are themselves shaped in the ongoing practice of refining a firm’s
Michael H. Best
concept or specific characteristic by which it distinguishes itself from other
firms and thereby derives its market power.
The entrepreneurial firm startup system is particularly strong in the Silicon
Valley and Route 128/495 high-tech regions in the USA and in the design-led
and the fashion industries of the ‘Third Italy’. Taiwan, Ireland and Israel have
all established variants, if on a smaller scale. The greatest attention has been
focused on financial markets as the
average of other
major currencies (e.g. Thailand before the 1997 crisis).
7 Target zone or band: a margin of ﬂuctuation around a central rate (e.g. Israel).
8 Managed ﬂoating or Dirty ﬂoat: the monetary authority of the country does not
adopt a particular exchange-rate target; nevertheless, it intervenes occasionally
in the foreign-exchange market to inﬂuence the movements of the exchangerate. The monetary authority, however, does not specify or pre-commit to any
particular value for the exchange rate, thereby allowing the exchange-rate to