In 1994 the Academy of International Business elected Edith Penrose an Emeritus Distinguished Fellow of the Academy—an honour only bestowed once before, on Charles Kindleberger. Her distinctive contribution was singled out in two areas; the theory of the growth of the firm and the understanding of the interface between the strategies and activities of international and multinational enterprises and the nation states—particularly the developing countries—in which they operated. The first topic engaged her in the 1950s and early 1960s, the latter in the later 1960s and 1970s. These topics led on to a third; the implications for firms and national governments of the emergence of a more liberalized and closely integrated global economy, which she addressed as a professor emeritus in the 1980s and early 1990s. Her major contribution to the field of economics was ...
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