Perspectives on Business and Economics, Vol. 40

ii MARTINDALE CENTER FOR THE STUDY OF PRIVATE ENTERPRISE CENTER STAFF Todd A. Watkins, Ph.D. Executive Director Judith A. McDonald, Ph.D. Associate Director Andrew Ward, Ph.D. Associate Director Trisha Alexy Program Manager Melissa M. Gallagher Administrative Coordinator J. Richard Aronson, Ph.D. Founder & Director Emeritus Founded in 1980 thanks to a generous endowment from Elizabeth Fairchild Martindale and Harry Turner Martindale '27, the Martindale Center for the Study of Private Enterprise is an interdisciplinary resource in Lehigh University’s College of Business. The Center engages students, faculty, and the business and policy communities in active inquiry, tackling questions central to understanding and fostering sustainable private enterprises and inclusive economic systems throughout the world. MARTINDALE CENTER PUBLICATIONS Periodicals • Perspectives on Business and Economics (annual) • Martindale Retrospectives • Martindale Discussion Paper Series • Martindale Center Policy Briefs Books • I.W. Lieberman, P. DiLeo, T.A. Watkins, and A. Kanze, eds., The Future of Microfinance (Brookings, 2020) • T.A. Watkins, Introduction to Microfinance (World Scientific, 2018) • J.R. Aronson, H.L. Parmet, and R.J. Thornton, eds., Variations in Economic Analysis (Springer, 2010) • T.A. Watkins and K. Hicks, eds., Moving Beyond Storytelling: Emerging Research in Microfinance (Emerald, 2009) • I.W. Lieberman and D.J. Kopf, eds., Privatization in Transition Economies: The Ongoing Story (Elsevier, 2008) • K. Fabian, ed., Globalization: Perspectives from Central and Eastern Europe (Elsevier, 2007) • J. Laible and H.J. Barkey, eds., European Responses to Globalization: Resistance, Adaptation and Alternatives (Elsevier, 2006) • V. Munley, R. Thornton, and J.R. Aronson, eds., The Irish Economy in Transition (Elsevier, 2002) • F. Gunter and C. Callahan, eds., Colombia: An Opening Economy (JAI, 1999) • D. Greenaway and J. Whalley, eds., “Symposium on Liberalisation and Adjustment in Latin America and Eastern Europe,” in The World Economy (Blackwell Publishers, 1994) • A. King, T. Hyclak, R. Thornton, and S. McMahon, eds., North American Health Policy in the 1990s (John Wiley & Sons, 1993) • A. O’Brien and R. Thornton, eds., The Economic Consequences of American Education (JAI, 1993) • A. Cohen and F. Gunter, eds., The Colombian Economy: Issues of Trade and Development (Westview Press, 1992) • D. Greenaway, R. Hine, A. O’Brien, and R. Thornton, eds., Global Protectionism (Macmillan, 1991) • E. Schwartz and G. Vasconcellos, eds., Restructuring the Thrift Industry: What Can We Learn from the British and Canadian Models? (1989) • D. Greenaway, T. Hyclak, and R. Thornton, eds., Economic Aspects of Regional Trading Arrangements (Wheatsheaf Press, 1989) • R. Thornton, T. Hyclak, and J. Aronson, eds., Canada at the Crossroads: Essays on Canadian Political Economy (JAI, 1988) • R. Thornton and J. Aronson, eds., Forging New Relationships among Business, Labor, and Government (JAI, 1986) • R. Thornton, ed., Schumpeter, Keynes, and Marx: A Centennial Celebration (1984) • R. Thornton, A. Ott, and J.R. Aronson, eds., Reindustrialization: Implications for U.S. Industrial Policy (JAI, 1984) For information on Martindale Center publications and past issues of Perspectives, visit