This paper documents that a process of industrial restructuring has been transforming the developed economies, where large corporations are accounting for less economic activity and small firms are accounting for a greater share of economic activity. Not all countries, however, are experiencing...

Traditional economic theory posits that a well functioning capital market is a necessary condition for industrialization and economic growth. However, in reality it is observed that micro and small enterprises are ubiquitous because entrepreneurs can set up business in low-return activities with...

Small and medium sized firms play an important role in the process of creative destruction. The focus of the paper is on the international diffusion of small and medium sized firms innovations. Small and medium sized firms face two challenges in globalization: property rights protection and...