Forum: Special Political and Decolonisation Committee (GA4)
Issue: The Question of using Foreign Direct Investments (FDIs) and Official Development Assistance (ODA) to coerce Policy Decisions from Recipient Countries
Student Officer: Ioulianos Kotsios
Position: Chair
PERSONAL INTRODUCTION
Dear delegates,
My name is Ioulianos Kotsios and I am a senior at Pierce – The American College of Greece. This year, I will have the honor of serving as the Chair of the Special Political and Decolonization Committee, during the 10th session of Platon School Model United
Nations. This will be my 9th time chairing and my 16th conference overall. PSMUN will
be my last time as a Student Officer, and I couldn’t be happier to share the end of this life changing journey with you all.
Through this study guide I am to assist you in understanding the second topic, of 4th
Committee of the General Assembly, as it provides necessary information. Bear in mind that conducting research on your own is an essential part of your preparation. Prior to the conference, you have to find your country’s stance on the matter at hand and prepare for the debate.
If you have any questions, or you need help, do not hesitate to contact me through my email; [email protected].
Looking forward to meeting you all, online, in March!
Best regards, Ioulianos Kotsios
TOPIC INTRODUCTION
Throughout the previous decades various measures have been taken in order help countries financially, specifically in the business sector. Investments were made from countries and companies who didn’t have any particular interest in the profit they might be getting, rather in the power they would acquire.
The most common ways that countries and their companies have been helped are through Foreign Direct Investments (FDIs) and Official Development Assistance (ODA). FDI and ODA are two different ways to provide money to companies and governments in need, mostly in Less Economically Developed Countries (LEDCs).
FDIs have as goal to enter the economy of a country and provide financial assistance to companies that seek to upgrade their technological infrastructure and expertise or don’t have any of the latter and seek to gain them. Recently a question has risen; whether FDIs are still an indispensable resource for states or just an investment by people who want to gain power by using their wealth.
ODA was, at first, provided by states in a form of aid. Governments which provided that aid wanted to boost the economy of the countries which received it. Recipients included mostly developing countries. ODA, recently, has been a much-criticized way to give foreign assistance as, in most cases, providers grant amounts of money with a time limit to pay back. That makes ODA more of a loan rather than aid, something that was not intended when funds were first allocated.
Both of the aforementioned ways have been criticized due to the fact that those who invest now always have as ultimate goal to gain power because of the money they have given. When FDI and ODA first appeared, they both seeked to help the economies of LEDCs but now this has changed and they have both become power gaining mechanisms.
KEY TERMS
Foreign Direct Investment (FDI)
“A Foreign Direct Investment (FDI) is an investment made by a firm or individual in one country into business interests located in another country. It takes place when an investor establishes foreign business operations or acquires foreign business”.1
Official Development Assistance (ODA)
“Official Development Assistance (ODA) is defined by the Organization for Economic Co-operation and Development (OECD) as government aid that promotes and specifically targets the economic development and welfare of developing countries”.2
1 Chen, James. “Foreign Direct Investment (FDI).” Investopedia, Investopedia, 28 Aug. 2020, www.investopedia.com/terms/f/fdi.asp.
2 “Official Development Assistance (ODA).” OECD, www.oecd.org/dac/financing-sustainable-development/development-finance-standards/official-development-assistance.htm.
Capital Flow
“Capital flows refer to the movement of money for the purpose of investment, trade, or business operations. Inside of a firm, these include the flow of funds in the form of investment capital, capital spending on operations, and research and development”.3
Capital Stock
“Capital stock is the amount of common and preferred shares that a company is authorized to issue, according to its corporate charter. Capital stock can only be issued by the company and is the maximum number of shares that can ever be outstanding”.4
Multinational Corporations (MNCs)
“A multinational corporation (MNC) has facilities and other assets in at least one country other than its home country. A multinational company generally has offices and/or factories in different countries and a centralized head office where they coordinate global management.”5
Globalization
“Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information.”6
Less Economically Developed Countries (LEDCs)
“Less Economically Developed Countries (LEDCs) are countries that, according to the United Nations, exhibit the lowest indicator of socioeconomic development, with the lowest Human Development Index ratings of all countries in the world.”7
More Economically Developed Countries (MEDCs)
“More Economically Developed Countries (MEDCs) are countries which are economically advanced and characterized by large industrial and service sectors, high levels of gross national product and income per capita”.8
3 Chen, James. “Capital Flows.” Investopedia, Investopedia, 9 Sept. 2020, www.investopedia.com/terms/c/capital-flows.asp.
