The rise of new economic powers in Asia and Latin America has changed the size and direction of cross-border investment flows. Emerging economies such as China, Brazil, and India have become major destinations of foreign direct investment FDI within the past decade, and they are also assuming the role of investor themselves. The unprecedented shifts in global investment flows have revived the debate over the effects of foreign investment on growth, employment, and income distribution. In this book, leading experts analyze the most important trends in FDI, from the increasingly active role emerging economies play as investors in Africa to the rising U.S. and Europe suspicions of Chinese takeovers. They also focus on how global challenges including climate change and the aging of societies will act as new drivers of foreign investment, reshaping the patterns of globalization once again. Contributors include Daniel M. Firger Environment Climate Change Group at Linklaters, LLP , Helmut Hauschild Bertelsmann Stiftung, Yi Liu M.A. student, Johns Hopkins University School of Advanced International Studies, Melanie Luhrmann Royal Holloway College, University of London, and Institute for Fiscal Studies, Peter Nunnenkamp Kiel Institute for the World Economy, Jonathan D. Ostry International Monetary Fund, Joachim Pohl OECD, Helmut Reisen OECD and Chatham House, Jan Rielander OECD, Joachim Winter Ludwig-Maximilian University, Munich and Ting Xu Bertelsmann Foundation North Americas Global Project.