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

Author

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  • David B. Audretsch
  • A. Roy Thurik

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.

Suggested Citation

  • David B. Audretsch & A. Roy Thurik, 2000. "Capitalism and democracy in the 21st Century: from the managed to the entrepreneurial economy," Journal of Evolutionary Economics, Springer, vol. 10(1), pages 17-34.
  • Handle: RePEc:spr:joevec:v:10:y:2000:i:1:p:17-34
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    More about this item

    Keywords

    Entrepreneurship - Knowledge - Growth - Schumpeter - Unemployment;

    JEL classification:

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

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