Peter J. Buckley
The Future of the Multinational Enterprise (Buckley and Casson 1976) presented the basis for a theoretical model, not only of the growth and pattern of MNEs, but also of the global economic system. This paper examines the background to the book (including the concept of internalisation), explains the role of the firm in the systems view of the global economy, responds to various criticisms of the theory, and briefly discusses the application of the theory to contemporary developments (digital platforms, digital firms, and artificial intelligence). Attention to context, the emphasis on the uniqueness of firms, and firms’ dynamic development are modern concerns in the fractured and uncertain world economy we face today. Internalisation theory from 1976 onwards is not and was not the end but the beginning. There are lots of unanswered questions and the theory is still interesting!