Unfettered market forces tend to violate basic universal concepts like justice, dignity or fairness. Therefore we suggest moving to a new concept of markets, which we label 'civilized markets'. A civilized market tries to ensure that free entrepreneurship and open markets are eventually...

Theoretical literature states that intra-industry trade (IIT) should be divided into horizontal and vertical flows (or trade in products with homogeneous and heterogeneous quality) that are influenced by different factors. Yet, the economists are still not sure about the proportion between...

An influential literature shows that product quality varies widely across countries and industries. In this paper, we propose and test an explanation that rests on the interplay between cross-country differences in financial frictions and cross-industry differences in financial vulnerability. We...