4 Ganti, Akhilesh. “What Is Capital Stock?” Investopedia, Investopedia, 31 Dec. 2020, www.investopedia.com/terms/c/capitalstock.asp.
5 Chen, James. “Multinational Corporation (MNC).” Investopedia, Investopedia, 28 Aug. 2020, www.investopedia.com/terms/m/multinationalcorporation.asp.
6 “What Is Globalization?” PIIE, 6 Jan. 2021, www.piie.com/microsites/globalization/what-is-globalization.html.
7 “Least Economically Developed Countries.” Wikipedia, Wikimedia Foundation, 23 Jan. 2021, https://en.wikipedia.org/wiki/Least_Developed_Countries
8 “More Economically Developed Country.” The Free Dictionary, Farlex, financial-dictionary.thefreedictionary.com/More+economically+developed+country.
Gross Domestic Product (GDP)
“Gross domestic product (GDP) is the total monetary or market value of all the finished goods and services produced within a country's borders in a specific time period. It functions as a comprehensive scorecard of a given country’s economic health”.9
United Nations Sustainable Development Goals (SDGs)
“The Sustainable Development Goals (SDGs), also known as the Global Goals, were adopted by all United Nations in 2015 as a universal call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity by 2030”.10
HISTORICAL INFORMATION
Foreign Direct Investments (FDIs)
Domestic capital has appeared to be insufficient for the development of countries in the recent years. This means that the capitals many countries have cannot make them competitive in the global markets. FDIs constitute important financial resources when given to companies as they boost their capital.
Economists have stated that the idea of investments staying within the home state with the hope of the state’s development has been long gone now. Foreign investments have become an indispensable element of states’ development regarding labor and openings to global markets. FDIs are also required in terms of carrying out the energy necessary for infrastructure and natural resources excavation as they both have high costs. Investors are truly needed when discussing these costs and the ways of financing the projects.
History of Foreign Direct Investments (FDIs)
History has shown the LEDCs are the countries which were and still are mostly in need of FDIs in order for their economy to be strengthened via the business sector. The ultimate goal is to continue their development mainly through technological infrastructure and capital, as well as expertise.
During the 18th and 19th centuries, investments were made for the sake of colonial
expansion. In this period the investments were from the imperialist towards the colonial states and they mainly were for the excavation of natural resources. Any kind of wealth generated in the period of times is strongly considered to be tied to the political goal of territorial sovereignty; namely imperialism.
Developments in the 20th Century
By 1914, it was estimated that FDIs accounted globally for $15 billion with the United Kingdom (UK) being the major investor followed by the United States of America (USA).
9 Fernando, Jason. “Gross Domestic Product (GDP).” Investopedia, Investopedia, 13 Nov. 2020, www.investopedia.com/terms/g/gdp.asp.
10 “Sustainable Development Goals.” UNDP, www.undp.org/content/undp/en/home/sustainable-development-goals.html.
The United States, while being the second major investor, was also the first biggest recipient of FDIs. A few years later, in 1938, FDIs had risen to $66 billion with the UK still being the global major investor. During this period, the most FDIs were given to countries in Central and South America, with some of them also going to states in Asia. This biggest sector targeted at this point was the agriculture and mining.
During the first half of the 1980s, there was a significant economic stagnation. Commodity prices started falling while major industrial countries faced recession and this had, as a result, global interest rates becoming higher. All of the latter factors triggered a global debt crisis. Many countries started some structural adjustment programs in order to re-orient their economies towards the private sector, while targeting international trade and competiveness between states. As a result, FDI flows towards LEDCs began again during the second half of the 1980s.
During the 1990s, the most foreign investors were attracted by countries where the privatization was open to people from abroad, such as Argentina, Chile and Columbia. FDIs in infrastructure also grew rapidly during that decade as more countries opened their private sector for investments. In 1998, FDIs coming from the US to developing countries were allocated as follows: 14% in agriculture, mining or petroleum; 59% in services and 27% in manufacturing.
