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Appropriate Entrepreneurship? The Rise of China and the Developing World / Josh Lerner, Junxi Liu, Jacob Moscona, David Y. Yang.
Author
Lerner, Josh
[Browse]
Format
Book
Language
English
Published/​Created
Cambridge, Mass. National Bureau of Economic Research 2024.
Description
1 online resource: illustrations (black and white);
Details
Related name
National Bureau of Economic Research
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Liu, Junxi
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Moscona, Jacob
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Yang, David Y.
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Series
Working Paper Series (National Bureau of Economic Research) no. w32193.
[More in this series]
NBER working paper series no. w32193
Summary note
Global innovation and entrepreneurship has traditionally been dominated by a handful of high-income countries, especially the US. This paper investigates the international consequences of the rise of a new hub for innovation, focusing on the dramatic growth of high-potential entrepreneurship and venture capital in China. First, using comprehensive data on global venture activities, we show that as the Chinese venture industry rose in importance, entrepreneurship increased substantially in other emerging markets, particularly in sectors dominated by Chinese companies. Using a broad set of country-level economic indicators, we find that this effect was driven by country-sector pairs most similar to their counterparts in China. Second, turning to mechanisms, we show that the baseline findings are driven by local investors and by new firms that more closely resemble existing Chinese companies. Third, we find that this growth in emerging-market investment had wide-ranging positive consequences, including a rise in serial entrepreneurship, cross-sector spillovers, innovation, and broader measures of socioeconomic well-being. Together, our findings suggest that developing countries benefited from more "appropriate" businesses and technology pioneered by China, and that a system where only rich countries lead in innovation could limit entrepreneurial activity in large parts of the world.
Notes
March 2024.
Source of description
Print version record
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