This paper reconsiders the explanation of R&D subsidies by Spencer and Brander (1983) and others by allowing firms to license their innovations and to pool their R&D investments. We show that in equilibrium R&D joint ventures are formed and licensing occurs in a way that eliminates the strategic...

1. The Integrated State of Global Production Chain -- 2. Bismarck and German Consensus -- 3. The Meiji Restoration and Industrial Focus -- 4. The New Rome and The US Exceptionalism -- 5. The Current Entrenched Global Gentrification -- 6. The Balancing Acts by Large Industrial Economies -- 7. The...