Recent Developments
“Today, foreign direct investments and foreign investors are increasing their importance and share in the international arena”.11 In 2015, FDIs accounted for a grand
total of $1.7 trillion, the highest figure since the beginning of the global financial crisis in 2009. However, since 2015, FDIs have been experiencing a downward trend. The decline that they experienced in 2015 only was described as a three-consecutive-year fall all in one. Even though FDIs revised in 2017 back to $1.7 trillion, one year later they experienced a 13% slide, which resulted to a final outflow of $1.3 trillion. 2019 ended with the total of FDIs accounting for just a bit over $210 billion.
Official Development Assistance (ODA)
Official Development Assistance (ODA) has played a significant role in the development process in many developing countries, since the end of the Second World War. “Thus, in the spirit of international partnership for development, the international community acquiesced on the need for increased ODA flows to developing countries, most of which are in Africa”12. ODA has proved to be very efficient and
because of that need it has increased. However, while the need has increased, the flow has decreased.
11Koluman, Emre. “Historical Development Of Foreign Direct Investments: Will Direct Investments Continue To Influence Countries' Economies? - Government, Public Sector - Turkey.” Welcome to Mondaq, Koluman Law, 2 Nov. 2020,
www.mondaq.com/turkey/inward-foreign- investment/1000696/historical-development-of-foreign-direct-investments-will-direct-investments-continue-to-influence-countries39-economies.
12 Olaniyan, R. Omotayo. “Official Development Assistance and Sustainable Development in Africa: Towards a New Strategy.” United Nations, https://www.un.org/esa/sustdev/documents/04olan.pdf
The United Nations (UN) having in mind that ODA would at some point decrease, because of its continuously increasing demand, passed Resolution A/RES/2626 (XXV), during the 25th Session of the General Assembly (GA) in 1970. The resolution called for
all More Economically Developed Countries (MEDCs) to allocate each year 0.7% of their Gross Domestic Product (GDP) toward development assistance and specifically stated: “Each economically advanced country will progressively increase its official development assistance to the developing countries and will exert its best efforts to reach a minimum net amount of 0.7 percent of its gross national product”13.
Due to the fact that most of the MEDCs are located in Africa, the UN have called for no discrimination while allocating development assistance to nations in need. Specifically, since the adoption of the Sustainable Development Goals (SDGs) in 2015, the General Assembly has called for SDG 10 to be enforced while the allocation takes place. SDG 10 is officially named “Reduce inequality within and among countries”.
The Colombo Plan
The Colombo Plan for Cooperative Economic and Social Development in Asia and the Pacific is a regional organization of 27 countries which aims to strengthen economic and social development among countries in the Asia-Pacific region.
British Foreign Minister, Ernest Bevin, was the Chairman of the 1950 Commonwealth of Nations Conference of Ministers, in Colombo, Ceylon, and proposed, at the directions of Indian diplomat Sardar K. M. Panikkar, a multilateral fund to help battle the communist movements in Southeast Asia. Originally intended to last for 8 years, it was extended multiple times, until 1980 when it was made indefinite. Through the years a group of seven Commonwealth nations grew to become an organization of 27 powerful countries.
The Colombo Plan is a primal example of ODA as it was established long before the Organization for Economic Co-operation and Development even discussed the idea of Official Development Assistance. The Colombo Plan is an example of ODA because countries, within the group, allocate amounts annually to members of the organization in order to ensure their goal will best achieved.
The Marshall Plan
The Marshall Plan, officially the European Recovery Program (ERP), was an initiative for foreign aid toward Western Europe by the United States Government in 1948. The US Congress agreed to allocate $12 billion (equivalent to $130 billion in 2019) in economic recovery programs. “The goals of the United States were to rebuild war-torn regions, remove trade barriers, modernize industry, improve European prosperity, and prevent the spread of communism. The Marshall Plan required a reduction of interstate barriers, a dropping of many regulations, and encouraged an increase in
13 “Where Can I Find the First General Assembly Resolution Setting 0.7% of GDP as the Target for Development Assistance? - Ask DAG!” United Nations, United Nations, ask.un.org/faq/273591.
productivity, as well as the adoption of modern business procedures”14. It operated
for four years, starting April 3, 1948.
