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- October 2024
- Teaching Note
Taiwan After Globalization: Twilight of the Developmental State?
By: Debora L. Spar and Julia M. Comeau
Teaching Note for HBS Case No. 324-032. In the last 70 years, the small island of Taiwan has achieved what many believe to be a “miracle”: its economy has grown at a record-setting pace, driven and guided by one of the world's most successful set of industrial... View Details
- 2024
- Working Paper
The Consequences of Export Controls in Target Countries
By: Xueyue Liu, Yu Liu and Jaya Y. Wen
Export controls are a common instrument of national security, but their economic consequences
are not well understood. This paper evaluates how these controls affect firm performance
and adaptation in targeted countries. We use variation in a 2007 US policy,... View Details
- 2024
- Working Paper
What Makes Players Pay? An Empirical Investigation of In-Game Lotteries
By: Tomomichi Amano and Andrey Simonov
In 2020, gamers spent more than $15 billion on loot boxes, lotteries of virtual items in video
games. Paid loot boxes are contentious. Game producers argue that loot boxes complement
the gameplay and expenditures on loot boxes reflect players’ enjoyment of the game.... View Details
- 2024
- Working Paper
Exports in Disguise: Trade Re-Routing During the U.S.-China Trade War
By: Ebehi Iyoha, Edmund J. Malesky, Jaya Y. Wen, Sung-Ju Wu and Bo Feng
Origin-specific tariffs are a common policy tool; however, critics claim that such tariffs are often circumvented by rerouting goods through intermediary countries. This study examines whether rerouting increased due to the 2018-2019 U.S.–China trade war via Vietnam.... View Details
- February 2024 (Revised May 2024)
- Case
Lina Khan at the FTC: Redefining Antitrust in the Age of Big Tech
By: Joseph L. Badaracco Jr. and Susan Pinckney
In 2023 and 2024, the Federal Trade Commission and U.S. Department of Justice sued Google, Amazon, and Apple claiming antitrust violations. These lawsuits marked a shift in U.S. antitrust enforcement away from the Chicago School and towards the New Brandeis school of... View Details
- October 2023
- Case
Taiwan after Globalization: Twilight of the Developmental State?
By: Debora L. Spar and Julia M. Comeau
In the last 70 years, the small island of Taiwan has achieved what many believe to be a “miracle”: its economy has grown at a record-setting pace, driven and guided by one of the world's most successful set of industrial policies, and it has become one of the richest... View Details
- 2023
- Working Paper
Global Supply Chains: The Looming 'Great Reallocation'
By: Laura Alfaro and Davin Chor
Global supply chains have come under unprecedented stress as a result of U.S.-China trade tensions, the COVID-19 pandemic, and geopolitical shocks. We document shifts in the pattern of U.S. participation in global value chains over the last four decades, in terms of... View Details
- September–October 2023
- Article
The New Era of Industrial Policy Is Here
By: Willy C. Shih
Governments around the world are increasingly intervening in the private sector through industrial policies designed to help domestic sectors reach goals that markets alone are unlikely to achieve. Companies in targeted sectors—such as automakers, energy companies, and... View Details
- 2023
- Working Paper
State Employment as a Strategy of Autocratic Control in China
By: Jaya Y. Wen
This paper presents evidence that autocrats use state-owned firms to strategically pacify social unrest via employment provision, a role that may contribute to their favorable treatment and persistence across settings. I use variation in a regional conflict between... View Details
- December 8, 2022
- Article
The New China Shock: How Beijing’s Party-State Capitalism Is Changing the Global Economy
By: Margaret M. Pearson, Meg Rithmire and Kellee S. Tsai
In the wake of the global financial crisis of 2008, China began to move away from the market-based approach that had shaped its economic policies for three decades, and toward something that might be termed “party-state capitalism,” which involves a high degree of... View Details
- July 2022
- Case
A Soul and a Service: North Carolina Mutual Life Insurance
By: Tom Nicholas and John Masko
The North Carolina Mutual and Provident Association (the Mutual) was founded in 1898 as a for-profit entity selling life insurance catering to the Black community. The Mutual was entering a field crowded with established White-owned competitors that largely refused to... View Details
- June 2022
- Case
Business Implications from Regulating Carbon Emissions in the EU
By: George Serafeim and Benjamin Maletta
In the beginning of the 21st century, the European Union (the EU) had led the global fight against climate change with a wide array of policy measures. The EU’s primary approach to climate policy had been taxation via the European Union Emissions Trading System (EU... View Details
- 2023
- Working Paper
Can Evidence-Based Information Shift Preferences Towards Trade Policy?
By: Laura Alfaro, Maggie X. Chen and Davin Chor
Amid public skepticism about trade, we investigate whether evidence-based information--a concise statement of a research finding--can shape preferences towards trade policy. Across survey experiments conducted over 2018-2022 on U.S. general population samples, we... View Details
- March 2022
- Article
Loan Types and the Bank Lending Channel
By: Victoria Ivashina, Luc Laeven and Enrique Moral-Benito
Using credit-registry data for Spain and Peru, we document that four main types of commercial credit—asset-based loans, cash flow loans, trade finance and leasing—are easily identifiable and represent the bulk of corporate credit. We show that credit growth dynamics... View Details
- 2022
- Chapter
The Servicification of the U.S. Economy: The Role of Startups versus Incumbent Firms
By: Mercedes Delgado, J. Daniel Kim and Karen G. Mills
Over the last few decades, the U.S. economy has exhibited a significant shift from manufacturing towards services. This transition has been particularly prominent in an important subcategory of services industries that drives innovation and employs many high-wage... View Details
- December 2021
- Article
Trade Policy Uncertainty and Stock Returns
By: Marcelo Bianconi, Federico Esposito and Marco Sammon
A recent literature has documented large real effects of trade policy uncertainty (TPU) on trade, employment, and investment, but there is little evidence that investors are compensated for bearing such risk. To quantify the risk premium associated with TPU, we exploit... View Details
- November 2021 (Revised January 2024)
- Case
The Global Great Depression, 1929-1939
By: Alberto Cavallo, Sophus A. Reinert and Federica Gabrieli
The Great Depression was, by far, the worst economic contraction of the twentieth century, and some of the most important ideas about both fiscal and monetary policy in the second half of the century were developed in response to it. The economic collapse, which... View Details
- October 18, 2021
- Article
To Regulate Network-Based Platforms, Look at Their Data
By: Chiara Farronato and Daniel Björkegren
Historically, antitrust authorities have taken a laissez-faire approach under the assumption that it is better to err on the side of not intervening when there is uncertainty. This has allowed companies like Google and Facebook to go on a shopping spree to acquire... View Details
- 2021
- Book
Global Goliaths: Multinational Corporations in the 21st Century Economy
By: C. Fritz Foley, James R. Hines Jr. and David Wessel
Globalization and multinational corporations have long seemed partners in the enterprise of economic growth: globalization-led prosperity was the goal, and giant corporations spanning the globe would help achieve it. In recent years, however, the notion that all... View Details