{"resolved":true,"match_type":"uuid","source_type":"original_book","book_id":"4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe","title":"Zombie Capitalism Global Crisis and the Relevance of Marx","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9781608461042","requested_by":"printed_page","book":{"source_type":"original_book","book_id":"4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe","id":"4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe","uuid":"4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe","title":"Zombie Capitalism Global Crisis and the Relevance of Marx","normalized_title":"zombiecapitalismglobalcrisisandtherelevanceofmarx","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9781608461042","isbns":["9781608461042"],"parsed":true,"ai_readable":true,"document_type":"book","page_count":426,"navigation_url":"https://workshop.closeclaw.top/ai/book/4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe","title_url":"https://workshop.closeclaw.top/ai/title/Zombie%20Capitalism%20Global%20Crisis%20and%20the%20Relevance%20of%20Marx","fixed_page_url_template":"https://workshop.closeclaw.top/ai/book/4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe/page/{printed_page}","path_api_url_template":"https://workshop.closeclaw.top/api/ai/book/4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe/page/{printed_page}","read_url":"https://workshop.closeclaw.top/api/ai/read/4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe","page_url":"https://workshop.closeclaw.top/api/ai/books/4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe/page","search_url":"https://workshop.closeclaw.top/api/ai/books/4a3d22bd-c5b9-47a4-a022-bd35d44d9bfe/search"},"page":{"printed_page":260,"pdf_page":260,"physical_index":260,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"297ccd71fb67e962f95a91fe1bc3b76e3f1479ab4970100de892bafa2d5af381"},"chapter":"Zombie Capitalism Global Crisis and the Relevance of Marx","content":"Every year UNCTAD provides a list of the top 100 multinationals and their \"transnationality index\" -the proportion of their sales, assets and investments which are located outside their \"home\" country. These figures are sometimes said to show how little multinationals depend on a national base. But in fact they can be looked at another way. In 2003 the top 50 multinationals still relied on their home base for over half their business. And the 20 with the highest ratios of foreign sales were mostly from small, open economies such as Canada, Australia and Switzerland, or are members of the EU such as Finland, France, the UK, Germany and Sweden whose sales are oriented to close neighbours. None of the US multinationals figured in the list of the most international global firms.20\n\nAverage Transnationality of the world's largest transnational corporations (TNCs) 2003\n\nThe proliferation of cross-border mergers did not mean that they represented the only, or even the dominant form of restructuring. They counted for only a quarter of all mergers21-and many were unsuccessful.22 And only a small portion of global investment was across national borders. Tim Koechlin showed that although the stock of American FDI had \"grown quite dramatically\", from \"\\$32 billion in 1960 to \\$2,063 billion in 2004\", this represented \"a relatively small share of all US investment\", with the ratio of foreign direct investment outflows to all investment at only 7.3 percent\" .23 For manufacturing, the ratio was higher, at 20. 7 percent-\"but was down on the figure of 35 .4 percent in 1994\". 24 He concludes, \"Although the investment process has become increasingly 'global' . . . capital accumulation remains an essentially national phenomenon\". 25 What is more, foreign direct investment figures gave an exaggerated impression of the mobility of productive capacity, rather than of the ownership of it. UNCTAD figures bore out a point Riccardo Bellofiore made at the end of the 1990s. Foreign investment mostly involved buying up existing enterprises, not new ones, so that:\n\n260\n\nThe New Age of Global Instability","previous_page":259,"next_page":261}