sabotaged by the horrendous e-mail virus Melissa. The virus surfer the information highway and infected E-mail systems worldwide, hindering networks and hard drives and to add insult to injury destroyed data. In efforts to save the St. Barnabas Health Care System immediate shut down of the system and networks was in order to rid the organization of the problem. In the same manner, Chinese hackers installed malware to infiltrate Times computer system to obtain passwords for personnel employed by Times. The Chinese hacker had a four month running spree of consistently attacking Times systems. The article states, â€Å"The timing of the attacks coincided with the reporting for a Times investigation, published online on Oct. 25, that found that the relatives of Wen Jiabao, China’s prime minister, had accumulated a fortune worth several billion dollars through business dealings† (Perlroth 2013). In efforts to intercept the Chinese hackers attacks, Times employed security guru to detect and block the attacks. Perlroth reports, â€Å"Computer security experts found no evidence that sensitive e-mails or files from the reporting of our articles about the Wen family were accessed, downloaded or copied,† said Jill Abramson, executive editor of The Times† (2013) References Larson, A. (1999, July 12). Global Security Servey: Virus Attack. Information Week, http://www.informationweek.com/743/security.htm Perlroth, N. (2012, October 23). In Cyberattack on Saudi Firm, U.S. Sees Iran Firing Back. New York Times, http://www.nytimes.com/2012/10/24/business/global/cyberattack-on-saudi-oil-firm-disquiets-us.html?pagewanted=all&_r=0 Perlroth, N. (2013, January 30). Hackers in China Attacked The Times for Last 4 Months. New York Times, http://www.nytimes.com/2013/01/31/technology/chinese-hackers-infiltrate-new-york-times-computers.html?pagewanted=all Schneider, G.M. & Gersting, J.L., (2013). Invitation to Computer Science. (6th ed.). Boston, Ma: press

Manifest Destiny Essay

1. The expansionist policies of Thomas Jefferson and James K Polk successfully strengthened the United State economically, domestically and internationally. Although the effects of these policies may not have become apparent within the first couple years following, they have definitely shown how they strengthen the country over time. These expansions of the United States set up the foundation for the future of this country, as well as providing opportunities to many. Proper Nouns: Louisiana Purchase, Treaty of Guadalupe Hidalgo, California, Texas, Manifest Destiny 2. During the 1840s, Manifest Destiny was presented as a progressive â€Å"benevolent movement†, though in truth, it endorsed cultural superiority, aggressive foreign policy, and prolonged the already existing sectional crisis. Proper Nouns: Mexican War, Indian Removal Act, James K. Polk, General Zachary Taylor, Oregon Territory Look more:  manifest destiny essays 3. Between the years 1800-1850, the nation was full of battles and prosperity. Territorial expansion was a reason in most of the battles, but also gained fortune for the nation. There were many impacts on national unity between those time periods, but the main influence was territorial expansion. Proper Nouns: Louisiana Purchase, Thomas Jefferson, Mexican War, Missouri Compromise, Oregon Territory 4. Although victory in the Mexican War added 525,000 square miles of land to the United States, the aftermath excited up debates about sectional interests among New Englanders, westerners, and southerners from 1845-1855. Proper Nouns: Annexation of Texas, Compromise of 1850, Kansas-Nebraska Act, â€Å"popular sovereignty†, Free Soil Party 5. During the 1840s and 1850s, the United States was preoccupied with the fulfillment of new influence in the west and how to settle the status of whether there lands would be free or slave states. As a result of the Mexican War, the U.S. men vast new land holdings in the West, stimulating a debate between the North and South over the extensions of slavery into the West. This sectional trouble over slavery’s extension was a major factor in the eventual inauguration of the Civil War. Through emphasizing divisions between the North and South over the control of Western lands, the debate over slavery’s extension clearly influenced the Civil War’s coming. Proper Nouns: Civil War, Wilmot Proviso, Dred Scott Decision, â€Å"Bleeding Kansas†, John Brown.

