Global Electrification: Multinational Enterprise and International Finance in the History of Light and Power, 1878-2007

Cover......Page 1
Half-title......Page 3
Series-title......Page 5
Title......Page 7
Copyright......Page 8
Contents......Page 9
Tables and Illustrations......Page 11
Series Editors’ Preface......Page 13
Preface......Page 15
Acknowledgments......Page 23
Authors and Contributors......Page 25
Part I Concepts......Page 27
1 The Invention and Spread of Electric Utilities, with a Measure of the Extent of Foreign Ownership......Page 29
The precursors of electric light......Page 32
Electrical technology and the birth of electric utilities......Page 34
Beyond edison: the advantages and early development of large networks......Page 38
Electric traction......Page 41
The pattern of development of the electric utility industry......Page 44
The capital intensity of the central-station electric utility and its implications......Page 45
Governments and the electric utility industry......Page 49
Trends in electricity production and the implication for capital investment......Page 50
Characteristics of a maturing industry: a snapshot at 1933......Page 53
The Extent of foreign ownership and control of electric utilities......Page 56
2 Multinational Enterprise and International Finance......Page 61
The framework......Page 62
Manufacturers’ satellites and extended manufacturers’ satellites......Page 68
Banks and other financial intermediaries......Page 72
The enclave form......Page 76
Large power consumers......Page 77
Holding companies......Page 78
Operating companies: holding/operating companies, ‘‘free standing companies,’’ and others......Page 81
Operating companies: concessions and franchises......Page 83
The many business actors: clusters, networks, and business groups......Page 85
Enlarging our thinking on multinational enterprise forms......Page 87
Railroads......Page 89
Considering the actors and the forms: a summary......Page 90
The political dimension......Page 93
Liberalization, restructuring, and privatization......Page 97
Part II Changes......Page 99
3 Every City, 1880–1914......Page 101
Banks and other financial intermediaries......Page 108
Enclave electrification......Page 115
Large power consumers......Page 116
Manufacturers and their satellites......Page 117
Holding companies......Page 121
Operating companies: clusters, engineering, construction, and trading firms......Page 131
Operating companies in latin america (mexico in particular) and europe ( russia in particular)......Page 137
Finance......Page 144
The status of multinational electrical investments on the eve of world war I......Page 146
4 War, the First Nationalization, Restructuring, and Renewal, 1914–1929......Page 151
Nationalism, government enlargement , and the wartime economies......Page 153
Takeovers of german assets, responses, protective measures, and changes......Page 157
New political boundaries: the end to the russian, german, austro-hungarian, and ottoman empires......Page 163
The british dilemma......Page 164
The role of canadians......Page 168
The coming of age of the united states......Page 170
Enclaves......Page 172
Large power consumers......Page 173
Electrification in the late 1920s......Page 174
The old and the new......Page 182
Holding companies......Page 187
U.S. business and finance......Page 195
Conclusions......Page 212
5 Basic Infrastructure, 1929-1945......Page 216
1931......Page 221
1932......Page 223
American & foreign power co., 1929-1932......Page 224
1933-1939......Page 226
1933-1939: Latin America......Page 236
The u.s.-canadian connection......Page 240
The middle east, asia, oceania, and africa......Page 241
Summary table, 1937......Page 243
World war II......Page 247
Part III Conclusions......Page 257
6 Summary of the Domestication Pattern to 1978......Page 259
The end to overseas empires: new countries and their new aspirations......Page 268
1960s and 1970s......Page 269
Latin america in the 1950s, 1960s, and 1970s......Page 270
Canada......Page 276
The rest of the world in the 1950s, 1960s, and 1970s......Page 277
The sequencing......Page 278
A perspective......Page 282
7 Coming Full Circle, 1978–2007, and a Global Perspective......Page 288
The resurgence of foreign ownership at the end of the twentieth century......Page 290
Lessons......Page 295
Conclusion......Page 298
Appendix A: Abbreviations, Acronyms, Company Names, and Variations on Company Names......Page 303
Appendix B: Notes to Table 1.4 Foreign Ownership of Electric Utilities, Four Periods......Page 317
1 The invention and spread of electric utilities, with a measure of the extent of foreign ownership......Page 335
2 Multinational enterprise and international finance......Page 346
3 Every city, 1880-1914......Page 359
4 War, the first nationalization, restructuring, and renewal, 1914-1929......Page 397
5 Basic infrastructure, 1929-1945......Page 432
6 Summary of the domestication pattern to 1978......Page 451
7 Coming full circle, 1978-2007, and a global perspective......Page 458
Select Bibliography......Page 465
Index......Page 487