Abstract
This chapter explores the parallel evolution of international business forms, the context for international business, and that ways that IB scholars frame these two. It employs a capabilities-based perspective, the RAT-CAT framework, to argue that Emerging Market Multinational Companies do have so-called “O-advantages”, built both on experience at home and learning abroad, and applies this framework both to traditional multinationals based on horizontal FDI and to Global Value Chain Enterprises based on vertical FDI.
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