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The authors systematically document remarkably high degrees of concentration in manufacturing exports for a sample of 151 countries over a range of 3,000 products. For every country manufacturing exports are dominated by a few "big hits" which account for most of the export value and where the "hit" includes both finding the right product and finding the right market. Higher export volumes are associated with higher degrees of concentration, after controlling for the number of destinations a country penetrates. This further highlights the importance of big hits. The distribution of exports closely follows a power law, especially in the upper tail. These findings do not support a "picking winners" policy for export development; the power law characterization implies that the chance of picking a winner diminishes exponentially with the degree of success. Moreover, given the size of the economy, developing countries are more exposed to demand shocks than rich ones, which further lowers the benefits from trying to pick winners.

Absolute advantage --- Access to Markets --- Airports and Air Services --- Brand --- Capital markets --- Economic Theory and Research --- Exports --- Externality --- Free markets --- GDP --- GDP per capita --- International Economics & Trade --- International Trade --- Law and Development --- Macroeconomics and Economic Growth --- Market failure --- Market penetration --- Marketing --- Markets and Market Access --- Price index --- Price level --- Productivity --- Purchasing --- Sales --- Substitution --- Tax Law --- Total factor productivity --- Transport --- Wealth

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Today's news media displays an intense fascination with the global economy--and for good reason. The degree of worldwide economic integration is unprecedented, and rising globalization has lifted living standards and reduced poverty. Foreign markets and new technologies continue to present opportunities for entrepreneurs and corporations. Still, economic shocks can spread across the world in minutes, impacting billions of lives. Citizens are understandably anxious in this age of macroeconomic turbulence and overextended governments. Modern economics offers a powerful framework for understanding globalization, international trade, and economic growth. Many managers possess years of hands-on experience dealing with business cycles and foreign competitive pressures, yet these leaders may not have a solid grounding in economic concepts that shed light on the forces of globalization. This book explains economics in everyday language, using little or no math, giving businesspersons better tools to interpret current events as well as long-term economic and political developments.

International economic relations. --- Globalization. --- economics --- human capital --- financial crisis --- macroeconomics --- comparative advantage --- absolute advantage --- emerging economy --- international trade --- business strategy --- economic growth --- economic history --- international economics --- political economy --- economic development --- industrialization --- labor market --- convergence --- New World --- mercantilism --- Industrial Revolution --- productivity --- technology --- capital control --- intellectual property --- research and development --- productivity slowdown --- Adam Smith --- factor proportions model --- gravity model --- infant industry --- import substitution --- Asian Tiger --- trade policy --- tariff --- public choice --- rent seeking --- trade agreement --- free trade --- liberalization --- information and communications technology --- vertical integration --- supply chain --- poverty trap --- big push --- coordination failure --- industrial policy --- diversification --- value added --- managerial capital --- skill biased technological change --- population growth --- wage inequality --- middle income trap --- tradable sector --- offshoring --- outsourcing --- foreign direct investment --- skill upgrading --- immigration --- wage structure --- regulation --- competitiveness --- corruption --- democracy --- autocracy --- socialism --- communism --- controlled capitalism --- gold standard --- natural resource curse --- business cycle --- collective bargaining --- social insurance --- safety net --- labor union --- Washington Consensus --- multinational enterprise --- exchange rate --- sweatshop --- spillover --- human rights --- labor standard --- property rights --- Dutch disease --- extractive industry --- negative externality --- pollution haven --- greenhouse gas --- global warming --- climate change