We created experimental variation across local markets in China in the share of firms having access to a new loan product, to measure the direct and indirect effects of access to finance. We find that: (1) Access to finance had a large positive direct effect on the performance of treated firms....

There were radical changes in national specialization during the 20th century: Germany's loss of dominance to the United States' and United Kingdom in much of the chemicals industry; the United States loss of dominance partly to Germany and the collapse of the United Kingdom, in motor vehicles....