This way to student success

My experience in avid so far has been really great. We got nice teachers and also the tutors that come to help us with any problem we have. Avid has influenced me by being more focused in class, and getting better grades, also avid has helped me reached a lot of goals in life. Avid has interested me in a lot of colleges, I’ve gotten four letters from different colleges that would like me to go there to study, and avid really helps a lot. Avid has made a lot of great opportunities like being an honors student for passing all my pre AP classes.My avid teachers, all my avid teachers have helped me a lot with grades, keeping up with my work and for them I wouldn’t of probably be in high school right now. 8th grade was my first year in avid and I realized that I wanted to go to college. Avid is the best program to achieve your goals going to college. I still remember that day Mrs. Medina had told me â€Å"Nayeli come here, I’ve been checking your grades and youâ€⠄¢re not passing math, you need to start staying for torturing so you can pass this semester† â€Å"I know Mrs. I’ve been paying attention but I just don’t get it.† â€Å"Well you should start questioning questions about math in tutorials† â€Å"okay Mrs. I will.†Mrs. Medina really cared about my grades she was always there for all of us, if she will see that we weren’t passing she would make us go to torturing because she wanted us to pass. 8th grade was the best year; I will never forget my 8th grade. Participating in avid is really great, avid helps us to get to college and helps us to get ready. Our family hasn’t faced any obstacles yet but if we ever do we will try to help each other to resolve the problem.My family is really happy that I got in avid, because avid has helped me a lot with my grades I’ve had brought my grades up a lot this passed months that we’ve been in school. Also has also helped me with my attitude, being a really good student helps a lot with grades, also having a good attitude with the teachers helped me get advanced in my classes, and avid has really helped me a lot.

Value Judgment and Consumerism: Evaluating American Consumer Culture

This essay argues that American consumer culture is largely driven by the economic, social and psychological landscape of consumption- which blurs the distinction between needs and wants of American consumers. Values of goods and products are therefore judged on the basis of how they satisfy personal wants instead of the intrinsic value of the products or services. However, while this is the case, American consumers have become more demanding and particular with products and services.The irony shows that Americans are driven by a consumerist culture; consumption and value judgment are made based on the personal and aesthetic value of products but competition is making consumers more knowledgeable in choosing their products. American Culture of Consumption Consumption in American society has been regarded as a standard of living and a way of life- the bulwark of which is fuelled by a commodity culture that emanates from the abundance in production and from a sociological point of view , a way to distinguish and create bonds with each other (Friedman, 2).Consequently, it is not only the economic and sociological value that determines how Americans values goods and services- to a large extent, the psychological impact of consumption particularly the emotional gratification which has been celebrated and integrated in popular culture drives the value of goods and services regardless of their true meaning to the American consumer.Significantly, American consumer culture rests on the principle that people work because they want to have the material things that they think they need- things that their social circle has or even people in mass media. To a large extent, American consumer culture is fuelled by big businesses which seek to make consumerism of every American a trend rather than a pursuit of better value. Fundamentally, this hastens the ability of American consumers to draw the line between what is needed and what is wanted thus, making mistaken valuation of pr oducts and services.First, consumerism in American society is largely driven by mass media which largely dictates the value of products and services. Consumers’ belief in the value of an object is a construct that is driven by companies seeking to attain profitability- with the aid of mass media, companies capitalize on value creation consumers are made to want a product and are made to need them regardless if they really need the product or service (Plaster and Alderman, 2).The control of companies on the perception of the consumers on the value of the product and services in turn alters the psychological and social acceptance of a product- the more popular a product is, the higher the value it has according to the society. Thus, popular culture becomes more than an individual construct but rather, it becomes a social construct to which valuation of products and services are manufactured in the media and consumed by the American public. For instance, the I-pod by Apple is no w considered by any American youth to be a necessity.This is not the case for countries in Africa and to several countries in Asia. However, due to the massive influence of mass media, owning an I-pod is now considered as a necessity instead of being a fancy product. This is because American popular culture has accepted and embraced the trend thus, making its way into the lifestyle of the people. Essentially, the value of an I-pod or a product for that matter becomes prominent. This is regardless of whether it is needed to survive.Second, inability of American consumers to value products based on its intrinsic merits emanates from the materialist-fuelled society. Essentially, American consumer culture emerged from the association of materialism with that of the family, sexuality and the individual- realities that have given the essence of existence and in order to be participants within the American culture (Agnew, 4). The association of social status and importance has