Gantt Chart Simulation for Stock Flow Consistent Production Schedules

Gantt Chart Simulation for Stock Flow Consistent Production Schedules


I have knowledge of two software which do Gantt chart simulation for production scheduling.  These are used by top most companies in the world for production planning and scheduling now a days known as Supply Chain Management (SCM).

Production Schedules are stock flow consistent which means that starting inventories, and unused production of products result in cumulative inventory which is plotted for each of the product.

Production and Shipments (arrivals and dispatched) create Flows and Inventory levels indicate Stock level positions.

Gantt Chart simulators are excellent tools for operations management in plants.

The first Gantt chart was actually developed by Karol Adamiecki in Poland.  He called it a Harmonogram.  Henry Gantt in 1910 published first gantt chart which was later than publication by Karol Adamiecki.

These two charts below show Simulator window in which Gantt chart and inventory level plots are displayed.

Gantt Chart Simulator in Aspen Tech Plant Scheduler for Production Scheduling



Gantt Chart Simulator in Atlantic Decision Sciences Scheduler

Scheduling Board Single Chart

Key Sources for Research:


A Presentation by Chris Jones on Evolution of Graphical Production Scheduling Software

at the Cornell University Deptt of ORIE




Atlantic Decision Sciences



Aspen Technology



History of Gantt Chart



History of Production Scheduling



The harmonogram: an overlooked method of scheduling work.

Marsh, E. R. (1976).

Project Management Quarterly, 7(1), 21–25.


The Harmonogram of Karol Adamiecki

Edward R. Marsh


Karol Adamiecki

Network Economics of Block Chain and Distributed Ledger Technology

Network Economics of Block Chain and Distributed Ledger Technology


Quadruple Accounting System

Morris Copeland, and Hyman Minsky emphasized quadruple entry accounting system envisioning interrelated interlocking balance sheets of economic agents.  Interlocking balance sheets create a network of economic agents.

I attach a slide from a presentation by Marc Lavoie given at Minsky Summer school in 2010 at the Levy Institute of Economics (Bard College).




There are several FINTECH innovations which are bringing about dramatic changes in the financial services business.

  • Block Chain and Distributed Ledgers
  • Payment Banks
  • Retail P2P Payment services
  • Mobile Payments
  • Secured Wallets
  • Domestic Real Time Payments and Transfers
  • Cross Border Near Real time Money Transfers


Block Chain and Distributed Ledgers, in my opinion, are/can be implementation of quadruple accounting principles envisioned by Morris Copeland and Hyman Minsky.  Two economic agents engage in financial transactions which are recorded in distributed ledgers.

Some of the key components of distributed ledger technology are:

  • Peer-To-Peer Networking
  • Cryptography
  • Distributed Data Storage

In contrast with centralized ledgers, distributed ledgers store data at each node in the P2P network.  So there is no need for an intermediating institution.  From a payment system perspective, each node in the P2P network can be thought of as a bank.   Each node will have its own ledger and balance sheet which will record assets and liabilities.

Ripple is a Cross Border money transfer solution which is based on block chain technology.


Recent rise of retail P2P payment services such as

  • Xoom
  • M-Paisa
  • PayTM

indicates a trend toward real time payments/money transfers domestic and international.  This trend also indicates decoupling of these services from traditional deposit/lending banks. XOOM is a service provided by PAYPAL for international Money Transfers.  Money transfers are within a few minutes.

In USA, there are new P2P services offered to facilitate faster near real time payments/money transfers through mobile and online interfaces.

  • Venmo (Paypal)
  • Zelle (clearXchange Network)
  • Square Cash
  • Braintree (Paypal)

There are also social media payments available now through which consumers can quickly send money using social media applications such as

  • Facebook (through Messanger app)
  • Snapcash (through SnapChat)
  • Apple PayCash (through imessages app)
  • TenCent via WeChat


Rise of payment banks such as PayTM is one such example.  Reserve Bank of India has granted PayTM a payment bank status.  But transfers are still between bank accounts of transacting consumers where deposits are kept. Payment Bank acts as a technology provider and acts as an intermediary.

As per the RBI guidelines, payments banks cannot lend they can only take deposits or accept payments.

There are four payment banks in India now.

  • PayTM Payment Bank
  • Airtel Payment Bank
  • India Post Payment Bank
  • FINO Payment Bank


Mobile payments using secured wallets is another such example.

  • Consumer to Business payments and transfers
  • Consumer to Consumer payments and transfers
  • Google Wallet
  • Apple Pay
  • Android Pay
  • Alipay


Cross Border Payment Solutions:

  • XOOM
  • Earthport
  • TransferWise
  • Remitly
  • WorldRemit



Please see my other related posts:

Next Generation of B2C Retail Payment Systems

Cross Border/Offshore Payment and Settlement Systems



Key sources of Research:


Minsky and Godley and financial Keynesianism

Marc Lavoie
University of Ottawa



Block Chain:  A Primer



Distributed Ledger Technologies/Blockchain: Challenges, opportunities and the prospects for standards

Advait Deshpande, Katherine Stewart, Louise Lepetit, Salil Gunashekar



Banking on Distributed Ledger Technology: Can It Help Banks Address Financial Inclusion?

By Jesse Leigh Maniff and W. Blake Marsh




Distributed ledger technology in payments, clearing, and settlement

Mills, David, Kathy Wang, Brendan Malone, Anjana Ravi, Jeff Marquardt, Clinton
Chen, Anton Badev, Timothy Brezinski, Linda Fahy, Kimberley Liao, Vanessa Kargenian,
Max Ellithorpe, Wendy Ng, and Maria Baird (2016).

Finance and Economics Discussion
Series 2016-095. Washington: Board of Governors of the Federal Reserve System,




Distributed Ledger Technology: beyond block chain

A report by the UK Government Chief Scientific Adviser


Bitcoin, Blockchain & distributed ledgers: Caught between promise and reality




Distributed ledger technology in payment, clearing and settlement
An analytical framework





The Truth About Blockchain

January–February 2017 Issue






Peer-to-peer payments: Surveying a rapidly changing landscape

By Jennifer Windh

August 15, 2011

Understanding Trade in Intermediate Goods

Understanding Trade in Intermediate Goods


One of the key source of International Trade statistics is a document published by the UNCTAD since 2013:

Key Statistics and Trends in International Trade

Please see references below to access reports for 2015 and 2016.


