This article explores the long-term effects of foreign direct investment on the human capital development of host economies, based on the historical analysis of the Spanish operations of four leading American firms: ITT, J. Walter Thompson, Merck Sharp & Dohme, and John Deere. Our research shows that the training and working practices of these companies had a positive impact on the Spanish subsidiaries in terms of technological upgrading and managerial development. However, the local context was also relevant, through mandatory agreements that empowered local partners from the start and the availability of locally educated professionals eager to absorb new knowledge.

中文翻译：

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外国投资对当地人力资本的长期影响：1920 年代至 1970 年代在西班牙的四家美国公司

本文基于对四家领先的美国公司（ITT、J. Walter Thompson、Merck Sharp & Dohme 和 John）在西班牙业务的历史分析，探讨了外国直接投资对东道经济体人力资本发展的长期影响。迪尔。我们的研究表明，这些公司的培训和工作实践在技术升级和管理发展方面对西班牙子公司产生了积极影响。然而，当地情况也很重要，通过强制性协议从一开始就赋予当地合作伙伴权力，并提供渴望吸收新知识的受过当地教育的专业人员。