been related to consumerism- the more one consumes, the higher the social standing one attains.Thus, the belief of consumers that getting or buying the most expensive brands would make their social standing better is again fuelled by the business environment and mass media. Due to societal pressure which can come from the family and one’s social circle, American consumers become susceptible to the creation of needs and in the process, disregarding their personal perception or valuation of a product. For instance, while mainstream society values affordable products, the need to get the latest models and the best brands drives competition to create brand names that precedes their reputation.This is the reason why surplus goods are abundant and midnight sales are frequent. The insatiable drive to get the new products that neighbors or relatives have further blurred the accurate valuation on the real value of the product. However, while mainstream American consumers neglects the intrinsic va lue of the product they are purchasing, another group of American consumers have emerged in recent years- those who have been advocating ethical and pragmatic consumption.Valuing a product or service according to Cohen, Comroy and Hoffner (67) necessitates the consideration of ethical consumption when making ordinary purchases in order to lessen the exploitation of the environment and the natural resources as well as the indiscriminate use of cheap labors to produce affordable and quality goods. This stream of consumers’ advocates for the vigilance and empowerment of the American public in choosing the products or services those are basic and fundamental to survival.While this has yet to receive much support in the society, this movement is gradually taking ground. Finally, with the advent of internet and technological revolutions, consumerism in American society is further heightened. The easier access to products and goods oftentimes, without looking at the products further diminishes the ability of consumers to make an accurate valuation of the products. Conclusion Essentially, American society values consumerism and materialism and in the process, the distinction between consumer needs and consumer wants have become indistinct.To a considerable extent, the inability to distinguish between the two has propelled the inability of most consumers to value products and services. Thus, while there are segments of the society that has opposed this type of consumer culture, the predominant and mainstream American culture continues to consume and spend on products that they may know little or nothing about. Works Cited Cohen, Maurie, Comrov, Aaron and Hoffner, Brian. â€Å"The new politics of consumption: Promoting sustainability in the American marketplace.† Sustainability: Science, Practice and Policy. 1, 1(2005): 58-76. Plaster, Gary and Alderman, Jerry. â€Å"Customer value creation: A platform for profitable growth. † Charter Consulting. 1 (2006): 1-7. Friedman, Monroe. â€Å"The consumer culture research landscape. † The Journal of American Culture. 30, 1(2007): 1-5. Agnew, J. C. ‘‘The Consuming Vision of Henry James. ’’ The Culture of Consumption. Eds. R. W. Fox and T. J. J. Lears. New York: antheon, 1983.

An Evaluation of the reasons why a multinational enterprise undertakes FDI

While it is often argued that MNCs ship capital to where it is scarce, transfer technology and management expertise from one country to another, and promote the efficient allocation of resources in the global economy, it is important to note that inspite of this, the ultimate goal of the corporation is to increase profit and improve share value for its owners and shareholders (Barris and Cabra, 2002). It is believed that while FDI helps the country at the receiving end it also benefits the organisation because FDI by their nature has multiple benefits and can offer quick growth for any organisation if carefully undertaken. According to the International Monetary Fund (2002) FDI refers to an investment made to acquire lasting or long-term interest in enterprises operating outside of the economy of the investor. It plays an important role in global business especially in an everly increasingly competitive world marked by competition and globalisation. FDI can also provide a firm with new opportunities, distribution channels, markets and cheaper production capacities including, skills, technology and financing (IMF, 2002). In the work of Zarsky (2002) he points out that MNCs who invests in other countries often tend to benefit from lower costs and higher productive efficiency amongst several other benefits, therefore for firms seeking to achieve better performance, FDI is always undertaken as a strategic decision to achieve such objective. The aim of this paper is to discuss the importance of FDI to multinational organisations and evaluate some of the most important reasons why a MNC would undertake foreign direct investment abroad. The paper looks at the varying benefits of FDI and how it particularly benefits the firm undertaking such investment. Understanding FDI UNCTAD estimates that there are over 76,000 multinational corporations with affiliates and subsidiaries running to about 770,000 worldwide (UNCTAD, 2007). In 2005, FDI was estimated to have reached over $1.5 trillion with MNCs responsible for 12% of the world’s GDP while employing over 55 million people across the world (OECD, 2007). The OECD also estimates that 100 of the largest MNCs in the world account for over 15% of foreign assets with them accounting for 1/3 of global trade. In total over 70% of MNCs are based in advanced industrial countries with increasing stake in the developing world. The increasing surge of MNCs in emerging markets over the past decade especially attests to the fact they are increasingly undertaking FDI through market expansion to diversify their portfolios and increase their presence. Some of the few examples are: Vodaphone in India, Ford in Turkey, Microsoft in the UK and Coca cola in African countries. As is inherent in some of these examples, F DI can either take the form of merger, acquisition, the