The funds of the Marshall Plan were allocated roughly based on a per capita basis amongst the European countries. However, more aid was given to countries which were part of the Allied Forces and less to the ones who supported the Axis or remained neutral throughout the Second World War. About 18 countries received aid from the US. Even though it was proposed to the Soviet Union to be given part of the fund, the Soviet Government refused and even blocked other countries from accepting aid, such as Hungary and Poland.
The Marshall Plan is the primal major example of ODA and the results it can have in nations. The outstanding majority of the countries, where aid was provided to, recovered both economically and socially due to the idea of this ODA being enforced. Marshall Plan was given as an example from officials of the OECD while introducing the idea of Official Development Assistance.
The Problem
Recently there has been lots of criticism towards both measures of financial assistance. Many have debated that more bad is made than good, as investors and countries give many with the hope that they will gain something in return. Investors seek to gain powers within the foreign company they invest and countries seek to gain power within the government they grant money to. That means that investors and countries want to have a say to everything but most importantly coerce decisions that will benefit them.
COUNTRIES AND ORGANISATIONS INVOLED IN THE ISSUE
France
France has long played an important role in this issue. According to a research, France was the largest recipient of FDI in Europe, ahead of Germany and the United Kingdom. Multinational Services Network, Ernst & Young that this is due to President Macron’s reforms of corporate taxation and labor laws, which were all well received by international as well as domestic investors. France is also, according to the OECD, number 5 of the 15 countries which give the highest ODA globally. In 2015, France allocated $9.23 billion as ODA.
Japan
Japan has for long now been allocating high percentages of its GDP towards ODA. It was one of the few countries to immediately enforce Resolution A/RES/2626 (XXV) and
14 “Marshall Plan.” Wikipedia, Wikimedia Foundation, 19 Jan. 2021, en.wikipedia.org/wiki/Marshall_Plan.
given 0.7% of its GDP. Specifically, the OECD ranked Japan as the 4th highest contributor
for ODA globally, giving annually around $9.32 billion.
Germany
Germany also plays an important role in the issue. It has been receiving for many years now a lot of FDIs. However, in 2019 it was accounted that it received 50% less of the $74 billion it received in 2018, but it is still considered a good place for foreign investments. Regarding ODA, Germany ranks 3rd amongst the 15 highest contributors
for ODA providing a total of $17.78 billion, per annum.
Nigeria
Nigeria is a very significant exporter of fossil fuels, specifically oil. This has benefited many MEDCs towards coercing the, already much, unstable government by purchasing high amounts of oil. A good example is the United States of America which acquires about 988,000 barrels daily and provides the Nigerian economy with around $36 billion annually, making the country the second exporter of oil to the US just behind Saudi Arabia15. The country has been also coerced by being provided with funds,
namely FDIs, in order to acquire means to extract natural resources.
People’s Republic of China (PRC)
China was, according to experts, the biggest recipient of FDI during 2020. It is reported that during the Covid-19 year, the country received about $163 billion in foreign investment inflows. The country’s economy picked up during the last quarter of the year, after a very bad start due to the coronavirus spread, within its borders. China has been characterized as the country that can no longer be coerced. This statement comes after the fact that the country from where the pandemic started rapidly recovered compared to many other “superpowers”.
Saudi Arabia
Saudi Arabia might have not always had the best relationship with other countries in regards to foreign policy; however, the oil market is another area. The United States of America receive, approximately, 1,529,000 barrels of oil daily from Saudi Arabia, providing the latter with an income of around $56 billion, per annum16. Saudi Arabia,
though a strong and economically independent country, has been many coerced by the USA due to the high amounts of oil the latter buys.
Sweden
Sweden has recently become one of the world’s largest investors. According to the World Investment Report of 2020 of the United Nations Conference on Trade and Development (UNCTAD) “FDI inflows increased enormously in 2019, reaching USD 20
15 Rebecca Lefton and Daniel J. Weiss. “Oil Dependence Is a Dangerous Habit.” Center for American Progress, www.americanprogress.org/issues/green/reports/2010/01/13/7200/oil-dependence-is-a-dangerous-habit/.
