Introduction -- The importance of everything but oil -- A theory about oil, policymakers, and the business environment -- Oil and the business environment in Iran -- Doing business in India's mining belt -- Reform in the Gulf Arab context: Saudi Arabia since the 1990s -- Conclusion

This paper surveys the various forms of market failure that can arise when innovating entrepreneurs consider entering an industry, and outlines possible implications for public policy. Externalities can arise from entrepreneurial activities such as spillover benefits from new innovations and...