(This paper was presented at the Session of XVIII World Economic History Congress in August 2018.)
By Wei YI, Denggao LONG, Pierre van der Eng, Tsinghua University
Many less-developed countries and emerging economies have long-established enterprises. They were often founded at times when countries were colonies or had semi-colonial status. They have grown through the twists and turn caused by political upheaval related to national independence and post-independence experiments with nationalist, inward-looking economic policies. Ownership of companies may have changed, as some were nationalized, while others continued as privately owned ventures. Either way, there are many examples of centennial enterprises that on the basis of growth in domestic markets are now competitive international companies. Many of these enterprises were in the past important conduits for economic exchanges between the Western and less-developed countries. They were also conduits for the absorption, adaptation and further development of technology, and therefore important contributors to economic growth in emerging economies. Two well-known prominent examples of such centennial enterprises are the Ayala and Tata conglomerate enterprises in respectively the Philippines and India.
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