16 Rebecca Lefton and Daniel J. Weiss. “Oil Dependence Is a Dangerous Habit.” Center for American Progress, www.americanprogress.org/issues/green/reports/2010/01/13/7200/oil-dependence-is-a-dangerous-habit/.
billion, compared to USD 3,8 billion in 2018, mainly due to the rise of EU investments. FDI stock was about USD 339 billion in 2019. Sweden is also a large investor, FDI outflows reached USD 23 billion in 2019”17. Sweden is, also, the 6th highest contributor
of global ODA and gives approximately $7.09 annually.
United Kingdom (UK)
The United Kingdom (UK) has been for many years now described as a country which welcomes foreign investments. Former Prime Minister, Theresa May, while in office, sought investments from the Middle East specifically and others which would benefit the UK’s energy infrastructure. The United Kingdom is also very keen regarding ODA as it provides about $18.70 billion per year, making the country the second highest contributor globally.
United States of America (USA)
The United States of America (USA) have, in the recent years, been an open economy welcoming foreign investments. According to White House data from 2011 about 5.7 million US citizens were working at companies highly dependent on foreign investments. In 2013, the US Congress passed Global Investment in American Jobs Act which called for the Department of Commerce "conduct a review of the global competitiveness of the United States in attracting foreign direct investment"18.
“Supporters of the bill argued that increased foreign direct investment would help job creation in the United States”19. The United States is also the biggest contributor of
ODA globally. Every year the US Government provides around $31.08 billion, almost 40% more than the second largest ODA contributor, the UK.
Organization for Economic Co-Operation and Development (OECD)
The Organization for Economic Co-Operation and Development (OECD) is an intergovernmental economic organization with 37 members. “It is a forum of countries describing themselves as committed to democracy and the market economy, providing a platform to compare policy experiences, seek answers to common problems, identify good practices and coordinate domestic and international policies of its members”20.
OECD is the organization that first introduced the idea of Official Development Assistant. Together with a committee, under its auspices, namely, the Development Assistance Committee (DAC) they oversee the allocation of ODA around the globe.
Development Assistance Committee (DAC)
“The Development Assistance Committee (DAC) of the OECD is a forum to discuss issues surrounding aid, development and poverty reduction in developing countries.
17 “Sweden: Foreign Investment.” Foreign Investment in Sweden - Santandertrade.com, santandertrade.com/en/portal/establish-overseas/sweden/foreign-investment.
18 Terry, Lee. “Text - H.R.2052 - 113th Congress (2013-2014): Global Investment in American Jobs Act of 2013.” Congress.gov, 10 Sept. 2014, www.congress.gov/bill/113th-congress/house-bill/2052/text. 19 Kasperowicz, Pete. “House Passes Bill Aimed at Boosting Foreign Direct Investment in the U.S.” TheHill, 4 Feb. 2016, thehill.com/blogs/floor-action/house/321187-house-passes-bill-aimed-at-boosting-foreign-direct-investment-in-the-us.
It describes itself as being the "venue and voice" of the world's major donor countries. The work of the committee concentrates on how international development cooperation contributes to the capacity of developing countries to participate in the global economy, and the capacity of people to overcome poverty and participate fully in their societies.”21
TIMELINE OF EVENTS
DATE EVENT1602 World’s first multinational corporation was established, namely the Dutch
East Indian Company.
1606 The Virginia Company was established. It was the first FDI in the American
continent.
1914 The FDIs stock was about $15 billion and the UK was the largest source of
investments.
1914 In LEDCs, FDIs accounted for about 40% of their GDPs.
1938 FDIs stock had risen to $66 billion, UK was still the largest source of
investments.
1950 The Colombo Plan was established.
1969 The DAC of the OECD introduced for the first time the term Official
Development Assistance (ODA).
1970 The General Assembly of the UN proposed that donor-countries allocate
0.7% of their GDP, per annum.
1990-1995
FDIs accounted for 30% of the total investment outflows.
2013 The DAC calculated the year’s ODA to be around $135 billion, the highest
level ever recorded.