In 2014, out of USD 18.5 trillion in global trade, about USD 8 trillion was in intermediate goods.



Introduction: the international dimension of the exchange of intermediate inputs

1. Trade in intermediate inputs has been steadily growing over the last decade. However, despite the internationalisation of production and the increasing importance of outsourcing and foreign investment, some studies have found little rise in intermediate goods trade as a share of total trade1. More than half of goods trade is however made up of intermediate inputs and trade in services is even more of an intermediate type with about three quarters of trade flows being comprised of intermediate services. Trade in intermediate goods and services thus deserves special attention from trade policymakers and so far few studies have investigated how it differs from trade in consumption goods or services.

2. An intermediate good can be defined as an input to the production process that has itself been produced and, unlike capital, is used up in production3. The difference between intermediate and capital goods lies in the latter entering as a fixed asset in the production process. Like any primary factor (such as labour, land, or natural resources) capital is used but not used up in the production process4. On the contrary, an intermediate good is used, often transformed, and incorporated in the final output. As an input, an intermediate good has itself been produced and is hence defined in contrast to a primary input. As an output, an intermediate good is used to produce other goods (or services) contrary to a final good which is consumed and can be referred to as a “consumption good”.

3. Intermediate inputs are not restricted to material goods; they can also consist of services. Thelatter can be potentially used as an input to any sector of the economy; that is for the production of the same, or other services, as well as manufacturing goods. Symmetrically, manufacturing goods can be potentially used to produce the same, or other manufacturing goods, as well as services.

4. An important question we can ask is how to identify inputs among all goods and services produced in an economy. Many types of goods can be easily distinguished as inputs, when their use excludes them from final consumption. Notable examples include chemical substances, construction materials, or business services. The exact same type of good used as an input to some production process can however be destined to consumption. For instance, oranges can be sold to households as a final good, as well as to a factory as an input for food preparation. Telecommunication services can be sold to individuals or to business services firms as an intermediate input for their output. The United Nations distinguish commodities in each basic heading on the basis of the main end-use (United Nations, 2007). It is however recognized that many commodities that are traded internationally may be put to a variety of uses. Other methodologies involve the use of input-output (I-O) tables to distinguish between intermediate and consumption goods.

5. The importance of intermediate goods and services in the economy and trade is associated with a number of developments in the last decades. Growth and increased sophistication of production has given birth to strategies involving fragmentation and reorganisation of firm’s activities, both in terms of ownership boundaries, as in terms of the location for production. In what follows, the international dimension of the exchange of intermediate goods and services is explored by clarifying terms and concepts as well as the links between trade in intermediate inputs and FDI.

From Key Statistics and Trends in International Trade 2015



From Key Statistics and Trends in International Trade 2015


 From Key Statistics and Trends in International Trade 2015


From Key Statistics and Trends in International Trade 2015


From Key Statistics and Trends in International Trade 2015


From Key Statistics and Trends in International Trade 2015


From Key Statistics and Trends in International Trade 2015


From Key Statistics and Trends in International Trade 2015


From Key Statistics and Trends in International Trade 2015

Trade networks relating to global value chains have evolved during the last 10 years. In 2004, the East Asian production network was still in its infancy. Most trade flows of parts and components concerned the USA and the European Union, with a number of other countries loosely connected with these two main hubs. As of 2014 trade of parts and components was much more developed. The current state is characterized not only by the prominent role of China, but also by a much more tightly integrated network with a much larger number of countries many of which have multiple connections to different hubs.

From Mapping Global Value Chains: Intermediate Goods Trade and Structural Change in the World Economy


Key sources of Research:



OECD Trade Policy Working Paper No. 93
by Sébastien Miroudot, Rainer Lanz and Alexandros Ragoussis




An Essay on Intra-Industry Trade in Intermediate Goods

Rosanna Pittiglio




The Rise of International Supply Chains: Implications for Global Trade




Growing Trade in Intermediate Goods: Outsourcing, Global Sourcing or Increasing
Importance of MNE Networks?

Jörn Kleinert
October 2000




Imported Inputs and the Gains from Trade

Ananth Ramanarayanan
University of Western Ontario
September, 2014




Key Statistics and Trends in International Trade 2015

Division on International Trade in Goods and Services, and Commodities
United Nations Conference on Trade and Development




Key Statistics and Trends in International Trade 2016

Division on International Trade in Goods and Services, and Commodities
United Nations Conference on Trade and Development



Integration of Trade and Disintegration of Production in the Global Economy

Robert C. Feenstra
Revised, April 1998





OECD, WTO and World Bank Group
Report prepared for submission to the G20 Trade Ministers Meeting Sydney, Australia, 19 July 2014



Trade in Value Added: Concepts, Estimation and Analysis

Marko Javorsek* and Ignacio Camacho




The Similarities and Differences among Three Major Inter-Country Input-Output Databases and their Implications for Trade in Value-Added Estimates

Lin Jones and Zhi Wang, United States International Trade Commission Li Xin, Beijing Normal University and Peking University Christophe Degain, World Trade Organization

December, 2014



Advanced Topics in Trade
Lecture 9 – Multinational Firms and Foreign Direct Investment

Heiwai Tang – SAIS
April 8, 2015



Efforts to Measure Trade in Value-Added and Map Global Value Chains: A Guide

Andrew Reamer

May 29, 2014




Global Value Chains for Value Added and Intermediate Goods in Asia

N Shrestha





Global Value Chains: The New Reality of International Trade

Sherry Stephenson
December 2013



Asia and Global Production Networks Implications for Trade, Incomes and Economic Vulnerability

Benno Ferrarini

David Hummels




Participation of Developing Countries in Global Value Chains:
Implications for Trade and Trade-Related Policies

Przemyslaw Kowalski, Javier Lopez Gonzalez, Alexandros Ragoussis
and Cristian Ugarte




João Amador
Sónia Cabral



World Intermediate goods Exports By Country and Region


WITS World International Trade Statistics



Trade in global value chains





The Rise of Trade in Intermediates: Policy Implications

  • February 10, 2011



International trade with intermediate and final goods under economic crisis

Elżbieta Czarny, Warsaw School of Economics
Paweł Folfas, Warsaw School of Economics
Katarzyna Śledziewska, Warsaw University




Trade in Intermediate Goods: Implications for Productivity and Welfare in Korea

Young Gui Kim

Hak K. PYO

Date Written: December 30, 2016



Growing Together: Economic Ties between the United States and Mexico




Mapping Global Value Chains: Intermediate Goods Trade and Structural Change in the World Economy

