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Although joint ventures
have been used for decades as a way
to organize a business, in
recent years they have been used much
more widely. They have
enjoyed such a surge of popularity, in
fact, that more joint
ventures have been announced since 1981 than
in all previous years. Even
U. S. multinationals began to consider
joint ventures when
entering a new business. Some observers predict
that joint ventures are the
wave of the future for reasons such
as heightened global
competition, increased risk and the fast pace
of technological change.
Many joint ventures are not
intended to fill standard business
objectives (such as making
profits). Instead, they were created
to learn a technology, open a market and block a competitor.