Using a database on U.S. individuals and households, we examine whether rise in globalization and trade integration of product markets have contributed to the observed decline in US entrepreneurship in trade-exposed sectors. US trade policy that lowered tariffs on China dampens entrepreneurial dynamism through lower entry (especially by incorporated entrepreneurs) and higher exit in exposed sectors but increases entry by highly educated individuals in skill-intensive nontradable industries. The results are robust to secular trends, labor market specialization, local collateral and credit shocks, and long-run bank distress. They are also robust to aggregation at local, state, and national industry levels.

我们使用一个关于美国个人和家庭的数据库，研究全球化和产品市场贸易一体化的兴起是否导致了所观察到的美国企业家在贸易相关部门的下降。美国降低对华关税的贸易政策通过降低风险行业的准入（特别是注册企业家）和增加退出来抑制创业活力，但增加了受过高等教育的个人进入技能密集型非贸易行业的机会。结果对于长期趋势、劳动力市场专业化、当地抵押品和信贷冲击以及长期银行困境都是稳健的。它们对于地方、州和国家行业层面的聚合也很稳健。