Timothy J. Sturgeon
Olga Memedovic


India’s Intermediate Goods Trade in the Inter Regional Value Chain:
An examination based on Trade data and Input Output Analysis

Simi Thambi


Global Supply Chains



Global value chains in a changing world

Edited by Deborah K. Elms and Patrick Low


Production and Distribution Planning : Strategic, Global, and Integrated

Production and Distribution Planning : Strategic, Global, and Integrated


Multiple Perspectives on production and distribution planning

  • Plant and Distribution Center Location problem – Strategic – Structural and Design
  • Procurement problem – where to source from – Tactical – Allocation, Assignment
  • Production and Distribution Scheduling – Operational  – Managing Flows
  • Multi Echelon Inventory Management- Operational – Managing Stocks
  • Supply Chain Integration, Collaboration, Coordination – Hierarchical Planning

Normally, production and distribution planning are handled separately in firms.  Integrated planning of production and distribution can add significant value to a company, particularly, in strategic decisions.


From Facility Location and Supply Chain Management – A comprehensive review

Since, in the literature, model objectives change as a function of the planning horizon length, we consider it opportune to define the features of each horizon in order to contextualize the parameters chosen for the models’ comparison. According to [14], the planning horizons of the supply chain can be clustered as follows:
Strategic planning: this level refers to a long-term horizon (3-5 years) and has the objective of identifying strategic decisions for a production network and defining the optimal configuration of a supply chain. The decisions involved in this kind of
planning include vertical integration policies, capacity sizing, technology selection, sourcing, facility location, production allocation and transfer pricing policies.
Tactical planning: this level refers to a mid-term horizon (1-2 years) and has the objective of fulfilling demand and managing material flows, with a strong focus on the trade-off between the service level and cost reduction. The main aspects considered in tactical planning include production allocation, supply chain coordination, transportation policies, inventory policies, safety stock sizing and supply chain lead time reduction.
Operational planning: this level refers to a short term period (1 day to 1 year) and has the objective of determining material/logistic requirement planning. The decisions involved in programming include the allocation of customer demands, vehicle routing, and plant and warehouse scheduling.






From  Integrated Location-Production-Distribution Planning in a
Multi products Supply Chain Network Design Model



Key words:

  • ‘supply chain strategic design’,
  • ‘supply chain planning’,
  • ‘supply chain optimization’,
  • ‘supply chain network design’,
  • ‘supply chain production planning’,
  • ‘supply chain delocalization’,
  • ‘logistic network design’,
  • ‘facility location’,
  • ‘distribution network design’,
  • ‘production-distribution systems’,
  • ‘location-allocation problem’,
  • ‘supply chain linear programming’
  • ‘supply chain mixed-integer programming’.

From  From Manufacturing to Distribution: The Evolution of ERP in Our New Global Economy

Over the past fifty years, manufacturing has changed from individual companies producing and distributing their own products, to a global network of suppliers, manufacturers, and distributors. Efficiency, price, and quality are being scrutinized in the production of each product. Because of this global network, manufacturers are competing on a worldwide scale, and they have moved their production to countries where the costs of labor and capital are low in order to gain the advantages they need to compete.

Today, the complex manufacturing environment faces many challenges. Many products are manufactured in environments where supplies come from different parts of the world. The components to be used in supply chain manufacturing are transported across the globe to different manufacturers, distributors, and third party logistics (3PL) providers. The challenges for many manufacturers have become how to track supply chain costs and how to deal with manufacturing costs throughout the production of goods. Software vendors, however, are now addressing these manufacturing challenges by developing new applications.

Global competition has played a key role in industrialized countries shifting from being production-oriented economies to service-based economies. Manufacturers in North America, Western Europe, and other industrialized nations have adapted to the shift by redesigning their manufacturing production into a distribution and logistics industry, and the skills of the labor force have changed to reflect this transition. Developing countries have similarly changed their manufacturing production environments to reflect current demands; they are accommodating the production of goods in industries where manufacturers have chosen to move their production offshore–the textile industry being a prime example of this move.

A report from the US Census Bureau titled Statistics for Industry Groups and Industries: 2005 and another from Statistics Canada titled Wholesale Trade: The Year 2006 in Review indicate that wholesalers are changing their business models to become distributors as opposed to manufacturers. Between 2002 and 2005, overall labor and capital in the manufacturing sectors decreased substantially. US industry data (from about 10 years ago) indicates that the North American manufacturing industry was engaged in 80 percent manufacturing processes and only 20 percent distribution activities. Today, however, these percentages have changed dramatically; the current trend is in the opposite direction. Manufacturing processes account for around 30 percent of the industry processes, and wholesale and distribution activities, approximately 70 percent.

In addition, a report from the National Association of Manufacturers indicates that the US economy imports $1.3 trillion (USD) worth of manufactured goods, but exports only $806 billion (USD) worth of goods manufactured in the US. This negative trade balance is a clear indication of the changing economic trend toward the manufacturing of goods in low-cost labor nations.

The main reason for this huge manufacturing shift is the increasing operating costs of production in industrialized countries. These rising costs are forcing manufacturers to move their production to developing nations because of the low cost of labor in these countries. This includes Asian countries (such as China and Indonesia) as well as Eastern European countries (such as the Czech Republic and Slovakia).

The number of workers (in percentages) in specified industries in G7 countries, and uses 1980 as the base year with 100 percent full employment in each industry. The industries with relatively constant rates of employment are the food and drink and the tobacco industries. Since 1995, all other industries have been maintaining less and less manufacturing employees, as indicated by the declining slopes in the graph. The shift in the textiles and leather, metals, and other manufacturing industries is moving toward production of goods in low-wage, developing countries.

Manufacturing is a global industry, and although a manufacturing company may be based in an industrialized country, it may have the bulk of its manufacturing facilities in a developing country. Producing goods in such a country reduces wage and capital costs for the manufacturer; however, some manufacturing control is lost in offshore production. Shipping, distribution, and rental costs, for example, are often difficult to track and manage, and quality control can be compromised in a production environment that is not local.

Two main outcomes can be seen within the manufacturing industry because of this manufacturing shift: manufacturers have a sense of having relinquished control of their production to low-cost labor nations, and supply chain management (SCM) has now become the answer to manufacturing within industrialized nations.

