Control of corporate assets by wealthy families in economies lacking institutional integrity is common. It has negative implications on corporate governance and adverse macroeconomic effects when it extends across a sufficiently large part of the country's corporate sector. The authors consider...

Trade protection in a declining industry can cause damages beyond those revealed in the usual trade diagram analysis. Using data on the U.S. steel firms, the authors show that trade protection in that industry rewards poor performance, reduces incentives to innovate, and frustrates the normal...