Globalization's New Logic: The Rise of Developing-World Multinationals
2007 May 2008 - World Politics Review Exclusive Simon Roughneen writes: In March, India's Tata Group made headlines with its $2.3 billion acquisition of Jaguar and Land Rover (JLR) from Ford, the latest in a series of high-profile mergers and acquisitions in which well-known Western brands such as IBM, Barclays Bank, Tetley Tea and Corus steel have been bought, in part or entirely, by multinational corporations from developing economies. Those with a longer historical view might recall that it was private business -- the British East India Company -- that imposed imperial control over the "brightest jewel in the empire," before crown rule was implemented in 1858. With Tata scooping up two high-prestige British brands, a reversal of historic proportions appears to be taking place. Meanwhile, during the recent worldwide credit crunch, sovereign wealth funds, state-run investment vehicles often controlled by resource-rich developing countries, have helped bail ou...