1995/01/01 by Christian Bellak, Bellak, Christian · 7 citations
Arts and Humanities · Health Professions · #Hermeneutics and Narrative Identity #Aging, Elder Care, and Social Issues #Health, Medicine and Society
paper · pdf · doi:10.57938/4e817937-5c6a-4d9d-9192-e48ad5e4f893
This article assesses the last 100 years of Austrian Foreign Direct Investment, focusing on the territory of today's Austria.Periods up to 1960 are based on company surveys and case studies, thereafter macro-data have been used.Unlike many other small and large countries in Europe, which show a continuity of FDJ development and MNEs, Austria is a case of discontinuity and change.Some reasons are: the change of her geographical size after WWI and the paucity of investment; the loss of FDJ and consequently of markets and goodwill especially after WWII; the disruption and destruction of her economy during the wars; the close relationship between banking and industry, affecting FDJ of the manufacturing sector negatively in periods of banks' crisis; the Anschluss and confiscation of her foreign assets during WWII; the 'imposed' restructuring of industry during WWII; the repeated reorientation from Central and East Europe to new markets; the relatively large state-ownership after WWII; and the relatively small size of Austrian MNEs in international terms, which makes them vulnerable to external change and less regionally flexible than their competitors.A comparison with other small countries revealed the inter-relation of inward and outward FDI, the former being more important for Austria's industrial development during all periods.Only in the early 1990s Austria gained an FDJ position reflecting her high level of development.