This paper focuses on industries that require intensive investment to compete and innovate well before demand materialises (or fails to do so). In these industries, the existence of exit barriers may cause firms to become “zombies” ex post and result in significant underinvestment ex ante....

"Entrepreneurship and Economic Development addresses the importance of business creation, which is endemic in subsistence indigenous cultures, widespread in developing economies, and a critical feature of adaptation in the most advanced economies. The author offers systematic comparisons of six...