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Capitalism and democracy in the 21st Century: from the managed to the entrepreneurial economy

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Author Info
David B. Audretsch
A. Roy Thurik

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Abstract

This paper explains how and why the developed countries are undergoing a fundamental shift away from a managed economy and towards an entrepreneurial economy. This shift is shaping the development of western capitalism and has triggered a shift in government policies away from constraining the freedom of business to contract through regulation, public ownership and antitrust towards a new set of enabling policies which foster the creation and commercialization of new knowledge. The empirical evidence from a cross-section of countries over time suggests that those countries that have experienced a greater shift from the managed to the entrepreneurial economy have had lower levels of unemployment.

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Publisher Info
Article provided by Springer in its journal Journal of Evolutionary Economics.

Volume (Year): 10 (2000)
Issue (Month): 1 ()
Pages: 17-34
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Handle: RePEc:spr:joevec:v:10:y:2000:i:1:p:17-34

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Related research
Keywords: Entrepreneurship - Knowledge - Growth - Schumpeter - Unemployment;

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O0 - Economic Development, Technological Change, and Growth - - General

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