Entrepreneurial Development in Late Industrialization: A Comparative Analysis

Yoon Chang-Ho

International Economic Journal, 1999, vol. 13, issue 2, 1-20

Abstract: The paper examines the differences in entrepreneurial responses that arise from the different historical backgrounds and transactional efficiency of the market. Beginning from a brief survey of the comparative study of early privatization policies and industrial organizations between Korea and Taiwan, we examine Formation of entrepreneurship in a general equilibrium framework with fixed set-up costs. We show that as the fixed set-up costs increase, the number of active entrepreneurs decreases, while the remaining risk-neutral entrepreneurs adopt riskier technologies and increase the expected level of employment. By examining industry dynamics, we explain why the growth pattern of some newly industrializing economies like Korea shows increasing volatility over the sustained period of time.

Date: 1999
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DOI: 10.1080/10168739900000033

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