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The purpose of this paper is to examine whether surge in foreign direct investment (FDI) inflows leads to surge in economic growth in 52 developing countries for the period 1990-2014.

The author used a threshold approach to identify surge incidences in gross domestic product (GDP) per capita growth rates and FDI inflows (measured as percentage of GDP) for each country included in the sample. Three different criteria are used to identify surge instances. As a preliminary analysis the author used the probit and complementary log–log regression methods to estimate the likelihood of growth surge occurrence. To correct the potential endogeneity problem the author jointly estimated the growth surge and FDI surge equations using the recursive bivariate probit (RBP) regression.

The author found that East Asia and the Pacific region has highest rate of growth surge incidences followed by South Asia. The results suggest that surge in FDI inflows significantly increases the likelihood of growth surge. The finding is robust to alternative surge definitions and methods of estimation.

The analysis reveals that inbound FDI flow is a critical driver of economic growth in developing countries. Large FDI inflows matters for achieving rapid economic growth. Therefore developing countries should adopt favourable policies to attract more FDI. Policymakers should focus on improving the investment climate of the country to boost domestic investment and to attract larger amount of FDI into the economy.

To the best of the author’s knowledge this is the first study to examine whether surge in FDI inflows stimulates surge in economic growth in developing countries. The analysis reveals that FDI surge is a robust predictor of rapid economic growth in developing countries.

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

During the great post–World War II economic expansion, modernization theorists held that the new American capitalism balanced mass production and mass consumption, meshed profitability with labor's interests, and ended class conflict. They thought that Keynesian policies insured a near full-employment, low-inflation, continuous growth economy. They viewed the United States as the “new lead society,” eliminating industrial capitalism's backward features and progressing toward modernity's penultimate “postindustrial” stage.⁷ Many Americans believed that the ideal of “consumer freedom,” forged early in the century, had been widely realized and epitomized American democracy's superiority to communism.⁸ However, critics held that the new capitalism did not solve all of classical capitalism's problems (e.g., poverty) and that much increased consumption generated new types of cultural and political problems. John Kenneth Galbraith argued that mainstream economists assumed that human nature dictates an unlimited “urgency of wants,” naturalizing ever increasing production and consumption and precluding the distinction of goods required to meet basic needs from those that stoke wasteful, destructive appetites. In his view, mainstream economists’ individualistic, acquisitive presuppositions crown consumers sovereign and obscure cultural forces, especially advertising, that generate and channel desire and elevate possessions and consumption into the prime measures of self-worth. Galbraith held that production's “paramount position” and related “imperatives of consumer demand” create dependence on economic growth and generate new imbalances and insecurities.⁹ Harsher critics held that the consumer culture blinded middle-class Americans to injustice, despotic bureaucracy, and drudge work (e.g., Mills, 1961; Marcuse, 1964). But even these radical critics implied that postwar capitalism unlocked the secret of sustained economic growth.

Outlines the process, which commenced at least a century ago, during which appropriate prerequisites for rapid growth were established. Explains that, by 1960, Korea already possessed a semi‐developed economy, in terms of physical infrastructure, economic and financial institutions and human resources, and that, given the country’s paucity of natural resources, its human capital had to be the main fount of economic growth. Notes that, in this respect, it was well‐endowed with both a substantial body of vigorous entrepreneurs and an abundant supply of industrious workers, and that levels of education and training were also rising rapidly. Describes how the population’s receptivity to change and desire for modernization had been kindled by various foreign influences, including the long period of Japanese colonization, the Second World War, the post‐war American presence and the Korean War. Details how, after this war, the continued military threat from the north underlined the need for rapid industrialization, and how, against this background, President Park triggered rapid growth based on export‐oriented industrialization.

It is generally agreed that policy reforms have been more successful in China than in South Asia. The purpose of this paper is to argue that the relative success of China can be explained by the differences in initial conditions and in the design and sequencing of policies. The reform path followed by China placed reform of agriculture and rural light industry ahead of economic liberalization policies. South Asia, on the other hand, followed an opposite sequence with macroeconomic, trade, and industrial reforms coming ahead of agriculture and institutional reforms. This paper also finds that economic policies have mattered in South Asia and it develops an unfinished reform agenda comprising mainly the so‐called second generation reforms which is necessary to propel South Asia to a higher growth trajectory.

