The term of « multinational firm » (MNF) had long tallied with (North-) American firm or (Western-) European firm. Yet, the decade 2000 witnessed the rise of « Southern«» multinational firms, as shown by the multiplication of direct foreign investments (DFI) and mergers-acquisitions from « South ». Assessing those groups’ origins allows for a better understanding of current dynamics: their present characteristics are, still today, the product of industrial regulations and « national » developments during the last three decades. Nevertheless, their strategies to become multinational and their business models seem to converge increasingly (especially those of Indian, Chinese, Brazilian and Mexican firms) and rejoin those of « historical » global firms, thus defining a new model for capitalism.
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