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In the era of globalization, the economic contribution of the tourism, hospitality and leisure industry to the world's GDP is significant. Tourism represents one of the main sources of income for many countries; tourism creates jobs, enhances exports and contributes to the economic welfare of a host country. Although the contribution of tourism, hospitality and the leisure industry in the era of globalization has been broadly recognized, there are also numerous challenges that this industry faces.Higher Learning Research Communications is publishing this special issue with articles focusing particularly on the development of tourism, hospitality and leisure in the globalized world. The issue consists of a selection of 4 papers from authors that contribute to the understanding of recent developments in this industry, as well as strengths and weaknesses, threats and opportunities for the tourism, hospitality and leisure industry in the globalized world."Challenges and Opportunities of the World Tourism from the view Point of Ecotourism", by Fredy González Fonseca, analyses the potential options of ecotourism as a key driver of sustainable economic development for local communities. Despite the benefits this sector presents to local communities in Mexico, the author argues that there is non-existent support from the national or local governments and no equitable tourism legislation protecting potential natural resources, which could be used for future ecotourism activities.On "Economic Competition, Sustainability and Survival of the Dodo: The Eastern Island Case and the Tragedy of the Common Effects", Pedro Moreira examines the results of a series of decision games obtained under a quasi-experimental design. Behavioral patterns were analyzed and extrapolated to explore the terminal effects of competition trends on the survival and economic viability of organizations and travel destinations in restricted environments.Marina Mattera & Alberto Moreno Melgarejo write on the "Strategic Implications of Corporate Social Responsibility in the Hotel Industry: a comparative research between NH Hotels and Meliá Hotels International". The study outlines the best practices of two leading Spanish hotel corporations: NH Hotels and Meliá Hotels International. By identifying actions undertaken by the most important firms of the sector, these hotels can serve as an exemplar and be replicated by other firms. The authors note that a firm can enhance their positive impact on their operating environment by increasing sustainability practices, improving understanding of the triple bottom line and minimizing negative social as well as environmental footprints.Finally, "Lifestyle entrepreneurs: Insights into Blackpool's small hotel sector", by William Rowson and Conrad Lashley, examines branded chains that dominate sections of commercial hospitality provision. The study acknowledges that those managing small accommodation properties, in the form of guest houses and small hotels, have more lifestyle ambitions for their commercial operation rather than classical entrepreneurial motives.We would like to thank Carmen M. Mendez for all her support during the development process of this issue and also Higher Learning Research Communications for giving us this opportunity to publish the special issue. We thank all the reviewers for their assistance and support in the review process of the papers for this special issue.Ruth Rios-Morales, Les Roches-Gruyè University of Applied SciencesIan Jenkins, Glion Institute of Higher Education

Purpose: Emerging countries are surging as important contributors of outward foreign direct investment (FDI) in both developing and developed markets around the world. This paper seeks to focus on Chinese investment in Europe with a particular consideration given to the manufacturing sector. The purpose of this paper is to analyse this new phenomenon in the context of the Eclectic Paradigm. Design/methodology/approach: This is a conceptual paper focusing on secondary research. The analysis incorporates aspects related to drivers and motivators, elements of difference, and includes considerations of the institutional role in influencing the competitiveness of firms and the strategies of countries. Findings: From this analysis emerges a contribution to theory development. A holistic model which incorporates government's role in influencing FDI is developed to advance understanding of Chinese OFDI in Europe. Practical implications: The model incorporating governmental influences on FDI presented in the paper can assist policy makers, managers and researchers in understanding the phenomenon. The analysis in the paper of the strengths and weaknesses of the new entrants and the threats and opportunities for incumbents provides insights for managers of the new entrants and incumbents alike. Originality/value: Data and scholarly research on the topic of FDI from emerging countries and on the emergence of China as a potential investor in Europe are limited. Since emerging markets are playing a growing role as sources of FDI, the study has sought to contribute particularly to the understanding of Chinese outward FDI in Europe.

In the current highly volatile international financial system, sovereign wealth funds (SWFs) have emerged as significant global financial players. The emergence of these funds has drawn considerable attention from policy-makers, market players and scholars. There are two main reasons for this. First, SWF have been acknowledged to be the largest concentration of capital that the world has ever known. In 2008, SWFs exceeded the amount of US$ 5 trillion (UNCTAD, 2008). It is estimated that by 2015 they will reach the amount of US$ 12 trillion (Redicker and Crebo-Redicker, 2007). Secondly, the management of these funds has raised concern about the lack of transparency in the administration and investment strategies of these colossal funds. Strong sentiments of protectionism have been particularly expressed by some European countries. Much of these strong sentiments can be attributed to the unprecedented phenomenon that results from the accrual of large current accounts surpluses of some emerging and developing nations, who are keen to invest in the developed world. This remarkable shift of capital flows suggests the establishment of a new economic order. This chapter considers the emergence of SWFs as global financial players, the new regulations placed to lessen concerns around this phenomenon, the European approach towards SWFs and their impact on the global economy.

The importance of innovation is reflected in the policy strategies that have been adopted by countries that have gained competitive advantage over the last two decades. In today's competitive global economy, Ireland has been acknowledged for its governmental policies and policy dynamics that have created a competitive market site for FDI. These policies have been based on continual policy innovation. The purpose of this paper is to analyse the governmental policies and policy dynamics within the Irish context of internationalisation. From this analysis a model of government influence on FDI in Ireland is developed. The main conclusions are that the success of the Irish model of internationalisation can be attributed to its innovative character. If Ireland's success is to extend into the future, it will have to continue to pursue innovation in the approach it adopts to internationalisation.

In the era of globalization, foreign direct investment (FDI) is an essential factor in the development of the economy. In recent years, creating a better investment climate has therefore been a policy priority for many governments, including the Latin American ones. Only a very small group of Latin American countries have attained relative success in attracting quality FDI, however. Conversely, Ireland has achieved impressive results by creating an attractive environment for FDI. The Latin American countries would do well to emulate the Irish experience, especially as regards the approach to establishing competitive advantages and efficiently promoting the country as a market site for FDI. (CEPAL Rev/GIGA)

In the era of globalization, foreign direct investment (FDI) is an essential factor in the development of the economy. In recent years, creating a better investment climate has therefore been a policy priority for many governments, including the Latin American ones. Only a very small group of Latin American countries have attained relative success in attracting quality FDI, however. Conversely, Ireland has achieved impressive results by creating an attractive environment for FDI. The Latin American countries would do well to emulate the Irish experience, especially as regards the approach to establishing competitive advantages and efficiently promoting the country as a market site for FDI.

In a world of polarized politics that is symbiotic with the decisions of policy-making organizations, during, post, and in the transition from the recent economic and financial crises, more emphasis is foreseen in the remaining tools to combat the sluggish growth, the banks' cash excess, the low inflation and the hiccupping interest rates in the financial markets. By resorting to a trio of economic tools (taxation, interest rates, and inflation) to invigorate economy growth and protect from further financial risk dispersion, this article's hypothesis is whether to tax the banks' profits directly, thus affecting the pricing of their products as well as their economic growth, or indirectly by asking to hold higher capital adequacy ratios or in taxing their borrowing and then bails them out or bail them from within.