Suppliers that provide components to manufacturers often have issues with quality. Being part of a large network of suppliers, each supplier tries to offer the lowest prices for its products when bidding to manufacturers. Although a supplier may win the bid, its products may not be up to standard, and this can lead to the production of faulty goods. Therefore, when using offshore suppliers, quality issues, product auditing, and supplier auditing become extremely important.

Because the manufacturing model is changing, manufacturing has become more of a service-based industry than a pure manufacturing industry. Even though the physical process of manufacturing hasn’t changed, the actual locations of where the goods are being produced have. This fact is now compelling industrialized countries to engage in more assembly driven activities–a service-based model. The manufacturing process has transformed into obtaining parts and reassembling them into the final product. The final product is then redistributed throughout the appropriate channel or to the consumer. SCM methods are now reacting to this change as well; they are taking into account final assembly needs, and they are distributing particular products to consumers or manufacturers.

SCM is becoming the norm for manufacturers in the industrialized world. Offshoring is now standard practice, and methods such as SCM have been set up to deal with these economic and logistical business realities.

The economic shift happening in both industrialized and developing countries is dramatic. As the level of management knowledge increases, better methods of constructing offshore products are available in SCM solutions. In both types of economies, the changes in the labor force skill sets and manufacturing environments have consequently led to new software solutions being developed in order to manage this dramatic change.

Within the software industry, many SCM and enterprise resource-planning (ERP) vendors are following the economic shift. They are developing new functionality–ERP-distribution software–to meet the recent demands and needs of the changing manufacturing and distribution industries.

SCM and ERP software are converging to better address these new demands in the manufacturing industry. In the enterprise software market, ERP software vendors have reached a point of saturation; their installs are slowing down and they are seeing a reduction in sales. Therefore, ERP providers are developing new functionality in order to remain competitive with other ERP vendors, in addition to looking for new opportunities. ERP vendors are trying to adapt to the changing market in order to increase their revenues. They are integrating SCM functionality into their ERP offerings, creating ERP-distribution software that can span the entire production process across many continents (if necessary), and that is able to track final goods, components, and materials.

Traditional ERP solutions included some SCM functionality, which was needed to distribute the companies’ produced goods. These systems also allowed components and parts to be imported in order to assemble these goods. But offshore manufacturing and expansion into new markets has required SCM functionality in ERP software to be extended. Some larger vendors have acquired other companies in order to meet these changing demands. For example, Oracle acquired G-Log, a transportation management systems (TMS) vendor, and Agile, a product lifecycle management (PLM) vendor; and Activant acquired Intuit Eclipse.

SCM software vendors, in contrast, have felt encroached upon by ERP vendors. The situation has posed a real threat to SCM providers in the market, forcing them to extend their ERP functionality to compete with ERP vendors and to try to gain new clients in the distribution and logistics industry.

ERP-distribution software has integrated SCM functionality into its existing functionality to navigate through the complex global manufacturing environment. SCM software maps five processes into one solution: planning, sourcing (obtaining materials), producing, delivering, and returning final products if defective. These processes help to track and manage the goods throughout their entire life cycles. In addition, ERP solutions are used to manage the entire operations of an organization, not only a product’s life cycle. This gives users the broad capability to manage operations and use the SCM functionality to manage the movement of goods, whether components or finished product.

With the ability to gain accurate inventory visibility and SCM production, ERP-distribution software is able to see the whole chain of manufacturing and distribution events, from supplier to manufacturer, all the way to the final consumer.

There are three business models.

  • The first is the SCM model, which includes the manufacturing process.
  • The second is the retail model, which is the distribution of final products to the consumer, business, or retailer.
  • The third model is a combination of the first two business models, joined by the ERP-distribution software solution into one seamless process.

Within the SCM process, goods can either be brought in (imported) through foreign manufacturers, or acquired locally. The goods are then given to a distributor, 3PL provider, or wholesaler in order to reach the final client.

Within the retail model, the products are taken from a distributor, 3PL provider, or wholesaler, and are distributed to the appropriate person. Note that there is a “shift” for the consumer. This is to indicate that through the Internet or other forms of technology, consumers are now able to buy directly from distributors. The power of the consumer has changed; where manufacturers once provided products to consumers, consumers are now creating demand, and manufacturers have to meet that demand.

SCM solutions focus on the relationship between the supplier and manufacturer. However, ERP- distribution software has taken functionality from SCM software and combined it with retail software (such as point-of-sale and e-commerce solutions); it is now able to span across the entire supply chain and to track goods along the complete manufacturing process.

This is a simplified view of the complexities of today’s manufacturing processes. These complexities have made it crucial for trading partners to unite with manufacturers in order to help alleviate the frustrations that can occur within this global network. Specifically, trading partners are coming together with manufacturers to unite services, products, and customer experience so that business processes (such as manufacturing and distribution) become more efficient and that goods can move through these processes with minimal problems.

SCM can be thought of as the management of “warehousing processes,” in which the movement of goods occurs through multiple warehouses or manufacturing facilities. Tracking the costs of moving products and components through the maze of warehousing and manufacturing facilities is a tricky process, and many organizations lose money at each warehousing step.

Within the flow of goods in the manufacturing sector, the warehouse is a crucial part of the supply chain. Traditionally, the warehouse has been a source of frustration because the manufacturer or supplier pays for the use of the warehouse (whether owned or rented by the company). This leads to two possible scenarios: 1) the costs of the warehouse are incurred by a 3PL or manufacturing company, or 2) the costs are passed from one warehouse to another warehouse, and the original warehouse charges for these costs.

The typical warehouse process includes the following steps: receiving, put away, picking, kitting, packing, repacking, cross-docking, and shipping. ERP-distribution software is able to track costs across the entire organization and to aid companies in reducing costs that were previously tough to track.

ERP-distribution system encompasses the entire production of the final good. The ERP- distribution system is able to include inventory visibility from points “A to Z” (start to finish) and to track each warehouse cost from supplier to manufacturer to user, whether consumer, business, or retailer.

The Final Word: ERP-distribution software has been developed to meet the growing needs of the manufacturing and distribution industries. The capabilities incorporated into the software work across entire organizations, and even across continents.

Because of the economic shift in the manufacturing industry, the emergence of new software has been vital for businesses to stay competitive, meet the industry demands and emerging shift, and to keep business processes efficient to gain better profit margins.

ERP-distribution software is able to track the processes of manufacturing goods and distributing components, even if the manufacturer has facilities in North America and the Far East. With the SCM component in ERP software, manufacturing and tracking goods becomes manageable. Distributors and manufacturers can now work together in order to better meet customer requirements.

