Evolution, Community & the Global Economy

Are Small Firms Important? -Their Role & Impact, Zoltan Acs (ed.) US Office of Advocacy & Kluwer Academic Publisher, 1998. pp. 147-158

University of Alberta School of Business Research Paper No. 2013-647

Posted: 11 Jun 2013

See all articles by Zoltan J. Acs

Zoltan J. Acs

Schar School of Policy and Government

Randall Morck

University of Alberta - Department of Finance and Statistical Analysis; National Bureau of Economic Research (NBER); European Corporate Governence Institute; Asian Bureau of Finance and Economic Research

Bernard Yin Yeung

National University of Singapore - Business School

Date Written: June 16, 1998

Abstract

The world economy at the end of the twentieth century is characterized by increasing cross-border awareness and interdependence among nations. Both international trade and investment have had manifold increases. Total world trade increased from 629 billion (in 1995 dollars) in 1960 by eight times to 5 trillion by 1995 (world output grew only by 3.6 times) (U.S. Economic Report of the President, 1997, p. 243). Total world foreign direct investment went up from 48 billion in1981 to 204 billion in 1994 (17 United Nations, 1994). Small firms at the end of the century show an increasing degree of importance. Their share of sales, value-added, and employment went up in the European Union era, and smaller firms in the 1990s increased their share in exports and in outward foreign direct investment in the OECD countries and in many Asian countries (14OECD, 1996).

Suggested Citation

Acs, Zoltan J. and Morck, Randall K. and Yeung, Bernard Yin, Evolution, Community & the Global Economy (June 16, 1998). Are Small Firms Important? -Their Role & Impact, Zoltan Acs (ed.) US Office of Advocacy & Kluwer Academic Publisher, 1998. pp. 147-158; University of Alberta School of Business Research Paper No. 2013-647. Available at SSRN: https://ssrn.com/abstract=2277106

Zoltan J. Acs (Contact Author)

Schar School of Policy and Government ( email )

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HOME PAGE: http://home.ubalt.edu/zacs

Randall K. Morck

University of Alberta - Department of Finance and Statistical Analysis ( email )

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National Bureau of Economic Research (NBER)

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Asian Bureau of Finance and Economic Research ( email )

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Bernard Yin Yeung

National University of Singapore - Business School ( email )

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BIZ 1 Level 6
Singapore, 119245
Singapore
65 6516 3075 (Phone)
65 6779 1365 (Fax)

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