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There is a broad consensus that foreign direct investment (FDI) confers economic advantages on local economies. Jones and Wren simply refuse to share the good feeling about FDI without first processing some numbers. In doing so, they take a detached and serious look at the consequences of foreign direct investment in one area, the northeastern region of England. They have access to excellent data on the regional operations of foreign-owned plants from 1985 to 1999, and use these data to answer important questions about FDI in the region. How large are the benefits that FDI brings, as measured by new plant and equipment investment? How many jobs were created or retained? Did foreign investors create as many jobs as they promised the government when starting their investment projects? And did FDI come to stay, or perhaps instead contribute to regional economic instability by opening new operations only to close them shortly afterward?


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