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Sustaining Entrepreneurial Capitalism

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Author Info

  • Baumol William J.

    (New York University)

  • Litan Robert E

    (The Brookings Institution)

  • Schramm Carl J

    (Darden School of Business, University of Virginia)

Abstract

The conventional wisdom is that the surge in productivity growth which has surged in the United States over the past 15 years has been attributed almost wholly to advances in the production and use of information technology. While this is certainly evident from the statistics, a driving force behind the IT revolution has been the development and growth of new firms. Indeed, the U.S. economy has achieved a remarkable transformation over the last several decades from an economy characterized by large, bureaucratic firms into one increasingly powered by entrepreneurial innovation. The challenge ahead therefore is to cement and strengthen the entrepreneurial form of capitalism. In this paper, we provide a framework for policymaking to achieve this objective.

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Bibliographic Info

Article provided by De Gruyter in its journal Capitalism and Society.

Volume (Year): 2 (2007)
Issue (Month): 2 (November)
Pages: 1-38

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Handle: RePEc:bpj:capsoc:v:2:y:2007:i:2:n:1

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Web page: http://www.degruyter.com

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Cited by:
  1. Albert Link & Christopher Ruhm, 2009. "Public Knowledge, Private Knowledge: The Intellectual Capital of Entrepreneurs," NBER Working Papers 14797, National Bureau of Economic Research, Inc.
  2. Fairlie, Robert W. & Kapur, Kanika & Gates, Susan, 2010. "Is Employer-Based Health Insurance a Barrier to Entrepreneurship?," IZA Discussion Papers 5203, Institute for the Study of Labor (IZA).
  3. Mefford, Robert N., 2009. "Increasing productivity in global firms: The CEO challenge," Journal of International Management, Elsevier, vol. 15(3), pages 262-272, September.
  4. Link, Albert N. & Scott, John T., 2010. "Government as entrepreneur: Evaluating the commercialization success of SBIR projects," Research Policy, Elsevier, vol. 39(5), pages 589-601, June.
  5. Ruta Aidis & Saul Estrin & Tomasz Mickiewicz, 2012. "Size matters: entrepreneurial entry and government," Small Business Economics, Springer, vol. 39(1), pages 119-139, July.
  6. De Clercq, Dirk & Meuleman, Miguel & Wright, Mike, 2012. "A cross-country investigation of micro-angel investment activity: The roles of new business opportunities and institutions," International Business Review, Elsevier, vol. 21(2), pages 117-129.
  7. Aidis, Ruta & Estrin, Saul & Mickiewicz, Tomasz, 2009. "Entrepreneurial Entry: Which Institutions Matter?," CEPR Discussion Papers 7278, C.E.P.R. Discussion Papers.
  8. Michael Peneder, 2009. "The Meaning of Entrepreneurship: A Modular Concept," WIFO Working Papers 335, WIFO.
  9. Volker Grossmann, 2008. "Entrepreneurial Innovation and Sustained Long-run Growth without Weak or Strong Scale Effects," CESifo Working Paper Series 2264, CESifo Group Munich.
  10. Grossmann, Volker, 2009. "Entrepreneurial innovation and economic growth," Journal of Macroeconomics, Elsevier, vol. 31(4), pages 602-613, December.

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