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Democratic Capitalism and Philanthropy in a Global Economy

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Author Info
Zoltan J. Acs (George Mason University and Max Planck Institute of Economics)
Sameeksha Desai (Max Planck Institute of Economics and George Mason University)

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Abstract

Democratic capitalism has become the popular paradigm in the modern world, and it is spreading further through globalization. It is a model based on growth, expansion and constant innovation. However, it is accompanied by social problems which may worsen despite overall gains in wealth. In this paper, we suggest that democratic capitalist societies may benefit from the application of what has been a primarily American institution: Philanthropy. We present the Entrepreneurship-Philanthropy Cycle, which demonstrates the relationship between wealthy entrepreneurs, philanthropic contributions and economic opportunity. As a nonmarket and nonstate mechanism, philanthropy is unique in its structure and operations, and may offer the ideal approach to solving social problems. We suggest that both the internationalization of American foundations, and the growth of domestic philanthropy, can help developing countries offset social problems.

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Publisher Info
Paper provided by Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics, Thueringer Universitaets- und Landesbibliothek in its series Jena Economic Research Papers in Economics with number 2007-056.

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Date of creation: 12 Sep 2007
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Handle: RePEc:jrp:jrpwrp:2007-056

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Related research
Keywords: Philanthropy; entrepreneurship; democratic capitalism; foundation; social problems; India education; social innovation;

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Find related papers by JEL classification:
O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General
P10 - Economic Systems - - Capitalist Systems - - - General
I30 - Health, Education, and Welfare - - Welfare and Poverty - - - General

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Acs, Zoltan J & Phillips, Ronnie J, 2002. " Entrepreneurship and Philanthropy in American Capitalism," Small Business Economics, Springer, vol. 19(3), pages 189-204, November. [Downloadable!] (restricted)
  2. Kingdon, Geeta, 1996. "The Quality and Efficiency of Private and Public Education: A Case-Study of Urban India," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 58(1), pages 57-82, February.
  3. Zoltan J. Acs & David Audretsch & Ronnie J. Phillips & Sameeksha Desai, 2007. "The Entrepreneurship-Philanthropy Nexus: Nonmarket Source of American Entrepreneurial Capitalism," Papers on Entrepreneurship, Growth and Public Policy 2007-09, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group. [Downloadable!]
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