We are in a new phase of globalization in which we are experiencing rapidly increasing investment flows South-South and South-North. According to the World Investment Report (2008) Outward Foreign Direct Investment from emerging economies reached $253 billion in 2007, the highest level ever recorded representing about 14% of world outward flows. The number of multinationals from emerging economies in the global Fortune 500 has increased from 19 in 1990 to 76 in 2008, with ten of them coming from Latin America Most of the research on multinationals has focused on companies from developed markets. Research on multinationals from emerging economies is relatively new and most of the attention has been focused on multinationals from Asia. Little research has been done on the internationalization strategies and challenges of Latin American multinationals. This book aims to fill this void. Studying Latin American multinationals will not only provide insights into specific strategies deployed by successful firms but will also identify best practices that can be employed by the next generation multinationals from emerging markets.
Introduction The emergence of the Global Latinas 1
Ch. 1 The Leaders of Global Latinas: Long-term planners and flexible visionaries 26
Ch. 2 Brazil's 'national champions': beyond privatization 43
Ch. 3 The Global Mexicans: betting on the US? 62
Ch. 4 Business model innovation in Latin America: making the unusual usual 82
Ch. 5 Latin America as a brand: Hard sell and soft sell 101
Ch. 6 Asia's challenge to Latin America: cooperation and competition 120
Ch. 7 From Global Latina to corporate citizen: are poverty and inequality business issues? 136
Conclusion: Global Latinas and Globalization 3.0 156
Appendix Global Latinas, Financial Data and Selected Rankings 165
Notes 179
Bibliography 201