The 1990s witnessed a boom in foreign direct investment (FDI) in infrastructure sectors in developing countries, which was surprising for at least two reasons. First, infrastructure sectors, unlike manufacturing, suffer from the "market failure" problem, and the solution to that...

The telecommunications industry in emerging markets has been transformed from a collection of mostly state-owned, national companies to one with many privately owned, multinational corporations (MNCs). Using examples from Latin America, this dramatic reconfiguration is explained as resulting...