We study the effects of policy reforms in the South on the decisions of intrafirm and arm’slength production transfers by Northern firms. We show theoretically that relaxing ownershipcontrols and improving contract enforcement can induce multinational companies to expandproduct varieties to...

Contemporaries and historians have highlighted London’s position asthe world’s leading financial centre, and its dominance of both tradefinancing and international capital investment at this time. The cur-rent historical literature focuses on the presence of the London StockExchange and...