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First Published in 1942. Phillips has written an important study covering three areas: three areas: theoretical, empirical, and public policy. This book explores some of the explanations for and consequences of globalized production by transnational corporations. A review of the theoretical underpinnings of the reasons for corporate overseas expansion precedes a discussion of transnational corporation overseas production facilities. The literature reviewed supports the position that the exodus of manufacturing capital has been assisted by state policy which has encouraged capital flight, and that corporate efforts to downsize manufacturing operations in the United States have added to corporate profitability and championed profits over the strengthening the domestic economy.