As a consequence of liberalization policies in the European Union (EU), a number of formerly inward-looking incumbents in telecommunications and electricity transformed themselves into some of the world's leading multinationals. The relationship between liberalization and incumbent internationalization, however, is contested. Three political economy arguments on this relationship are tested. The first claims that incumbents most exposed to domestic liberalization would internationalize most.
Experience keywords
Economic Development; World Economy; International Economic Institutions: United Nations, OECD, European Union Public policy; Industrial and technology policy; Employment Policy; Latin America Development; Public Services, Public Enterprises, Foreign Direct Investment