development of a new firm and or joint venture participation with existing firms (OECD, 2007). According to Thomsen (2000) FDI is important in so many ways for both the host country and the firm making the FDI because it holds various advantages in the long term for both. However, while its benefit for the firm is the focus of this paper, it is important to state that FDI can stimulate competition so long as there are proper policies in the host economy. Therefore FDI investment is not only important to the multinational firm but also the host economy for which it has so many spill over effects which is enjoyed in the long term. Generally, there is outward FDI and inward FDI. Outward FDI is the type of foreign direct investment which typically leaves a country while inward FDI is one which is received by a host country (Ekholm, 2004). MNCs participate in both forms of FDI and benefits from both at the same time through their activities. While outward FDI is generally not in favour of the host economy, it is said to benefit the MNC because it offers the opportunity for reinvest ment or as profits for the owners or shareholders. Inward FDI on the other hand benefits the host economy as it creates jobs and generates tax for the government while also benefiting the multinational company in several ways. Why MNCs undertake FDI In the old economics textbook, various reasons were adduced to the motive behind MNCs undertaking of FDI in other countries. One of the main explanations is that ‘Market disequilibrium and distortions’ give MNCs the impetus to undertake foreign investment (See e.g. Knickerbocker, 1973; p. 21). In a sense, it is believed that government imposed distortions as well as temporary disequilibria for example causes the need for firms to look outside their domestic market for opportunities in other countries (Ibid). Another explanation often put forward for MNCs motive for undertaking FDI is that market imperfection drives MNCs to look outward because imperfection in a market creates opportunities and economies of scale therefore it offers the MNC a perfect opportunity to increase its profits by investing its stake (See: Ekholm, 2004). While some of these explanations are still true to some extent as to why MNCs undertake FDI, the current and most important reasons indeed surpas es what is documented in the old textbooks of economics as explained earlier. Today, MNCs undertake foreign direct investment for various reasons and one of such is the increasing pressure wielded by competition through the forces of globalisation on the MNC making the rate of risk higher as to sustain long term operation in domestic markets (Nunnenkamp, 2002). Indeed through the modern process of globalisation, competition has taken a new dimension as forces outside a country can compete with a firm irrespective of its dominance in its local market, its brand awareness or strenghth, with the power of increasing competition therefore, survival today is about thinking ahead of the game, organisational thinking through innovation, collaboration, expansion and increased presence in other markets. This can be said to be one of the main impetus for MNCs motive for undertaking FDI abroad as such investment would enable the firm to achieve its objectives of improving profits and enhancing productivity theough cost cutting. Another motive behind MNCs undertaking of foreign direct investment is to diversify risks in their markets and portfolios. As noted by (Johnson, 2005) increasingly the macro business environment is becoming characterized with operational risks as the rate of unceratinty is increasing and markets are failing. The recent recession is an example of such risks existing in the external operating environment, since the recession which first started in 2007, several well known brands have collapsed while many are still suffering from the ruins of the recession. Indeed, many organisations operating in single markets and with limited product and market portfolios were exposed to market failures and increased risks in the last recession which consequently marked major decline in their share value and profit margin. Consequently, as a result of the threats associated with the risks of operating in one single market or product, MNCs are undetaking FDI abroad in other to diversify the risks in th eir primary market. Risk for a MNC can come in various faces. It could be operational risk, market risk, product risk, and several other. Undertaking FDI therefore offers the MNC the opportunity to mitigate such risks by diversifying into other markets or products through FDI. In the recent work of Davis (2009) he suggests that by undertaking foreign direct investment the MNC is able to lower production costs while also able to avoid trade restrictions. More so, the increasing labour cost and the cost of production in industrialised economies has given more impetus to MNCs to undertake FDI in a way that would allow them to lower production costs and enjoy cheaper labour costs (Barros and Cabral 2000). Ford motors is a typical example; Since the cost of production of Ford motors has increased in the UK, the company has decided to conduct its operations from other markets like Turkey for example where the cost of labour and production is relatively low. In addition to aiming to reduce labour and production costs, MNCs also undertake FDI to take up opportunity in profitable markets (Johnson, 2005) and this especially has to do with markets where there are better opportunities for the MNC to compete and make profit while at the same time increasing its brand v alue and identity (Ibid). Most of large oil and gas firms in the industrialised countries are typical examples of this development. Most big western oil firms such as Shell, Chevron, Mobil, BP, Texaco, etc have increased their presence in oil producing nations such as Russia, Angola, Brazil, Nigeria, Qatar, etc because the oil market in such countries require huge investment and infrastructure which they can undertake through FDI yet the market is such that there is little competition and therefore when