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Entrepreneurship and Philanthropy in American Capitalism

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  • Acs, Zoltan J
  • Phillips, Ronnie J

Abstract

American capitalism differs from all other forms of industrial capitalism is its historical focus on both the creation of wealth (entrepreneurship) and the reconstitution of wealth (philanthropy). Philanthropy is part of the implicit social contract that continuously nurtures and revitalizes economic prosperity. Much of the new wealth created historically has been given back to the community, to build up the great social institutions that have a positive feedback on future economic growth. This entrepreneurship-philanthropy nexus has not been fully explored by either economists or the general public. The purpose of this paper is to suggest that American philanthropists--especially those who have made their own fortunes--create foundations that, in turn, contribute to greater and more widespread economic prosperity through knowledge creation. If we do not analyze philanthropy we can understand neither how economic development occurred nor what accounts for American economic dominance. Copyright 2002 by Kluwer Academic Publishers

Suggested Citation

  • Acs, Zoltan J & Phillips, Ronnie J, 2002. "Entrepreneurship and Philanthropy in American Capitalism," Small Business Economics, Springer, vol. 19(3), pages 189-204, November.
  • Handle: RePEc:kap:sbusec:v:19:y:2002:i:3:p:189-204
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    Citations

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    Cited by:

    1. Zoltán J. Ács & Mary C. Boardman & Connie L. McNeely, 2015. "The social value of productive entrepreneurship," Chapters,in: Global Entrepreneurship, Institutions and Incentives, chapter 3, pages 42-53 Edward Elgar Publishing.
    2. Zoltan J. Acs & Pontus Braunerhjelm, 2004. "The Entrepreneurship-Philanthropy Nexus: Implication for Internationalization," Papers on Entrepreneurship, Growth and Public Policy 2004-23, Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group.
    3. Bittschi, Benjamin & Borgloh, Sarah & Moessinger, Marc-Daniel, 2016. "On tax evasion, entrepreneurial generosity and fungible assets," ZEW Discussion Papers 16-024, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
    4. Zoltan J. Acs & Sameeksha Desai, 2007. "Democratic Capitalism and Philanthropy in a Global Economy," Jena Economic Research Papers 2007-056, Friedrich-Schiller-University Jena.
    5. Magnus Henrekson, 2014. "Entrepreneurship, innovation, and human flourishing," Small Business Economics, Springer, vol. 43(3), pages 511-528, October.
    6. Magnus Henrekson, 2006. "Entrepreneurship and the welfare state: a reply," Industrial and Corporate Change, Oxford University Press, vol. 15(3), pages 579-593, June.
    7. Arthur Gautier & Anne-Claire Pache, 2015. "Research on Corporate Philanthropy: A Review and Assessment," Journal of Business Ethics, Springer, vol. 126(3), pages 343-369, February.
    8. repec:eee:jbvent:v:32:y:2017:i:4:p:385-404 is not listed on IDEAS
    9. László Szerb, 2008. "The Examination of the Level of Entrepreneurship in Eight Central Eastern European Countries," Proceedings-6th International Conference on Management, Enterprise and Benchmarking (MEB 2008),in: György Kadocsa (ed.), 6th International Conference on Management, Enterprise and Benchmarking MEB 2008-Proceedings, pages 69-83 Óbuda University, Keleti Faculty of Business and Management.
    10. Matthias Tietz & Simon Parker, 2014. "Charitable donations by the self-employed," Small Business Economics, Springer, vol. 43(4), pages 899-916, December.

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