INTERNATIONAL EXPERIENCE THEORY AND GLOBAL STRATEGY

A full understanding of the economic development processes of the Newly Industrialised Countries (NICs) is important both for the multinational corporations and the developing countries. This paper suggests a theoretical framework based on experience theory to explain how the NICs obtained their strategic comparative advantages in global markets. It is argued that the world social and economic environment of the post‐World War II period was conducive for the realisation of such advantages. Most recent changes, however, have important implications for both the developing countries and the multinational corporations in the selection of global strategies.