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Democratic Capitalism and Philanthropy in a Global Economy

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  • Zoltan J. Acs

    (George Mason University and Max Planck Institute of Economics)

  • Sameeksha Desai

    (Max Planck Institute of Economics and George Mason University)

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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Bibliographic Info

Paper provided by Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics in its series Jena Economic Research Papers 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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  1. 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.
  2. Acs, Zoltan J & Phillips, Ronnie J, 2002. " Entrepreneurship and Philanthropy in American Capitalism," Small Business Economics, Springer, vol. 19(3), pages 189-204, November.
  3. Frank G. Dickinson, 1970. "The Changing Position of Philanthropy in the American Economy," NBER Books, National Bureau of Economic Research, Inc, number dick70-1.
  4. Zoltan J. Acs & David Audretsch & Ronnie J. Phillips & Sameeksha Desai, 2007. "The Entrepreneurship-Philanthropy Nexus: Nonmarket Source of American Entrepreneurial Capitalism," Jena Economic Research Papers 2007-025, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics.
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