In addition of factors for domestic location selection analysis, other factors in international location selection are:

  • Exchange Rates
  • Taxes and Tariffs
  • Transfer Prices

How do companies in Computers, Automotive, Apparel, Electronics, Consumer Goods, Machinery manage their supply chain planning functions?  What software do they use for forecasting, planning, and scheduling?

I know of these software solutions for Network Design and Optimization:

Key Sources of Research:


Combined Strategic and Operational Planning – An MILP Success Story in Chemical Industry

Josef Kallrath



Planning in the Process Industry

Josef Kallrath


Solving Planning and Design Problems in the Process Industry Using Mixed Integer and Global Optimization

Josef Kallrath



Mathematical Programming Models and Formulations for Deterministic Production
Planning Problems

Yves Pochet


Supply Network Planning and Plant Scheduling in the Chemical-Pharmaceutical Industry – A Case Study Investigation

Gang Yang, Martin Grunow and Hans-Otto Guenther



Advanced Planning and Scheduling Solutions in Process Industry

Editors: Günther, Hans-Otto, van Beek, Paul (Eds.)


Advanced Planning and Scheduling in Manufacturing and Supply Chains

Authors: Mauergauz, Yuri



Centralised supply chain master planning employing advanced planning systems

Martin Rudberga* and Jim Thulin



Planning and Scheduling in Supply Chains: An Overview of Issues in Practice

Stephan Kreipl • Michael Pinedo



Sales and operations planning in the process industry

Sayeh Noroozi

Joakim Wikner



Optimal planning in large multi-site production networks

Christian H. Timpe, Josef Kallrath



Mixed Integer Optimization in the Chemical Process Industry –
Experience, Potential and Future Perspectives

Josef Kallrath


Planning and scheduling in the process industry

Josef Kallrath



Modeling and design of global logistics systems: A review of integrated strategic and tactical models and design algorithms

Marc Goetschalckx  Carlos J.Vidal, Koray Dogan



Strategic Analysis of Integrated Production- Distribution Systems: Models and Methods

Morris Cohen and H Lee




Integrated production/distribution planning in supply chains: An invited review

Sß. Selcßuk Erengucß a, N.C. Simpson b, Asoo J. Vakharia




A Review of Integrated Analysis of Production-Distribution Systems

Ana Maria Sarmiento, Rakesh Nagi



Managing Perishability in Production-Distribution Planning: a discussion and review

P. Amorim H. Meyr C. Almeder
B. Almada-Lobo



Input-Output Analysis For Multi-location Supply Chain Management Control:
A Theoretic Model

Wang Lu, Tong Rencheng



Using Operational Research for Supply Chain Planning in the Forest
Products Industry

Sophie D’Amours

Mikael Ro¨nnqvist

Andres WeintraubâAmours_Sophie.pdf?sequence=1



Mathematical programming models for supply chain production and
transport planning

Josefa Mula *, David Peidro, Manuel Díaz-Madroñero, Eduardo Vicens




Formation of a strategic manufacturing and distribution network
with transfer prices

Renato de Mattaa, Tan Millerb




Marc Goetschalckx, Carlos J. Vidal and Javier I. Hernández



Integrated Strategic Planning of Global Production Networks and Financial Hedging
under Uncertain Demands and Exchange Rates

Achim Koberstein,
Elmar Lukas,
Marc Naumann




The Design of Robust Value Creating Supply Chain Networks:  A Critical Review





Global supply chain design: A literature review and critique.

Meixell, M. J. and Gargeya, V. B.


Transportation Research Part E: Logistics and Transportation Review, 41(6): 531-550.




A strategic model for exact supply chain network design and its application to a global manufacturer

C. Arampantzi, I. Minis, G. Dikas



Sequential Vs Integrated Optimization:  Production, Location, Inventory Control and Distribution

July 2017



Measuring Cost Efficiency in an Integrated Model of Production
and Distribution: A Nonparametric Approach

Subhash C. Ray




Optimization/simulation modeling of the integrated production- distribution plan: an innovative survey





Strategic Planning and Design of Supply Chains: a Literature Review

Alessandro Lambiase, Ernesto Mastrocinque, Salvatore Miranda and Alfredo Lambiase




The design of production-distribution networks: A mathematical programming approach

Alain Martel



Process industry supply chains: Advances and challenges

Nilay Shah



Strategic, Tactical and Operational Decisions in Multi-national Logistics Networks:
A Review and Discussion of Modeling Issues

Gunter Schmidt
Wilbert E. Wilhelm;jsessionid=5BA6B353BBCA48D0859B902AC3F2610D?doi=

Strategic production-distribution models: A critical review with emphasis on global supply chain models



Dynamics of Global Supply Chain Supernetworks


(Received and accepted November 2002)





Integrated supply chain planning under uncertainty using an improved stochastic approach

Hadi Mohammadi Bidhandi a,⇑, Rosnah Mohd Yusuff



Optimizing the Supply Chain of a Petrochemical Company under Uncertain Operating and Economic Conditions

Haitham M. S. Lababidi,*,† Mohamed A. Ahmed,‡ Imad M. Alatiqi,† and Adel F. Al-Enzi§



A strategic model for exact supply chain network design and its application to a global manufacturer

C. Arampantzi, I. Minis, G. Dikas



Sequential versus Integrated Optimization: Lot Sizing, Inventory Control and Distribution

Maryam Darvish*, Leandro C. Coelho




Samuel H. Huang, Ge Wang

John P. Dismukes



A review and critique on integrated production–distribution planning models and techniques

Trends in Intra Firm Trade of USA

Trends in Intra Firm Trade of USA



Intra Firm Trade

Intra-firm trade consist of trade between parent companies of a compiling country with their affiliates abroad and trade of affiliates under foreign control in this compiling country with their foreign parent group.

Intra Industry Trade

Different types of trade are captured in measurements of intra-industry trade:

a) Trade in similar products (“horizontal trade”) with differentiated varieties (e.g. cars of a similar class and price range).

b) Trade in “vertically differentiated” products distinguished by quality and price (e.g. exports of high-quality clothing and imports of lower-quality clothing).




Products which are traded internationally, but which stay within the ambit of a multinational enterprise (MNE), represent a significant portion of foreign trade for several OECD countries. This type of trade is called intra-firm trade as opposed to international trade among unrelated parties, also called arm’s length trade. Intra-firm trade is an important part of the process of globalisation, by which is meant the increasing interdependence of markets and production in different countries through trade in goods and services, cross-border flows of capital, and exchanges of technology.

