Using survey data from 28 transition countries, we test for the complementarity and substitutability of market-relevant skills and institutions. We show that democracy and good governance complement market skills in transition economies. Under autocracy and weak governance institutions there is...

It has been increasingly recognized that entrepreneurs play a crucial role in successful economies. Yet research on entrepreneurs is rather limited. In this paper we study 414 Chinese entrepreneurs and 561 Chinese non-entrepreneurs with similar age and education characteristics. We find that...