they enter such markets they are able to use their market power and experience to increase their profit and become better at what they do. Shell like many other oil firms operating in the oil industry of many countries around the world have been able to avail itself of more opportunities in the general oil and gas market as well as other related industry through FDI than it can do in its primary and domestic markets. Similarly, the oil producing companies generally have been able to learn more about the intricacies of downstream and upstream operations as well as able to diversify into other related markets while at the same time able to contribute to the development of their host communities, although there are issues concerning corporate social responsibility and the environmental degradation caused by oil companies to their local communities, however the opportunistic and growth aspect of participating in other markets which FDI offers has been the main motive of MNCs. A similar development can be seen in other industries too, like the beverages industry for example where Coca cola is a prime example, Coca cola have been able to enter over 200 countries mainly to take advantage of the gaps and opportunities in those markets for the purpose of maximising its own profits while at the same time increasing its enhancing productivity and creating edge against its competition. The question to ask indeed is why MNCs are addicted to profit making and the taking up of opportunities everywhere there isIn response to such question: Kugler (2001) suggest that large firms over the past twenty years have been operating in a tougher and competitive world where their market power is challenged by small firms and the power of globalisation, it is this which gives them the motivation to invest abroad with the aim of challenging their competitors and taking to their advantage the benefit inherent in other markets to increase their profits and stay ahead of the game. Several MNCs also take opportunities abroad through FDI with the aim to vertically integrate their operations back and forward so as to sustain their operations and maintain healthy profits. It is at this juncture that the role of greed in their motive to undertake FDI can also be located. While little research exists in the literature on greed and why MNCs undertake FDI abroad, the 2007 global financial crisis has sparked academic debates about the role of greed in the operations and investment motives of MNCs abroad. In the work of Gultung (2009) for example looking at the case of some oil firms, financial institutions and industrialised apparel firms’, he talks about grievance, greed and opportunism in the way MNCs engage in FDI. The author explores the exploitation and the activities of many multinational corporations; How they exploit local firms, resources and labour in the foreign markets in which they operate. He cited the case of Shell in Nigeria and how the firm has over the year’s completely overtaken and forsaken local communities in which they exploit natural resources. As a consequence of such exploitation – Gultung suggests that many f armers have ceased operations while many fishermen are not able to feed their families and survive because their lands and firms have been taken over by oil activities and in many cases devastated and contaminated, yet Shell announce billions of dollars in its after profit tax every year. A similar example was cited of the apparel industry and the activities of company like Primark which has over the years undertaken foreign direct investment in India and many developing countries but to take advantage of labour and other local factors. Exploitation according to the author is defined as a â€Å"means through which one party gets much more out of a deal than the other-measured by the sum of internalities and externalities†. Sadly, most MNCs always get much more out the deals they strike than others. It is in this definition that it can be further argued that many MNCs as it is across many industries in the world mostly exploit other parties with whom they engage in FDI, theref ore it can be assumed that MNCs often undertake FDI in order to improve their profits with the motive to exploit others resources and take advantage of the opportunities in such markets. Finally, MNCs undertake FDI as a result of what Gorg and Strobl (2001) describe as the Product Life Cycle effect which occurs as a result of products reaching their maturity. For example a FDI takes place when product maturity hits and cost becomes an increasingly important consideration for the MNC. Conclusions This paper has explored the foreign investment activities of MNCs and the main reasons why they undertake FDI; it has presented various motives and factors underlying MNCs quest for investment abroad and as discussed above; one of such reasons is to increase profit, diversify risks and increase their competitiveness. The motive to undertake FDI to improve competitiveness has particularly become important for many MNCs given that in the current business environment, competition has become the order of the day and irrespective of size or location, small firms are able to compete in the same market with the multinationals. For the multinationals therefore, competitiveness has been the key and that includes aggressive expansion, constant innovation, acquisition and investing in markets abroad through various means. In view of the reasons mentioned in the paper, the reasons why MNCs undertake FDI can be said to be numerous and dependent on specific factors having to do with individual MNC s. For example some MNCs would make FDI decision to avail themselves of opportunities abroad, while other would take such decision to diversify risks, or vertically integrate their operations. References Barros. P.P. and L. Cabral (2000). Competing for Foreign Direct Investment., Review of International Economics, 8, 360-371. Ekholm, K. (2004). Multinational Enterprises and their Effect on Labour Markets, in Sodersten, B. (ed.), Globalization and the Welfare State, New York: Palgrave Macmillan. OECD (2007). Global Competition and the top ten investment destination, Paris: Organisation for Economic Cooperation and Development Gorg, H. and E. Strobl (2001) .Multinational Companies, Technology Spillovers, and Plant Survival: Evidence from Irish Manufacturing., EIJS Working Paper 131, Stockholm School of Economics. Glass, A. and Saggi, K. (2002). Multinational Firms and Technology Transfer, Scandinavian Journal of Economics, 104(3), 495-514. Galtung, J. (2009) Peace by peaceful means peace and conflict, development and civilisation. London, Sage publications International Monetary Fund (2002). FDI statistics. Johnson, A. (2005). Host Country Effects of Foreign Direct Investment: The Case of Developing and Transition Economies, Jonkoping, Singapore: Jonkoping International Business School Dissertation Series No. 031 Knickerbocker, F. T. (1973) Oligopolistic Reaction and Multinational Enterprise. Division of Research Graduate School of Business Administration, Harvard University: Cambridge, MA Nunnenkamp, P. (2002). Determinants of FDI in Developing Countries: Has Globalization Changed the Rules of the GameKiel, Germany: Kiel Institute for World Economics working paper No. 1122 Thomsen, S. (2000). Investment Patterns in a Longer-Term Perspective, OECD Working Paper on International Development, Number 2000/2 UNCTAD (2009). FDI statistics for multinational and Transnational’s, Geneva: United Nations Conference on Trade and Development Zarsky, L. (2002). Foreign Direct Investment: No Miracle Drug [online]. Ultimate Field Guide to the US Economy, Available: http://www.fguide.org/Bulletin/fdinodrug.htm An Evaluation of the reasons why a multinational enterprise undertakes FDI While it is often argued that MNCs ship capital to where it is scarce, transfer technology and management expertise from one country to another, and promote the efficient allocation of resources in the global economy, it is important to note that inspite of this, the ultimate goal of the corporation is to increase profit and improve share value for its owners and shareholders (Barris and Cabra, 2002). It is believed that while FDI helps the country at the receiving end it also benefits the organisation because FDI by their nature has multiple benefits and can offer quick growth for any organisation if carefully undertaken. According to the International Monetary Fund (2002) FDI refers to an investment made to acquire lasting or long-term interest in enterprises operating outside of the economy of the investor. It plays an important role in global business especially in an everly increasingly competitive world marked by competition and globalisation. FDI can also provide a firm with new opportunities, distribution channels, markets and cheaper production capacities including, skills, technology and financing (IMF, 2002). In the work of Zarsky (2002) he points out that MNCs who invests in other countries often tend to benefit from lower costs and higher productive efficiency amongst several other benefits, therefore for firms seeking to achieve better performance, FDI is always undertaken as a strategic decision to achieve such objective. The aim of this paper is to discuss the importance of FDI to multinational organisations and evaluate some of the most important reasons why a MNC would undertake foreign direct investment abroad. The paper looks at the varying benefits of FDI and how it particularly benefits the firm undertaking such investment. Understanding FDI UNCTAD estimates that there are over 76,000 multinational corporations with affiliates and subsidiaries running to about 770,000 worldwide (UNCTAD, 2007). In 2005, FDI was estimated to have reached over $1.5 trillion with MNCs responsible for 12% of the world’s GDP while employing over 55 million people across the world (OECD, 2007). The OECD also estimates that 100 of the largest MNCs in the world account for over 15% of foreign assets with them accounting for 1/3 of global trade. In total over 70% of MNCs are based in advanced industrial countries with increasing stake in the developing world. The increasing surge of MNCs in emerging markets over the past decade especially attests to the fact they are increasingly undertaking FDI through market expansion to diversify their portfolios and increase their presence. Some of the few examples are: Vodaphone in India, Ford in Turkey, Microsoft in the UK and Coca cola in African countries. As is inherent in some of these examples, F DI can either take the form of merger, acquisition, the development of a new firm and or joint venture participation with existing firms (OECD, 2007). According to Thomsen (2000) FDI is important in so many ways for both the host country and the firm making the FDI because it holds various advantages in the long term for both. However, while its benefit for the firm is the focus of this paper, it is important to state that FDI can stimulate competition so long as there are proper policies in the host economy. Therefore FDI investment is not only important to the multinational firm but also the host economy for which it has so many spill over effects which is enjoyed in the long term. Generally, there is outward FDI and inward FDI. Outward FDI is the type of foreign direct investment which typically leaves a country while inward FDI is one which is received by a host country (Ekholm, 2004). MNCs participate in both forms of FDI and benefits from both at the same time through their activities. While outward FDI is generally not in favour of the host economy, it is said to benefit the MNC because it offers the opportunity for reinvest ment or as profits for the owners or shareholders. Inward FDI on the other hand benefits the host economy as it creates jobs and generates tax for the government while also benefiting the multinational company in several ways. Why MNCs undertake FDI In the old economics textbook, various reasons were adduced to the motive behind MNCs undertaking of FDI in other countries. One of the main explanations is that ‘Market disequilibrium and distortions’ give MNCs the impetus to undertake foreign investment (See