The phenomenon of intra-firm trade is of interest to trade policy makers, as well as to competition and tax authorities. The use of transfer pricing in intra-firm trade may introduce an element of uncertainty into the value of a fairly large part of international trade and into customs valuation needed for the application of tariffs or similar measures. Competition and tax issues may also arise from intra-firm trade to the extent that the latter may facilitate the dissimulation of real transaction prices between the parent company and its affiliates.

A surge in foreign direct investment (FDI) during the 1980s’ has been cited as evidence in favour of globalisation; it is argued that MNEs have played a central role in globalisation by extending their corporate networks beyond national boundaries through the establishment of foreign branches and subsidiaries. It is often assumed that intra-firm trade reflects these foreign production activities by MNEs, as they trans- fer their factors of production from one country to another.

Little attention has been paid so far to the phenomenon of intra-firm trade. The literature on the subject is still relatively limited and recent. This is partly because most international trade statistics do not distinguish between intra-firm trade and arm’s length trade.



In considering the interrelationship between globalisation and international trade, it is conceptually useful to distinguish between four types of international trade:

(A) intra industry, intra-firm trade;

(B) intra-industry, arm’s-length trade;

(C) inter-industry, intra firm trade;

(D) inter-industry, arm’s-length trade.

Intra-industry trade is defined as the mutual exchange of similar goods within the same product category (Grubel and Lloyd, 1975, and Greenaway and Milner, 1986).

Intra-industry trade is generally a function of product differentiation and may or may not involve intra-firm trade. If motor vehicles produced in France are exported to the United States and U.S.-built motor vehicles are exported to France, the two countries are said to be involved in intra-industry trade even though such trade is not necessarily intra-firm trade. Intra-industry trade can be readily calculated for any given product category, as only the traditional bilateral trade statistics for that product category are needed.

Intra firm trade is harder to quantify, since knowledge of the relationship between the firms involved in the transactions is necessary. Data on intra-firm trade are available only. through firm surveys, involving the preparation of questionnaires by national authorities.

Most trade in manufactured goods among OECD countries is of the intra-industry type.  Intra-industry trade is particularly important within Europe, and to a lesser extent, in North America, accounting for roughly 60 to 70 per cent of total trade in manufacture.  This trade generally concerns differentiated products exchanged between countries that are similar in terms of per capita income and relative factor endowments. It has also been argued that economies of scale play an important role in explaining the industry pattern of intra-industry trade.

On the other hand, trade between developed and developing countries (“North-South”) is mostly of the inter-industry type, reflecting large differences in relative factor endowments between the two groups of countries. Inter-industry trade among unrelated parties (type D) – e.g. international exchange of cotton cloth produced by northern manufacturers for wine produced by southern farmers .- is the type of trade which international trade textbooks traditionally deal with.

Trade in manufactured goods between developed countries is predominantly of the intra-industry type and often takes the form of intra-firm trade. An important example of intra-industry, intra-firm trade (Type A) is United States-Canada-Mexico automobile trade. Intra-firm trade is also the dominant pattern of U.S. exports to Canada and Europe in the case of non-electrical machinery and chemicals. Another example is trade in manufactured goods between Pacific Asian economies. These economies have seen a rapid increase in intra-industry trade as a proportion of their total trade over the last decade. Such increase in intra-industry trade in Pacific Asian economies can be primarily attributed to the globalisation of corporate activities by U.S. and Japanese firms and, more recently, by other Asian firms. This involves assembly-line production based on imported parts and components in different countries in East and South East Asia (Fukasaku, 1992; Gross, 1986).





From An Overview of U.S. Intrafirm-trade Data Sources



There are large differences in BEA data and Census data particularly for Imports.  There are some measurement issues.  Import data from Mexico and China show big errors.


From An Overview of U.S. Intrafirm-trade Data Sources



From An Overview of U.S. Intrafirm-trade Data Sources



Data sources of Intra Firm Trade

  • BEA (Intra Firm Trade Data)
  • US Census Bureau (Related party trade data)


From Intrafirm Trade and Vertical Fragmentation in U.S. Multinational Corporations

First, we show that, although intra-MNC trade represents an important fraction of aggregate U.S. exports and imports, the median manufacturing foreign affiliate ships nothing to — and receives nothing from — its parent in the United States. Intra-MNC trade is concentrated in a small group of large affiliates and large corporations: The largest five percent of affiliates accounts for around half of the total trade to and from the parent, while the largest five percent of corporations accounts for almost two thirds of total intra- MNC trade. This skewness is also observed within the corporation: Intra-MNC trade tends to be concentrated in a small number of an MNC’s largest foreign affiliates.

The lack of intra-MNC cross-border trade that we find for foreign affiliates of U.S. multinationals is more surprising than the similar finding in Atalay et al. (2014) for intrafirm trade within the United States. Factor price differences — the theoretical motivation for vertical fragmentation and the intrafirm trade that accompanies it — are much larger across countries than across U.S. cities. In this regard, Brainard (1993) first documented the weak relationship between factor endowments and intra-MNC trade across borders.

The skewness of intra-MNC trade towards large affiliates and corporations in our first finding is reminiscent of the skewness in the distributions of other international activities. Manufacturing exports are concentrated in large firms (Bernard and Jensen, 1995), and even larger firms own foreign affiliates (Helpman et al., 2004). These patterns are consistent with theories of the firm that are based on economies of scale in production. In Grossman et al. (2006), for example, the production of inputs for the entire multinational corporation is concentrated into a few large affiliates, which exploit the strong economies of scale in production. Affiliates created to supply a foreign market — as an alternative to exporting, in order to avoid transportation costs — are relatively small. The model predicts that a small number of large affiliates ship goods within the corporation, while numerous smaller affiliates serve local markets. The concentration of intra-MNC trade in the largest firms is also consistent with the contract theory of the multinational firm proposed by Antras and Helpman (2004): In their framework with heterogeneous firms, only the largest firms choose to integrate offshore activities.

Our second set of facts relates intra-MNC trade to the upstream and downstream links between the industries of the parent and affiliate, as defined by the U.S. input-output table. As previously shown in Alfaro and Charlton (2009), we find that multinational corporations own affiliates in industries that are vertically linked to the parent’s industry. The input-output coefficient between the affiliate’s and the parent’s industries of operation, however, is not related to the existence and the magnitude of the trade in goods between the two. These findings are similar to those in Atalay et al. (2014), who study multi-establishment firms within the United States: The ownership of vertically linked affiliates is not related to the transfer of goods within the boundaries of the firm.




