More than forty years ago (in the autumn of 1974), Business History Review had a special issue on multinational enterprise (MNE). With two exceptions, the authors in this new special issue were not yet born or were toddlers when that issue was published. Whereas in 1974 relatively few individuals were writing on topics directly related to the history of multinational enterprise, in 2015 numerous authors are considering subjects that fall under this rubric. Still, by the mid-1970s the study of the history of multinationals was not virgin territory. Glenn Porter, then editor of Business History Review, wrote in a preface to the 1974 issue, “Most of the contributions here underscore the deep historical roots of multinational business and point to the importance of an awareness of the past in understanding the present.”

The recent surge of emerging-economy multinational enterprises (EMNEs) has prompted a debate on whether existing international business theory—particularly internalization theory—can accommodate this phenomenon. Our view is that no new, EMNE-centric theory is required to study EMNEs. Using historical evidence, we argue that “new” internalization theory is sufficient to address the complexity of EMNEs, and we illustrate our argument with examples of ten successful EMNEs from Asia and the Americas. We further argue that a business history lens can illuminate the behavior of developed-economy multinationals. We show how management scholars can advance their research agendas by engaging with business history and how business historians can use internalization theory to analyze the history of multinationals.

This article compares two media multinationals that supplied different genres of news, political and economic. Most media companies provided both genres, and these categories often overlapped. Still, investigating two firms founded in twentieth-century Germany shows how product differentiation affects the organization, geographical orientation, and business models of multinationals. While political news had the greatest impact when it was free and ubiquitous, economic news was most effective when it was expensive and exclusive.

This article focuses on the construction of turnkey hospitals in Latin America by the German electromedical equipment maker Siemens-Reiniger-Werke (SRW) in the 1950s and 1960s. After World War II, SRW was unable to return to the overseas markets it had lost during the war through only the export of goods. Hospital construction was thus a way to reenter these markets, offering local governments a new form of service and product: a German hospital. In order to achieve this strategy, SRW organized and directed an informal association called Deutsche Hospitalia, which gathered together some thirty German manufacturers involved in the process of building a fully equipped hospital. This article argues that SRW, by diffusing a standardized hospital model in Latin America, contributed to the globalization of medicine.

This article analyzes the German dye business in India before 1947 as an example of expanding German-Indian commercial relationships. German dye manufacturers showed great interest in India's economic potential in the absence of discriminatory tariffs, while Indian elites were interested in non-British Western partners, which could support their struggle for industrial self-reliance. This particular alignment of interests facilitated cooperation and shows that the so-called European experience is more diverse than research has shown so far. The analysis highlights global trading networks beyond the political boundaries of formal empire and offers an alternative perspective on Indian business history, which reveals more competition between multinationals of different origins and more strategic choices available to Indians.

Headquartered in the United States, the Singer Sewing Machine Co. did business all around the world in the early twentieth century. It regularly encountered wars, economic nationalism, and revolutions; in response, it normally created subsidiaries or gave in to expropriation. After the revolution in Mexico (1910–1920), Singer's marketing organization maintained normal operations and even prospered. The company succeeded, in part, by constantly associating the sewing machine with the idea of “modern” womanhood in Revolutionary Mexico. By revealing Singer's marketing strategies and focusing on gender, this article shows that multinational corporations and Latin American governments were not always at odds and could sometimes forge a profitable relationship.

Barry Eichengreen's new book Hall of Mirrors is a detailed, excellent, and somewhat pessimistic comparison of the two most serious financial crises ever—their causes, development, and consequences. Readers well versed in the comprehensive literature on the Great Depression and the Great Recession in the United States and Europe will not find much information in Hall of Mirrors that is completely new, but most others will. What is new is the comparative approach: the detailed and analytically successful search for similarities and differences between the Great Depression and the Great Recession.