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《国际政治经济学》文献资料（Political Economy of International Development）The Internationalization of Capital-Stephen Hymer

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The Internationalization of Capital Stephen Hymer The multinational corporation,or the multinational corporate system, has three related sides:international capital movements:international capitalist production;and international government. By international capital movements I refer first to the direct in- vestment of corporations in their overseas branches and subsidiaries, which.at present amounts to about $80 billion for American multi- nationals and about $50 billion for non-American multinationals.Sec- ond,I refer to the associated flows of short-term,long-term,and equity capital stimulated by the multinational corporation,which in turn stimu- late the growth of international finance,that is,deposits in foreign banks, investments in the Eurocurrency and Eurobond market,investments in corporate stock of multinational firms by non-nationals,and so forth. The direct foreign investment by corporations has served as a base for a vast superstructure of credit drawing capital from all over the world;the associated noncorporate private capital flows from one country to anoth- er are at least as large as direct investments by corporations,and probably are growing faster. International capitalist production refers to the incorporation of labor from many countries into an integrated worldwide corporate productive structure.American firms,for example,directly employ from 5 to 7 million people in foreign countries,and a growing but unknown number indirectly through subcontracting,licensing,and so forth.By com- parison,the total employment of the 500 largest American firms is 13 or 14 million (this figure includes some,but not all,foreign employees), The author is Professor of Economics,New School for Social Research,New York,New York.This paper was presented at the Annual Meeting of the Association for Evolutionary Economics,New Orleans,Louisiana,27-28 December 1971. 91 This content downloaded from 202.120.14.154 on Mon,04 Jan 2016 03:31:29 UTC All use subject to JSTOR Terms and Conditions

The Internationalization of Capital Stephen Hymer The multinational corporation, or the multinational corporate system, has three related sides: international capital movements; international capitalist production; and international government. By international capital movements I refer first to the direct investment of corporations in their overseas branches and subsidiaries, which. at present amounts to about $80 billion for American multinationals and about $50 billion for non-American multinationals. Second, I refer to the associated flows of short-term, long-term, and equity capital stimulated by the multinational corporation, which in turn stimulate the growth of international finance, that is, deposits in foreign banks, investments in the Eurocurrency and Eurobond market, investments in corporate stock of multinational firms by non-nationals, and so forth. The direct foreign investment by corporations has served as a base for a vast superstructure of credit drawing capital from all over the world; the associated noncorporate private capital flows from one country to another are at least as large as direct investments by corporations, and probably are growing faster. International capitalist production refers to the incorporation of labor from many countries into an integrated worldwide corporate productive structure. American firms, for example, directly employ from 5 to 7 million people in foreign countries, and a growing but unknown number indirectly through subcontracting, licensing, and so forth. By comparison, the total employment of the 500 largest American firms is 13 or 14 million (this figure includes some, but not all, foreign employees), The author is Professor of Economics, New School for Social Research, New York, New York. This paper was presented at the Annual Meeting of the Association for Evolutionary Economics, New Orleans, Louisiana, 27-28 December 1971. 91 This content downloaded from 202.120.14.154 on Mon, 04 Jan 2016 03:31:29 UTC All use subject to JSTOR Terms and Conditions