Key Sources of Research:



Marcos Bonturi and Kiichiro Fukasaku




U.S. Direct Investment Abroad: Trends and Current Issues

James K. Jackson
Specialist in International Trade and Finance

June 29, 2017


Foreign Direct Investment in the United States (FDIUS): Final Results from the 2012 Benchmark Survey



U.S. Direct Investment Abroad (USDIA): Revised 2009 Benchmark Data


U.S. Intrafirm Trade in Goods

By William J. Zeile



Global Production: Firms, Contracts, and Trade Structure

Pol Antràs
Harvard University
June, 2015



Trade in Goods Within Multinational Companies:
Survey-Based Data and Findings for the United States of America

William J. Zeile
U.S. Bureau of Economic Analysis
Washington, DC 20230



An Overview of U.S. Intrafirm-trade Data Sources

Kim J. Ruhl
New York University Stern School of Business
May 2013



How Well is U.S. Intrafirm Trade Measured?






An Overview of U.S. Intrafirm-trade Data Sources

Kim J. Ruhl
New York University Stern School of Business
May 2013




Gregory Corcos

Delphine M. Irac

Giordano Miony

Thierry Verdier

First draft: January 26, 2008. This draft : December 9, 2010.




Pol Antràs
Stephen R.Yeaple

Working Paper 18775

February 2013




Andrew B. Bernard
J. Bradford Jensen
Stephen J. Redding
Peter K. Schott

April 2010







On Intra-firm Trade and Multinationals: Offshoring and Foreign Outsourcing in Manufacturing

  • Ashok Deo Bardhan
  • Dwight Jaffee




Natalia Ramondo
Veronica Rappoport
Kim J. Ruhl
August 2015





Rainer Lanz,
Sébastien Miroudot,




Intrafirm Trade and Product Contractibility

By Andrew B. Bernard, J. Bradford Jensen, Stephen J. Redding,
and Peter K. Schott


Vertical Specialization in Multinational Firms

Gordon H. Hanson

Raymond J. Mataloni, Jr.

Matthew J. Slaughter

Initial Draft: September 2002




João Amador and Sónia Cabral





C. Lakatos and T. Fukui





Sooyoung Lee





On Intra-Firm Trade and Multinationals: Foreign Outsourcing and Offshoring in Manufacturing

Ashok Deo Bardhan

Dwight Jaffee



International Fragmentation of Production and the Intrafirm Trade
of U.S. Multinational Companies

Maria Borga and William J. Zeile

January 22, 2004




Globalization and trade flows: what you see is not what you get!

Andreas Maurer and Christophe Degain



How US corporations structure their international production chains

Natalia Ramondo, Veronica Rappoport, Kim Ruhl

07 October 2015





Enghin Atalay
Ali Hortacsu
Chad Syverson

April 2012




Vertical Integration and Input Flows

Enghin Atalay

Ali Hortaçsu

Chad Syverson

August, 2013



Outsourcing versus Vertical Integration: A Dynamic Model of Industry Equilibrium.

Román Fossati

March 2014



Production Networks, Geography and Firm Performance

Andrew B. Bernardy

Andreas Moxnesz

Yukiko U. Saitox

This Version: May 2014 –





Vertical Integration and Firm Boundaries: The Evidence







Foreign affiliates with and without intra-firm trade:
Evidence from sub-Saharan Africa

Sotiris Blanas

Adnan Seric




Outsourcing, Vertical Integration, and Cost Reduction

Simon Loertscher†

Michael H. Riordan‡

September 8, 2014





Gordon H. Hanson
Raymond J. Mataloni, Jr.
Matthew J. Slaughter

May 2003



Network structure of production

Enghin Atalaya, Ali Hortaçsua,1, James Robertsb, and Chad Syversonc

Edited by Lars Peter Hansen, University of Chicago, Chicago, IL, and approved February 2, 2011 (received for review October 15, 2010)




Cross-border Vertical Integration and Intra-firm Trade:
New evidence from Korean and Japanese firm-level data

Hyunbae CHUN

Jung HUR

Young Gak KIM

Hyeog Ug KWON




Offshoring in the Global Economy
Lecture 1: Microeconomic Structure
Lecture 2: Macroeconomic Implications

Robert C. Feenstra

September 2008





Thomas Chaney

January 2011

FDI vs Outsourcing: Extending Boundaries or Extending Network Chains of Firms

FDI vs Outsourcing: Extending Boundaries or Extending Network Chains of Firms


Foreign Direct Investments of Firms can have three objectives:

  • Vertical Integration (Control of Supply Chain)
  • Horizontal Integration (Seeking Market Share)
  • Diversification ( Market Seeking)

In this post, Focus is on Sourcing of Goods and Services in FDI and Outsourcing Decisions of Firms.  That means focusing on supply chain related issues.



A fi…rm that chooses to keep the production of an intermediate input within its boundaries can produce it at home or in a foreign country. When it keeps it at home, it engages in standard vertical integration. And when it makes it abroad, it engages in foreign direct investment (FDI) and intra-…firm trade. Alternatively, a …firm may choose to outsource an input in the home country or in a foreign country. When it buys the input at home, it engages in domestic outsourcing. And when it buys it abroad, it engages in foreign outsourcing, or arm’s-length trade.

Intel Corporation provides an example of the FDI strategy; it assembles most of its microchips in wholly-owned subsidiaries in China, Costa Rica, Malaysia, and the Philippines. On the other hand, Nike provides an example of the arm’s-length import strategy; it subcontracts most of its manufacturing to independent producers in Thailand, Indonesia, Cambodia, and Vietnam.



Intermediate Goods – Make vs.  Buy Decisions of Firms




From Integration of Trade and Disintegration of Production in the Global Economy


The rising integration of world markets has brought with it a disintegration of the production process, in which manufacturing or services activities done abroad are combined with those performed at home. Companies are now finding it profitable to outsource increasing amounts of the production process, a process which can happen either domestically or abroad. This represents a breakdown in the vertically-integrated mode of production – the so-called “Fordist” production, exemplified by the automobile industry – on which American manufacturing was built. A number of prominent researchers have referred to the importance of the idea that production occurs internationally: Bhagwati and Dehejia (1994) call this “kaleidoscope comparative advantage,” as firms shift location quickly; Krugman (1996) uses the phrase “slicing the value chain”; Leamer (1996) prefers “delocalization;” while Antweiler and Trefler (1997) introduce “intra-mediate trade.” There is no single measure that captures the full range of these activities, but I shall compare several different measures of foreign outsourcing, and argue that they have all increased since the 1970s.