e.g. Knickerbocker, 1973; p. 21). In a sense, it is believed that government imposed distortions as well as temporary disequilibria for example causes the need for firms to look outside their domestic market for opportunities in other countries (Ibid). Another explanation often put forward for MNCs motive for undertaking FDI is that market imperfection drives MNCs to look outward because imperfection in a market creates opportunities and economies of scale therefore it offers the MNC a perfect opportunity to increase its profits by investing its stake (See: Ekholm, 2004). While some of these explanations are still true to some extent as to why MNCs undertake FDI, the current and most important reasons indeed surpas es what is documented in the old textbooks of economics as explained earlier. Today, MNCs undertake foreign direct investment for various reasons and one of such is the increasing pressure wielded by competition through the forces of globalisation on the MNC making the rate of risk higher as to sustain long term operation in domestic markets (Nunnenkamp, 2002). Indeed through the modern process of globalisation, competition has taken a new dimension as forces outside a country can compete with a firm irrespective of its dominance in its local market, its brand awareness or strenghth, with the power of increasing competition therefore, survival today is about thinking ahead of the game, organisational thinking through innovation, collaboration, expansion and increased presence in other markets. This can be said to be one of the main impetus for MNCs motive for undertaking FDI abroad as such investment would enable the firm to achieve its objectives of improving profits and enhancing productivity theough cost cutting. Another motive behind MNCs undertaking of foreign direct investment is to diversify risks in their markets and portfolios. As noted by (Johnson, 2005) increasingly the macro business environment is becoming characterized with operational risks as the rate of unceratinty is increasing and markets are failing. The recent recession is an example of such risks existing in the external operating environment, since the recession which first started in 2007, several well known brands have collapsed while many are still suffering from the ruins of the recession. Indeed, many organisations operating in single markets and with limited product and market portfolios were exposed to market failures and increased risks in the last recession which consequently marked major decline in their share value and profit margin. Consequently, as a result of the threats associated with the risks of operating in one single market or product, MNCs are undetaking FDI abroad in other to diversify the risks in th eir primary market. Risk for a MNC can come in various faces. It could be operational risk, market risk, product risk, and several other. Undertaking FDI therefore offers the MNC the opportunity to mitigate such risks by diversifying into other markets or products through FDI. In the recent work of Davis (2009) he suggests that by undertaking foreign direct investment the MNC is able to lower production costs while also able to avoid trade restrictions. More so, the increasing labour cost and the cost of production in industrialised economies has given more impetus to MNCs to undertake FDI in a way that would allow them to lower production costs and enjoy cheaper labour costs (Barros and Cabral 2000). Ford motors is a typical example; Since the cost of production of Ford motors has increased in the UK, the company has decided to conduct its operations from other markets like Turkey for example where the cost of labour and production is relatively low. In addition to aiming to reduce labour and production costs, MNCs also undertake FDI to take up opportunity in profitable markets (Johnson, 2005) and this especially has to do with markets where there are better opportunities for the MNC to compete and make profit while at the same time increasing its brand v alue and identity (Ibid). Most of large oil and gas firms in the industrialised countries are typical examples of this development. Most big western oil firms such as Shell, Chevron, Mobil, BP, Texaco, etc have increased their presence in oil producing nations such as Russia, Angola, Brazil, Nigeria, Qatar, etc because the oil market in such countries require huge investment and infrastructure which they can undertake through FDI yet the market is such that there is little competition and therefore when they enter such markets they are able to use their market power and experience to increase their profit and become better at what they do. Shell like many other oil firms operating in the oil industry of many countries around the world have been able to avail itself of more opportunities in the general oil and gas market as well as other related industry through FDI than it can do in its primary and domestic markets. Similarly, the oil producing companies generally have been able to learn more about the intricacies of downstream and upstream operations as well as able to diversify into other related markets while at the same time able to contribute to the development of their host communities, although there are issues concerning corporate social responsibility and the environmental degradation caused by oil companies to their local communities, however the opportunistic and growth aspect of participating in other markets which FDI offers has been the main motive of MNCs. A similar development can be seen in other industries too, like the beverages industry for example where Coca cola is a prime example, Coca cola have been able to enter over 200 countries mainly to take advantage of the gaps and opportunities in those markets for the purpose of maximising its own profits while at the same time increasing its enhancing productivity and creating edge against its competition. The question to ask indeed is why MNCs are addicted to profit making and the taking up of opportunities everywhere there isIn response to such question: Kugler (2001) suggest that large firms over the past twenty years have