92 Stephen Hymer which means that many large corporations have 30,40,or 50 percent and more of their labor force outside the United States. International government refers to the erosion of the traditional pow- ers of nation-states and the emergence of international economic policy instruments in line with the tendency of the multinational corporation to internationalize capital and labor.When a corporation invests abroad,it not only sends capital and management out,but also establishes a system for drawing foreign capital and labor into an integrated world network.When many firms from many countries do this together on an expanded scale,as has been true over the last decade and will be increasingly true in the next,they are forming a new world system.They are unifying world capital and world labor into an interlocking system of cross penetration that completely changes the system of national econo- mies that has characterized world capitalism for the past three hundred years.This process reduces the independence of nation-states and re- quires the formation of supranational institutions to handle the increased interdependence.To create a world market where state frontiers dis- appear,a world system is needed in which the separate interests,laws, governments,and systems of taxation and regulation are lumped togeth- er into a unified code of laws on the rights and limits of international private property. This three-pronged process is far from complete and is anything but smooth,but it has moved further and faster than is commonly realized. The outlines of a new international system already can be discerned, and,it must be quickly added,so can its cracks.American firms have been in the vanguard,but European corporations are close on their heels;Japanese corporations,who have just started,are moving very quickly.International capital markets and international banking also are growing by leaps and bounds,and the combined movement of these forces is rapidly reducing the autonomy of governments.The pressure for international governmental agencies is very great and a start has been made on many fronts,but the process has been zigzagging and is far from off the ground. The Argument In this essay I wish to concentrate on the political economy of the process,that is,the political consolidations accompanying the multina- tionalization of business.In the last analysis,markets come out of the barrel of a gun,and to establish an integrated world economy on capital- ist lines requires the international mobilization of political power. The central image of my analysis is the pyramid of power,and the focus of study is the merging of the separate pyramids of nation-states This content downloaded from 202.120.14.154 on Mon,04 Jan 2016 03:31:29 UTC All use subject to JSTOR Terms and Conditions

92 Stephen Hymer which means that many large corporations have 30, 40, or 50 percent and more of their labor force outside the United States. International government refers to the erosion of the traditional powers of nation-states and the emergence of international economic policy instruments in line with the tendency of the multinational corporation to internationalize capital and labor. When a corporation invests abroad, it not only sends capital and management out, but also establishes a system for drawing foreign capital and labor into an integrated world network. When many firms from many countries do this together on an expanded scale, as has been true over the last decade and will be increasingly true in the next, they are forming a new world system. They are unifying world capital and world labor into an interlocking system of cross penetration that completely changes the system of national economies that has characterized world capitalism for the past three hundred years. This process reduces the independence of nation-states and requires the formation of supranational institutions to handle the increased interdependence. To create a world market where state frontiers disappear, a world system is needed in which the separate interests, laws, governments, and systems of taxation and regulation are lumped together into a unified code of laws on the rights and limits of international private property. This three-pronged process is far from complete and is anything but smooth, but it has moved further and faster than is commonly realized. The outlines of a new international system already can be discerned, and, it must be quickly added, so can its cracks. American firms have been in the vanguard, but European corporations are close on their heels; Japanese corporations, who have just started, are moving very quickly. International capital markets and international banking also are growing by leaps and bounds, and the combined movement of these forces is rapidly reducing the autonomy of governments. The pressure for international governmental agencies is very great and a start has been made on many fronts, but the process has been zigzagging and is far from off the ground. The Argument In this essay I wish to concentrate on the political economy of the process, that is, the political consolidations accompanying the multinationalization of business. In the last analysis, markets come out of the barrel of a gun, and to establish an integrated world economy on capitalist lines requires the international mobilization of political power. The central image of my analysis is the pyramid of power, and the focus of study is the merging of the separate pyramids of nation-states This content downloaded from 202.120.14.154 on Mon, 04 Jan 2016 03:31:29 UTC All use subject to JSTOR Terms and Conditions