2015 FDIs increased by 38% (total of $1.7 trillion), the highest figure since 2009. 2016 FDIs saw a downward trend, which was described as a
three-consecutive-years one.
2019 FDIs flows were accounted to be around $210 billion, 87.6% less than in
2015.
2019
According to the US Bureau of Economic Analysis (BEA) manufacturing represented the top industry globally funded by FDIs. More than 40% of the global FDIs were allocated to the aforementioned sector.
POSSIBLE SOLUTIONS
Monitor the Investments
An independent agency could monitor the investment that are made and the amount given to the companies. This would prevent anyone from investing for just for their own well and in order for them to coerce decisions that would benefit themselves. The
21 “Development Assistance Committee.” Wikipedia, Wikimedia Foundation, 30 Nov. 2020, en.wikipedia.org/wiki/Development_Assistance_Committee.
investments could be monitored by the United Nations and specifically the World Bank or by one of its institutions, namely the International Bank for Reconstruction and Development (IBRD). Also, economic specialist could be appointed in positions to monitor the transactions due to the knowledge they have.
Specific Amount of Official Development Aid Given
Setting specific amount that can be given by a country to another as a form of ODA would prevent them from coercing decisions as the amount would always be the same and the first could never be benefiting by giving more, in order for their needs to become a reality from the latter.
Set a Limit to receiving Aid
Setting a limit to how many times a nation can receive ODA would be very beneficial. The investing country would not only lose its power over the country which would constantly receive money to provide to the first but also other countries in need will get ahold of ODA which would definitely boost their economy. Furthermore, if setting a general limit cannot be possible, it would be a good idea for a consecutive times ODA limit to be enforced for all the aforementioned reasons.
BIBLIOGRAPHY
“Foreign Direct Investment.” Wikipedia, Wikimedia Foundation, 9 Jan. 2021, en.wikipedia.org/wiki/Foreign_direct_investment.
“Official Development Assistance (ODA).” OECD, www.oecd.org/dac/financing- sustainable-development/development-finance-standards/official-development-assistance.htm.
“Official Development Assistance.” Foreign Policy, Ministry of Foreign Affairs of Japan, https://www.mofa.go.jp/policy/oda/summary/1994/1.html
“Official Development Assistance.” Wikipedia, Wikimedia Foundation, 7 Jan. 2021, en.wikipedia.org/wiki/Official_development_assistance.
“Where Can I Find the First General Assembly Resolution Setting 0.7% of GDP as the Target for Development Assistance? - Ask DAG!” United Nations, United Nations, ask.un.org/faq/273591.
Chen, James. “Foreign Direct Investment (FDI).” Investopedia, Investopedia, 28 Aug. 2020, www.investopedia.com/terms/f/fdi.asp.
Führer, Helmut. “The Story of Official Development Assistant.” Organization for Economic Co-Operation and Development, 1996, https://www.oecd.org/dac/1896816.pdf
Hynes, W. and S. Scott (2013), “The Evolution of OfficialDevelopment Assistance: Achievements, Criticisms and aWay Forward”, OECD Development Co-operation WorkingPapers, No. 12, OECD Publishing.http://dx.doi.org/10.1787/5k3v1dv3f024-en Inter-Agency Task Force on Financing for Development. “Official Development Assistance.” United Nations, 2016, https://www.un.org/esa/ffd/wp-content/uploads/2016/01/ODA_OECD-FfDO_IATF-Issue-Brief.pdf
Koluman, Emre. “Historical Development Of Foreign Direct Investments: Will Direct Investments Continue To Influence Countries' Economies? - Government, Public Sector - Turkey.” Welcome to Mondaq, Koluman Law, 2 Nov. 2020,
www.mondaq.com/turkey/inward-foreign-investment/1000696/historical- development-of-foreign-direct-investments-will-direct-investments-continue-to-influence-countries39-economies.
Lipsey, Robert E. “Foreign Direct Investment and the Operations of Multinational Firms: Concepts, History, and Data.” NBER, 13 Dec. 2001, www.nber.org/papers/w8665.
