New patterns of globalisation are accelerating the internationalisation of industry and reshaping industrial structure at the global level. Rapidly growing cross-border mergers and acquisitions (M&As) and strategic alliances are distinctive features of globalisation in the current era. They have become common paths to internationalising business operations, research and markets, together with traditional forms of trade and investment. An overwhelming share of foreign direct investment (FDI) is now in the form of M&As rather than greenfield investment, as firms shelve earlier diversification and expansion strategies and focus on core competencies. Strategic alliances are also a powerful mechanism for industrial restructuring on a global basis.

This book presents the latest trends and drivers of globalisation in major OECD countries and their implications for industrial performance and government policies. It analyses regional as well as sectoral trends, including in telecommunications, automobiles, steel, pharmaceuticals, airlines and financial services. Growing alliances for business-to-business (B2B) and business-to-consumer (B2C) electronic commerce, and globalisation of small and medium-sized enterprises (SMEs) are assessed. A Statistical Annex presents data through 2000.