We consider a model that provides insight into the well-known Folk theorem in economics that when the discount factor beta is sufficiently close to 1, expropriation will never occur. Although this Folk theorem is true in our model, our perspective is different. The discount factor beta often is...

This paper examines the welfare effects of trade liberalisation and economic growth in an economy which is large enough to influence world prices and in which trade is restricted by both tariffs and quotas. I derive general expressions for shadow prices of goods and foreign exchange and use them...

Regional policy has taken the centre stage in delivering current UK government efforts to promote productivity-driven economic growth. This article considers the validity of the prime indicator being used to assess regional economic performance: gross value added (GVA) per head. Evidence...

Corporate restructuring is normally analyzed with reference to economic imperatives and the inherited geographical structure of production. The economic landscape is assumed to be the consequence of private decisions made in response to these structural factors. If understanding and empirically...

For three decades a handful of giant American Corporations dominated the world computer industry. In the late 1980s a host of relatively small firms seized industry leadership. Many saw in this astounding reversal of fortune the birth of an open, progressive, highly competitive and democratic...