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
Posted: 11 Jun 2013
Date Written: June 16, 1998
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).
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