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Magnus Henrekson

toward more differentiated and customized products. Genuinely new products and production methods necessitate new entrepreneurial firms, while extensive deregulation of product markets undermined the market power of large incumbent firms, leading to new business opportunities for entrepreneurs and small firms. See Acs (1999) for further substantiation. The general public’s acceptance of individual wealth has also changed drastically. Over time, large private fortunes have become less controversial. In contemporary Sweden, the large number of super-rich persons and