been operating in a tougher and competitive world where their market power is challenged by small firms and the power of globalisation, it is this which gives them the motivation to invest abroad with the aim of challenging their competitors and taking to their advantage the benefit inherent in other markets to increase their profits and stay ahead of the game. Several MNCs also take opportunities abroad through FDI with the aim to vertically integrate their operations back and forward so as to sustain their operations and maintain healthy profits. It is at this juncture that the role of greed in their motive to undertake FDI can also be located. While little research exists in the literature on greed and why MNCs undertake FDI abroad, the 2007 global financial crisis has sparked academic debates about the role of greed in the operations and investment motives of MNCs abroad. In the work of Gultung (2009) for example looking at the case of some oil firms, financial institutions and industrialised apparel firms’, he talks about grievance, greed and opportunism in the way MNCs engage in FDI. The author explores the exploitation and the activities of many multinational corporations; How they exploit local firms, resources and labour in the foreign markets in which they operate. He cited the case of Shell in Nigeria and how the firm has over the year’s completely overtaken and forsaken local communities in which they exploit natural resources. As a consequence of such exploitation – Gultung suggests that many f armers have ceased operations while many fishermen are not able to feed their families and survive because their lands and firms have been taken over by oil activities and in many cases devastated and contaminated, yet Shell announce billions of dollars in its after profit tax every year. A similar example was cited of the apparel industry and the activities of company like Primark which has over the years undertaken foreign direct investment in India and many developing countries but to take advantage of labour and other local factors. Exploitation according to the author is defined as a â€Å"means through which one party gets much more out of a deal than the other-measured by the sum of internalities and externalities†. Sadly, most MNCs always get much more out the deals they strike than others. It is in this definition that it can be further argued that many MNCs as it is across many industries in the world mostly exploit other parties with whom they engage in FDI, theref ore it can be assumed that MNCs often undertake FDI in order to improve their profits with the motive to exploit others resources and take advantage of the opportunities in such markets. Finally, MNCs undertake FDI as a result of what Gorg and Strobl (2001) describe as the Product Life Cycle effect which occurs as a result of products reaching their maturity. For example a FDI takes place when product maturity hits and cost becomes an increasingly important consideration for the MNC. Conclusions This paper has explored the foreign investment activities of MNCs and the main reasons why they undertake FDI; it has presented various motives and factors underlying MNCs quest for investment abroad and as discussed above; one of such reasons is to increase profit, diversify risks and increase their competitiveness. The motive to undertake FDI to improve competitiveness has particularly become important for many MNCs given that in the current business environment, competition has become the order of the day and irrespective of size or location, small firms are able to compete in the same market with the multinationals. For the multinationals therefore, competitiveness has been the key and that includes aggressive expansion, constant innovation, acquisition and investing in markets abroad through various means. In view of the reasons mentioned in the paper, the reasons why MNCs undertake FDI can be said to be numerous and dependent on specific factors having to do with individual MNC s. For example some MNCs would make FDI decision to avail themselves of opportunities abroad, while other would take such decision to diversify risks, or vertically integrate their operations. References Barros. P.P. and L. Cabral (2000). Competing for Foreign Direct Investment., Review of International Economics, 8, 360-371. Ekholm, K. (2004). Multinational Enterprises and their Effect on Labour Markets, in Sodersten, B. (ed.), Globalization and the Welfare State, New York: Palgrave Macmillan. OECD (2007). Global Competition and the top ten investment destination, Paris: Organisation for Economic Cooperation and Development Gorg, H. and E. Strobl (2001) .Multinational Companies, Technology Spillovers, and Plant Survival: Evidence from Irish Manufacturing., EIJS Working Paper 131, Stockholm School of Economics. Glass, A. and Saggi, K. (2002). Multinational Firms and Technology Transfer, Scandinavian Journal of Economics, 104(3), 495-514. Galtung, J. (2009) Peace by peaceful means peace and conflict, development and civilisation. London, Sage publications International Monetary Fund (2002). FDI statistics. Johnson, A. (2005). Host Country Effects of Foreign Direct Investment: The Case of Developing and Transition Economies, Jonkoping, Singapore: Jonkoping International Business School Dissertation Series No. 031 Knickerbocker, F. T. (1973) Oligopolistic Reaction and Multinational Enterprise. Division of Research Graduate School of Business Administration, Harvard University: Cambridge, MA Nunnenkamp, P. (2002). Determinants of FDI in Developing Countries: Has Globalization Changed the Rules of the GameKiel, Germany: Kiel Institute for World Economics working paper No. 1122 Thomsen, S. (2000). Investment Patterns in a Longer-Term Perspective, OECD Working Paper on International Development, Number 2000/2 UNCTAD (2009). FDI statistics for multinational and Transnational’s, Geneva: United Nations Conference on Trade and Development Zarsky, L. (2002). Foreign Direct Investment: No Miracle Drug [online]. Ultimate Field Guide to the US Economy, Available: http://www.fguide.org/Bulletin/fdinodrug.htm