Types of Supply Chain Relations:

  • Intra-firm Trade of MNCs
  • Foreign Outsourcing
  • Domestic Outsourcing
  • Vertical Integration


Key Terms:

  • Production Sharing
  • Vertical Integration
  • Fragmentation of Production
  • Global Value Chains
  • Outsourcing
  • Delocalization
  • Intermediate Goods Trade
  • FDI
  • Domestic Outsourcing
  • Production Offshoring
  • Onshoring
  • Economic Globalization
  • Value Added Tasks
  • Intra-firm Trade
  • Multinational Firms
  • Vertical Specialization
  • Vertical Disintegration
  • Transaction Cost Economics
  • Trade in Value Added Tasks
  • Vertical Production Networks
  • Production Unbundling


Key Sources of Research:


Yongmin Chen
Ignatius J. Horstmann
James R. Markusen

Working Paper 14515

December 2008




Gene M.Grossman
Elhanan Helpman

Working Paper 9300

October 2002




Pol Antràs
Elhanan Helpman

Working Paper 10082

November 2003




Gene M. Grossman
Elhanan Helpman

Working Paper 8728

January 2002




Globalization, Outsourcing, and Wage Inequality

Robert C. Feenstra

Gordon H. Hanson

January 1996


Global Production Sharing and Rising Inequality:  A Survey of Trade and wages

Robert C. Feenstra

Gordon H. Hanson





Elhanan Helpman

Working Paper 12091

March 2006





Robert E. Lipsey

Working Paper 9293

October 2002



Chapter Title: Introduction to “Foreign Direct Investment”

Chapter Author: Kenneth A. Froot
Chapter URL:



Chapter Title: Where Are the Multinationals Headed?

Chapter Author: Raymond Vernon
Chapter URL:





Determinants of Foreign Direct Investment: A Sectoral and Institutional

James P. Walsh and Jiangyan Yu






Bruce A. Blonigen
Jeremy Piger

Working Paper 16704

January 2011




Determinants of Foreign Direct Investment in Developing Countries: A Comparative Analysis

Khondoker Abdul Mottaleba
Kaliappa Kalirajanb





Determinants of Foreign Direct Investment

Bruce A. Blonigen

Jeremy Piger




Trends and Determinants of Foreign Direct Investment in South Asia

World Bank




Determinants of Foreign Direct Investment (FDI)

Yi Feng
Publication Date: Jun 2017




Foreign direct investment (FDI)




Foreign Direct Investment and the Multinational Enterprise: An Introduction

Steven Brakman and Harry Garretsen






Patricia Lindelwa Makoni




A selective review of foreign direct investment theories.

Nayak, Dinkar and Rahul N. Choudhury (2014).

ARTNeT Working Paper Series No. 143, March 2014,



Integration of Trade and Disintegration of Production in the Global Economy

Robert C. Feenstra

Revised, April 1998




The Distributional Effects of International Fragmentation,

Kohler, Wilhelm (2002)

Working Paper, Department of Economics, Johannes Kepler University of Linz, No. 0201




International Fragmentation of Production and the Intrafirm Trade of U.S. Multinational Companies

Maria Borga and William J. Zeile
January 22, 2004

Paper presented at:

The National Bureau of Economic Research/Conference on Research in Income and Wealth meeting on Firm-level Data, Trade, and Foreign Direct Investment, Cambridge, Massachusetts
August 7-8, 2003,
The OECD Committee on Industry and Business Environment/Working Party on Statistics
Session on Globalization,
Paris, France
November 3-4, 2003.



The governance of global value chains

Gary Gereffi
John Humphrey
Timothy Sturgeon


The economic consequences of increased protectionism

Riksbank of Sweden





Deep integration and production networks: an empirical analysis

Gianluca Orefice
Nadia Rocha
World Trade Organization
Manuscript date: July 2011




Measuring success in the global economy: international trade, industrial
upgrading, and business function outsourcing in global value chains

Timothy J. Sturgeon and Gary Gereffi




Topics in International Trade

Reading list





GPN Working Paper 2
October 2002



Why has world trade grown faster than world output?

Mark Dean

Maria Sebastia-Barriel



Vertical Specialization, Global Value Chains and the changing Geography of Trade: the Portuguese Rubber and Plastics Industry Case

João Carlos Lopes and Ana Santos



The changing structure of trade linked to global production systems: What are the policy implications?





Guillaume Daudin (Lille-I (EQUIPPE) & Sciences Po (OFCE), Christine Rifflart, Danielle
Schweisguth (Sciences Po (OFCE))1

This version: July 2009



David Hummels
Jun Ishii
Kei-Mu Yi
March 1999



Expansion Strategies of U.S. Multinational Firms

Gordon H. Hanson, Raymond J. Mataloni, and Matthew J. Slaughter

May 10-11, 2001

Paper presented at:

The Brookings Trade Forum 2001, Washington, D.C.
May 10-11, 2001




Mihir A. Desai C. Fritz Foley James R. Hines Jr.

Working Paper 9115
August 2002




The Globalization of Production

Gordon H. Hanson




The Politics of Transnational Production Systems A Political Economy Perspective

Helge Hveem
Department of Political Science
University of Oslo


 The Architecture of Globalization: A Network Approach to International Economic Integration.

Raja Kali and Javier Reyes

Second Revision: October 9, 2006






Paris School of Economics – Summer School on Trade




Spain in the global value chains




 An Outsourcing Bibliography

Foreign Policy magazine


An outsourcing bibliography








 A Survey of Literature on Research of Intra-firm Trade




Global Value Chains

OECD, WTO and World Bank Group
Report prepared for submission to the G20 Trade Ministers Meeting Sydney, Australia, 19 July 2014





OECD Trade Policy Working Paper No. 93
by Sébastien Miroudot, Rainer Lanz and Alexandros Ragoussis



The Boundaries of Multinational Enterprises and the Theory of International Trade

James R. Markusen



Incomplete Contracts and the Boundaries of the Multinational Firm

Nathan Nunn

Daniel Trefler

June 2008