Thirty-eight years ago, the first comprehensive analysis on the consequences of inbound foreign direct investment (FDI) for a host country was published (Dunning 1958). The subject of study was the UK; since that date, similar investigations have been undertaken—with varying degrees of sophistication—for almost every country in the world.¹ Hundreds of books, theses and government reports, and thousands of papers in academic and professional journals have been written on the topic,² and scarcely a day goes by without some newspaper or magazine article lauding or denigrating the globalization of business activity.