Internationalization of Capital 93 into an international pyramid."When two primitive feudal states amalga- mate,"wrote Franz Oppenheimer in his classic treatise on the state, "their social layers stratify in a variety of ways,which to a certain extent are comparable to the combinations that result from mixing together two packs of cards."The process of integration now going on in the in- ternational economy may be thought of in a similar way-as the in- terpenetration of national corporation and capital into a new multination- al system of ownership and control.The shuffle is neither random nor even,nor are the decks of the same size.Aces,kings,and queens are trying to remain on top,but instead of lording over their separate piles, they are cross-penetrating into a more complex structure. I have chosen the image of cross-penetration instead of American imperialism pure and simple because I believe that the American he- gemony which characterized the past twenty-five years has ended with the recovery of Europe,Japan,and Russia.American capital may well be able to retain a position of dominance,but it is under severe challenge and will have to share power with other capitalists far more than it has done in the past. I wish in my analysis to stress how competition in the product and capital market helps forge a unified interest among capitalists,while the corporate hierarchy and competition in the labor market divide and weaken popular power.The dynamic of the multinational corporation is thus a contradictory one.True,it expands the social nature of produc- tion to a world level;but only on the basis of minority power,and a conflict emerges between the general social power into which capital develops,and the private power of individual capitalists over these social conditions.As capital unites many workers in production and collectivizes many capitals in ownership,it becomes an alienated in- dependent power which stands opposed to society and checks the full development of human productivity and its universal application.Pace, Adam Smith,who thought the magic of competition could turn private interests into the general interest (but who later began,as Robert Heilbroner has shown,to sense the severe limitations of this method based on madness);the capitalist organization is fraught with con- tradictions whose cost becomes more onerous as productivity is devel- oped and the system broadens to worldwide scope. Under capitalism,the mutual and universal interdependence of in- dividuals who remain indifferent to one another constitutes the social network that binds them together.In the market,capitalism unites pro- ducers,who fundamentally acknowledge no other authority but that of competition,and who are not able to develop a social outlook com- mensurate with the social production they create.In the factory or This content downloaded from 202.120.14.154 on Mon,04 Jan 2016 03:31:29 UTC All use subject to JSTOR Terms and Conditions

Internationalization of Capital 93 into an international pyramid. "When two primitive feudal states amalgamate," wrote Franz Oppenheimer in his classic treatise on the state, "their social layers stratify in a variety of ways, which to a certain extent are comparable to the combinations that result from mixing together two packs of cards." The process of integration now going on in the international economy may be thought of in a similar way - as the interpenetration of national corporation and capital into a new multinational system of ownership and control. The shuffle is neither random nor even, nor are the decks of the same size. Aces, kings, and queens are trying to remain on top, but instead of lording over their separate piles, they are cross-penetrating into a more complex structure. I have chosen the image of cross-penetration instead of American imperialism pure and simple because I believe that the American hegemony which characterized the past twenty-five years has ended with the recovery of Europe, Japan, and Russia. American capital may well be able to retain a position of dominance, but it is under severe challenge and will have to share power with other capitalists far more than it has done in the past. I wish in my analysis to stress how competition in the product and capital market helps forge a unified interest among capitalists, while the corporate hierarchy and competition in the labor market divide and weaken popular power. The dynamic of the multinational corporation is thus a contradictory one. True, it expands the social nature of production to a world level; but only on the basis of minority power, and a conflict emerges between the general social power into which capital develops, and the private power of individual capitalists over these social conditions. As capital unites many workers in production and collectivizes many capitals in ownership, it becomes an alienated independent power which stands opposed to society and checks the full development of human productivity and its universal application. Pace, Adam Smith, who thought the magic of competition could turn private interests into the general interest (but who later began, as Robert Heilbroner has shown, to sense the severe limitations of this method based on madness); the capitalist organization is fraught with contradictions whose cost becomes more onerous as productivity is developed and the system broadens to worldwide scope. Under capitalism, the mutual and universal interdependence of individuals who remain indifferent to one another constitutes the social network that binds them together. In the market, capitalism unites producers, who fundamentally acknowledge no other authority but that of competition, and who are not able to develop a social outlook commensurate with the social production they create. In the factory or This content downloaded from 202.120.14.154 on Mon, 04 Jan 2016 03:31:29 UTC All use subject to JSTOR Terms and Conditions