The paper argues that the difference in economic performance between China and South Asia in the post‐reform period can be explained by the differences in initial conditions and the design and sequencing of policies.

This paper finds that economic reforms have been more successful in raising economic growth and reducing poverty in China than in South Asia because of differences in initial conditions and the design and sequencing of reforms. Going forward, South Asia needs to focus on the implementation of the so‐called second generation reforms (agriculture, industrial, and the more microeconomic institutional reforms) more vigorously. This will, however, pose a serious challenge to the countries because these reforms generate benefits only in the longer term and therefore require a wider political consensus for their implementation. Yet without these reforms, sustained higher economy growth in the future and catch‐up with East Asia will not be possible.

The paper argues that difference in economic performance between South Asia and China can be partially explained by the way in which they designed their reform paths and it also develops a reform agenda that South Asian countries could implement to improve their economic performance. Hence the value of the paper is for both scholars and policy makers at large.

This paper aims to attempt to compare the development strategies and achievements of India and China in the last 50 years and to analyse the challenges lying ahead if the trend continues.

The paper critically evaluates the growth strategies of the two economies. Changes in approaches, achievements and failures are analysed using materials from past research and secondary data. Impacts of economic reform process and economic management capabilities have been evaluated. Critical analysis is the main approach of the paper.

Based on the experiences of economic growth so far with reformed and open economies, India can learn several things from China. China has achieved better results based on investment‐driven export‐oriented policies that may not be sustainable in the long run. It has so far ignored the socio‐political issues, which can have very serious consequences in the future. Relatively slower economic growth in India is based on stronger socio‐economic foundations. Mutually beneficial economic cooperation between the two economies and rising interdependence with regional and global powers should provide a better future.

The paper provides a comprehensive picture of strategies, outcomes and possibilities. It links past development strategies to future challenges. It may be of value to researchers and policy makers in both economies while considering future directions.

The volume of road freight movement in the UK has more than doubled over the past 25 years and its present growth is considerably exceeding official forecasts made in 1984. An attempt is made to explain why this growth has occurred, taking account of the close relationship between tonne‐kilometres and economic growth and outlining several spatial processes likely to have contributed to freight traffic growth. The spatial concentration of economic activity is identified as the dominant influence. The growth process appears to have undergone a major change during the 1980s, with the increase in average length of haul easing and the earlier downward trend in freight tonnage being sharply reversed. The implications of these recent trends for future freight traffic growth are discussed and an assessment made of the likely impact of the Channel Tunnel and deregulation of international haulage on the volume of road freight movement in the 1990s.

The paper aims to examine the effects of floods on economic growth in India from 1980 to 2019, taking into account the role of foreign direct investment (FDI) inflows and foreign aid.

The study uses augmented Dickey–Fuller (ADF) and Phillip–Perron (PP) tests to determine the stationarity of the variables. Several models, including autoregressive distributed lag (ARDL), fully modified ordinary least square (FMOLS), dynamic ordinary least square (DOLS) and canonical cointegration regression (CCR), are used to examine the impact of floods on economic growth.

The bounds test determines the long-term relationship between floods, FDI inflows, economic growth and foreign aid. According to the ARDL and FMOLS models, floods have a negative long-term and short-term impact on India’s economic growth. Furthermore, FDI inflows and foreign aid are beneficial to economic growth. The findings of the ARDL and FMOLS models are confirmed by the DOLS and CCR models. Granger causality establishes a unidirectional causality that extends from floods to economic growth. Further diagnostic tests show that the estimates are free of heteroskedasticity, serial correlation and parameter instability.

Indian government needs to invest more in research and development on flood management techniques. Institutional strengthening is also required to implement pre- and post-flood prevention measures properly. Sound disaster financing strategy and proper water bodies management should be prioritised. Foreign investment opportunities should be encouraged by strengthening international relations.

This is the first time-series study that analysed the effects of floods on economic growth in India. Moreover, the paper contributes to floods literature by applying several econometric models for robustness check.