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ion cost administration cost 24 Internalization Theory165。1937 Coarse The Nature of the Firms165。FDI vs export or licensing165。Market Advantage22 Monopolistic Advantage 165。Background22 Monopolistic Advantage 165。Portfolio investment and FDI—same direction165。Background165。Horizontal Direct Investment164。The Product Life Cycle165。Monopolistic Advantage165。Chapter 2 MNC theoriesFDI Outflows1982199865Figure Growth of FDI, World Trade and World Output66Figure What should a MNC theory tell us?165。Capital arbitrage165。Eclectic theory165。Stock: Total accumul