94 Stephen Hymer corporation,an authoritarian hierarchy is used to coordinate labor,to keep the worker ignorant of the cooperative process of which he is part, and to alienate him from his work,his instruments and machines,and his product.Because of the undemocratic nature of the work process,the possibilities for human development created by science cannot be real- ized,while the fact that workers are not cooperating voluntarily,but are coerced by an alien force,means that capital must continuously squan- der energy wrestling with their insubordination.An attempt is made through the state to coordinate capitalism on a plane above that of the market so that the waste of externalities can be reduced,and the conflicts between capitals and between capital and labor can be amelio- rated.But the state has to operate with its hands tied.It has to solve problems without damaging the system of private property that produces these problems.The good intentions of public policy always founder on this rock,and society must continue to bear the costs of constant rivalry, the inability to meet social needs,and the frustration of human devel- opment. A Marxian bias is evident in my presentation.Unfortunately,Marx's promised volumes on wage labor,foreign trade,and the state and the world economy were never written (or have not been found),and the elements of his analysis are scattered throughout his many writings. However,a succinct statement of his basic argument,which the reader may find useful,is found in Volume 3 of Capital(p.261 of the In- ternational Publishers edition).There he identifies "three cardinal facts of capitalist production,"as follows: 1)Concentration of means of production in few hands,whereby they cease to appear as the property of the immediate labourers and turn into social capacities.Even if initially they are the private property of capitalists.These are the trustees of bourgeois society, but they pocket all the proceeds of this trusteeship. 2)Organization of labour into social labour;through competition. division of labour,and the uniting of labour with the natural sci- ences. In these two senses,the capitalist mode of production abolishes private property and private labour,even though in contradictory forms. 3)Creation of the world market. The stupendous productivity developing under the capitalist mode of production relative to population...contradicts the basis,which constantly narrows in relation to the expanding wealth,and for which all this immense productiveness works.They also contradict the conditions under which this swelling capital augments its value. Hence the crisis. This content downloaded from 202.120.14.154 on Mon,04 Jan 2016 03:31:29 UTC All use subject to JSTOR Terms and Conditions

94 Stephen Hymer corporation, an authoritarian hierarchy is used to coordinate labor, to keep the worker ignorant of the cooperative process of which he is part, and to alienate him from his work, his instruments and machines, and his product. Because of the undemocratic nature of the work process, the possibilities for human development created by science cannot be realized, while the fact that workers are not cooperating voluntarily, but are coerced by an alien force, means that capital must continuously squander energy wrestling with their insubordination. An attempt is made through the state to coordinate capitalism on a plane above that of the market so that the waste of externalities can be reduced, and the conflicts between capitals and between capital and labor can be ameliorated. But the state has to operate with its hands tied. It has to solve problems without damaging the system of private property that produces these problems. The good intentions of public policy always founder on this rock, and society must continue to bear the costs of constant rivalry, the inability to meet social needs, and the frustration of human development. A Marxian bias is evident in my presentation. Unfortunately, Marx's promised volumes on wage labor, foreign trade, and the state and the world economy were never written (or have not been found), and the elements of his analysis are scattered throughout his many writings. However, a succinct statement of his basic argument, which the reader may find useful, is found in Volume 3 of Capital (p. 261 of the International Publishers edition). There he identifies "three cardinal facts of capitalist production," as follows: 1) Concentration of means of production in few hands, whereby they cease to appear as the property of the immediate labourers and turn into social capacities. Even if initially they are the private property of capitalists. These are the trustees of bourgeois society, but they pocket all the proceeds of this trusteeship. 2) Organization of labour into social labour; through competition, division of labour, and the uniting of labour with the natural sciences. In these two senses, the capitalist mode of production abolishes private property and private labour, even though in contradictory forms. 3) Creation of the world market. The stupendous productivity developing under the capitalist mode of production relative to population ... contradicts the basis, which constantly narrows in relation to the expanding wealth, and for which all this immense productiveness works. They also contradict the conditions under which this swelling capital augments its value. Hence the crisis. This content downloaded from 202.120.14.154 on Mon, 04 Jan 2016 03:31:29 UTC All use subject to JSTOR Terms and Conditions

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