Adam Smith's theory of knowledge and international business theory and practice

Peter J. Buckley

doi:10.4337/9781786431332.00014

Adam Smith's theory of knowledge and international business theory and practice

Peter J. Buckley^*

^*Corresponding author for this work

PMO Comparative & International Business

Research output: Chapter in Book/Conference proceeding › Chapter › peer-review

Abstract

This paper demonstrates that Adam Smith's insights and reasoning can improve the theory of international business, and shed light on its academic practices. Smith was a system builder; his theory of knowledge underpinned his entire oeuvre, and understanding his systematic approach can help current international business to achieve a similarly coherent body of theory. Smith's approach sheds direct light on decision-making in multinational enterprises, and on cultural distance (the "liability of foreignness"). Combining these two areas yields new Smithian insights into multinational enterprises from emerging countries.

Original language	English
Title of host publication	The Global Factory
Subtitle of host publication	Networked Multinational Enterprises in the Modern Global Economy
Editors	Peter J. Buckley
Publisher	Edward Elgar
Chapter	6
Pages	78-85
Number of pages	8
ISBN (Electronic)	9781786431332
ISBN (Print)	9781786431325
DOIs	https://doi.org/10.4337/9781786431332.00014
Publication status	Published - 23 Feb 2018

Keywords

Adam smith
Cultural distance
Decision making
Emerging-market multinationals
History of thought
Integration of pre-existing theoretical approaches

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10.4337/9781786431332.00014

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Adam Smith's theory of knowledge and international business theory and practice

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