Celebrating the Career and Work of Edward M. Graham


September 18, 2007, 3:00 AM EDT
Peterson Institute for International Economics, Washington, DC
Paul R. Krugman and Theodore H. Moran (PIIE)

Event Summary

The Institute held a conference to discuss and honor the work of Edward M. ("Monty") Graham on September 18, 2007. Monty, a Senior Fellow at the Institute since 1990, made significant contributions to our understanding of foreign direct investment (FDI)—both inward and outward from the United States—and to policy toward FDI both in the United States and around the world. This event presented an opportunity to take stock of the current policy situation and future research issues in this important area of international economics while at the same time celebrating Monty’s research career.

The luncheon speaker was Paul Krugman, Monty's coauthor of Institute bestseller Foreign Direct Investment in the United States, which showed that such investment brings large net benefits to the contemporary US economy and thus helped blunt the anti-FDI sentiments of the late 1980s. Krugman discussed the development of foreign direct investment and US politics in the twenty years since the Institute published Graham and Krugman’s first of three editions of Foreign Direct Investment in the United States.

The morning agenda of the conference focused on the links between Monty’s work and present research and policy, including discussion of national security and FDI in the United States, the effect of inwards FDI on developing economies, and multilateral approaches to the governance of investment. Speakers included noted scholars of international investment Stephen Kobrin of Wharton, Theodore Moran of Georgetown, Louis Wells of Harvard, and an opening address by Ed Safarian of Rotman (Toronto). Presentations were followed by Professor Krugman's remarks and discussion with the audience.

Event Materials

Conference Proceedings and Papers

The field of FDI research and the contributions of Edward M. Graham


Remarks by C. Fred Bergsten (Peterson Institute)
Tribute by John Dunning [pdf], Reading (read by C. Fred Bergsten)
Keynote by Edward Safarian (Rotman)
Comments by Mira Wilkins (Florida International)


FDI outflows from the United States and their impact on developing countries



Stephen Kobrin (Wharton School of the University of Pennsylvania)
Multinational Firms, Economic Development, and the Emergence of "Trade in Tasks" [pdf]

Jun Kurihara (Harvard University)
FDI Outflows from the U.S. and Their Impact on Developing Countries:
A Japanese Perspective: U.S.-Japan FDI Rivalry and Collaboration on Chinese Soil

Theodore Moran (Georgetown University)

Michael Mussa (Peterson Institute)


The governance of multinationals, competition policy, and the backlash against investment


Simon Evenett (University of St. Gallen)
Pierre Sauvé (London School of Economics)
Louis Wells (Harvard University)

J. David Richardson (Peterson Institute)
Monty Graham’s Contributions to the Evolution of “Global” Competition Policies [pdf]


FDI inflows to the United States and the role of national security concerns



Stephen Canner (United States Council for International Business)

David Marchick (Covington & Burling)

Edwin M. Truman (Peterson Institute)
Monty Graham: Protector of National Security
FDI Inflows to the United States and the Role of National Security Concerns

Gary Clyde Hufbauer (Peterson Institute)


FDI into the United States twenty years after Foreign Direct Investment in the United States (by Edward M. Graham and Paul Krugman)


Keynote Speech
Paul Krugman (Princeton University)

C. Fred Bergsten (Peterson Institute)


Closing Remarks


Michael Selby (to be read by Adam S. Posen)
C. Fred Bergsten

Most Cited Works by Edward M. Graham [pdf]
Works Available Online