Official Development Assistance
Olaniyan, R. Omotayo. “Official Development Assistance and Sustainable Development in Africa: Towards a New Strategy.” United Nations, https://www.un.org/esa/sustdev/documents/04olan.pdf
United Nations Conference on Trade and Development. “The Role of International Investment Agreements in Attracting Foreign Direct Investment to Developing Countries”, United Nations, https://unctad.org/system/files/official-document/diaeia20095_en.pdf
United Nations Development Programme. “5 Official Development Assistance.” United Nations,https://www.undp.org/content/dam/undp/library/Poverty%20Reduction/Inc lusive%20development/Towards%20Human%20Resilience/Towards_SustainingMDG Progress_Ch5.pdf
“Least Economically Developed Countries.” Wikipedia, Wikimedia Foundation, 23 Jan. 2021, https://en.wikipedia.org/wiki/Least_Developed_Countries
Fernando, Jason. “Gross Domestic Product (GDP).” Investopedia, Investopedia, 13 Nov. 2020, www.investopedia.com/terms/g/gdp.asp.
“Sustainable Development Goals.” UNDP, www.undp.org/content/undp/en/home/sustainable-development-goals.html.
Chen, James. “Multinational Corporation (MNC).” Investopedia, Investopedia, 28 Aug. 2020, www.investopedia.com/terms/m/multinationalcorporation.asp.
“What Is Globalization?” PIIE, 6 Jan. 2021, www.piie.com/microsites/globalization/what-is-globalization.html.
Chen, James. “Capital Flows.” Investopedia, Investopedia, 9 Sept. 2020, www.investopedia.com/terms/c/capital-flows.asp.
Ganti, Akhilesh. “What Is Capital Stock?” Investopedia, Investopedia, 31 Dec. 2020, www.investopedia.com/terms/c/capitalstock.asp.
“Colombo Plan.” Wikipedia, Wikimedia Foundation, 23 Jan. 2021, en.wikipedia.org/wiki/Colombo_Plan.
“Marshall Plan.” Wikipedia, Wikimedia Foundation, 19 Jan. 2021, en.wikipedia.org/wiki/Marshall_Plan.
“More Economically Developed Country.” The Free Dictionary, Farlex, financial-dictionary.thefreedictionary.com/More+economically+developed+country.
“Foreign Direct Investment (FDI) in Germany.” Foreign Direct Investment (FDI) in Germany - Investing - Nordea Trade Portal, www.nordeatrade.com/en/explore-new-market/germany/investment.
“Sweden: Foreign Investment.” Foreign Investment in Sweden - Santandertrade.com, santandertrade.com/en/portal/establish-overseas/sweden/foreign-investment. Kasperowicz, Pete. “House Passes Bill Aimed at Boosting Foreign Direct Investment in the U.S.” TheHill, 4 Feb. 2016, thehill.com/blogs/floor-action/house/321187-house-passes-bill-aimed-at-boosting-foreign-direct-investment-in-the-us.
Terry, Lee. “Text - H.R.2052 - 113th Congress (2013-2014): Global Investment in American Jobs Act of 2013.” Congress.gov, 10 Sept. 2014, www.congress.gov/bill/113th-congress/house-bill/2052/text.
“OECD.” Wikipedia, Wikimedia Foundation, 21 Jan. 2021, en.wikipedia.org/wiki/OECD. “Development Assistance Committee.” Wikipedia, Wikimedia Foundation, 30 Nov. 2020, en.wikipedia.org/wiki/Development_Assistance_Committee.
“China Was Largest Recipient of FDI in 2020: Report.” Reuters, Thomson Reuters, 24 Jan. 2021, www.reuters.com/article/us-china-economy-fdi-idUSKBN29T0TC.
F_200745. China Can No Longer Be Coerced by Any Country - People's Daily Online, en.people.cn/n3/2020/0414/c90000-9679525.html.
Rebecca Lefton and Daniel J. Weiss. “Oil Dependence Is a Dangerous Habit.” Center for
American Progress,
www.americanprogress.org/issues/green/reports/2010/01/13/7200/oil-dependence-is-a-dangerous-habit/.
“Timeline: Oil Dependence and U.S. Foreign Policy.” Council on Foreign Relations, Council on Foreign Relations, www.cfr.org/timeline/oil-dependence-and-us-foreign-policy.
