The first section of the paper surveys the evidence relating to the hypothesis that the inner city acts as a nursery for new manufacturing firms and shows that there is little direct confirmatory evidence. The second and third sections report on two research studies of new firm foundation in...

In the wake of a financial crisis and recession, the UK faces a challenging recovery. This represents an important time to revisit the UK’s systems of finance and ownership. This article argues that failures in the national structure of ownership have had significant consequences in local...

We estimate the extent to which idiosyncratic and disaggregate macro shocks (such as regional and industry shocks) are not shared in the economy. Comparing the degree to which idiosyncratic and disaggregate macro shocks are not shared grants a deeper understanding as to why the economy lacks in...

This paper looks at the advantages and disadvantages of mixing banking and commerce, using the "liquidity" approach to financial intermediation. Adding a commercial firm makes it easier for a bank to dispose of assets seized in a loan default. This 'internal market' increases the liquidity of...