Publisher's Synopsis
Excerpt from A Simple Theory of Multinational Corporations and Trade With a Trade-Off Between Proximity and Concentration
The presence of multinationals has an ambiguous effect on consumer welfare; consumers benefit from a reduction in transport costs, but there is a concomitant reduction in the number of varieties, all else equal. In the absence of multinationals, they consume a larger quantity of differentiated goods produced locally than of imports, so that there is a home-market bias, whereas with two-way multinational production, they consume equal quantities of home and foreign varieties.
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