The Moral Basis of Global Capitalism: Beyond the Eclectic Theory

Abstract

John Dunning's work has taken a distinctive turn in recent years. He has placed greater emphasis on policy, and addressed much wider issues than before (see, for example, Dunning, 1993). This is particularly evident in his latest book Global Capitalism at Bay? (2000). The title not only echoes Raymond Vernon's Sovereignty at Bay (1971) but conveys Dunning's concern that capitalism's survival depends not only upon international trade and technology transfer but upon the efficiency of the institutions that support them. Institutional efficiency depends in turn on the legitimacy conferred by moral systems.