The Japanese home market, historically the most self-reliant of the major industrialized countries, also increased its purchases of foreign technologies during the 1980s; this trend continued into the early 1990s. In 1981, imports of high-tech manufactures supplied 6 percent of Japanese domestic consumption, rising steadily to 15 percent by 1989, and to nearly 19 percent by 1992.
Progress toward the creation of a more economically unified market in Europe has fostered even greater trade among the economies of the European Community, the European Free Trade Association, (Click here for footnote 11.) and more recently, with Eastern Europe countries. (Click here for footnote 12.)Many of the reforms introduced to remove barriers hampering trade within Europe have also had the effect of making Europe an even more attractive market to the rest of the world. (Click here for footnote 13.) Rapidly rising import penetration ratios in the major European economies during the later part of the 1980s and early 1990s reflect these changing circumstances and highlight greater trade activity in European high-tech markets when compared with product markets for less technology-intensive manufactures.
High import penetration ratios apparent during the late eighties and early nineties also reflect an increased trend in Europe toward cross-border production of capital and technology-intensive goods. The number of mergers and acquisitions involving Europe's largest firms rose sharply during the mid- to late 1980s and were heavily concentrated in Europe's manufacturing industries (ITC 1992, pp. 1-3 to 1-18). Among Europe's more technology-intensive industries, a large number of mergers and acquisitions have taken place in the chemical, machine tool, and electronics industries. (Click here for footnote 14.)
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