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...

An industrial cluster is a locality with a high concentration of firms in related businesses. Although relatedness and concentration are the two defining features of an industrial cluster, the commonly used measures of clustering often fail to simultaneously capture both dimensions. Based on the...