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"Globalization" and vertical structure

Опубликовано на портале: 15-12-2002
American Economic Review. 2000.  Vol. 90. No. 5. P. 1239-1254. 
Тематический раздел:
This paper analyzes the effects of international openness on vertical integration. Vertical integration can confer a negative externality, by thinning the market for inputs and thus worsening opportunism problems; this induces strategic complementarity and multiple equilibria in the integration decision, thus providing a theory of different industrial systems or industrial cultures in ex ante identical countries. International openness thickens the market, facilitating leaner, less integrated firms, thus providing gains from international openness quite different from those that are familiar from trade theory. This may be taken as one theory of outsourcing, downsizing, and Japanization as consequences of globalization.