Iam grateful to Alice Amsden, Martin Bronfenbrenner, Christopher Clague, David Felix, Joseph Reid, Kazuo Sato, and referees of this Journal for insightful comments on an earlier draft of this paper. I also thank the Faculty Research Program of the Columbia Business Schoolfor financial support, andjohn Millarfor able research assistance. I bear sole responsibility for any deficiencies in the paper.
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