A series of empirical studies has identified that a pervasive shift in the industrial structure away from large corporations and towards small enterprises has taken place between the mid-1970s and early 1990s. This shift occurred in virtually every single leading industrial country. The...

The decision to become an entrepreneur is in essence an individual decision. But even when the endowments of inhabitants are taken into account, some regions have persistently higher entrepreneurship rates than others. Proposed explanations for this regional variation are numerous: market...