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main institutional driver of the country's catch-up industrialization. In this paper, we test this assertion by evaluating … productivity. In line with theories of late industrialization, we also find evidence that the effect of public credit was larger in …
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Trade unions distort a profit-maximising firm's input choice. The nature of the resulting inefficiency depends on whether there is wage or efficient bargaining. Moreover, trade unions redistribute income and thereby affect welfare. If firms also pursue Corporate Social Responsibility (CSR)...
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