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Putting the Entrepreneur Back into Development and Foreign Policy

In: Public Policy in an Entrepreneurial Economy

Author

Listed:
  • Nicola A. V. Virgill

    (The George Mason University)

Abstract

Over the last 60 years, developing countries have generally used two strategies in their pursuits of development - import substitution and export promotion with limited results except for East Asia. Both approaches relied on strong state intervention and persistent market distortions to sustain their viability, and thus, have often crowded out or thwarted altogether the traditional role of the entrepreneur – the driving force of creative change and innovation in an economy. The author finds that developing countries face greater institutional barriers to entrepreneurial activity and that these institutional barriers negatively impact economic performance. The analysis suggests that countries which seek to improve their economic performance should improve their business environments, and recommends the promotion of entrepreneurship and entrepreneurial institutions through targeted development assistance aimed at business environment restructuring become a key foreign policy objective for the United States.

Suggested Citation

  • Nicola A. V. Virgill, 2008. "Putting the Entrepreneur Back into Development and Foreign Policy," International Studies in Entrepreneurship, in: Zoltan J. Acs & Roger R. Stough (ed.), Public Policy in an Entrepreneurial Economy, chapter 8, pages 195-234, Springer.
  • Handle: RePEc:spr:inschp:978-0-387-72663-2_8
    DOI: 10.1007/978-0-387-72663-2_8
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    Cited by:

    1. De Clercq, Dirk & Danis, Wade M. & Dakhli, Mourad, 2010. "The moderating effect of institutional context on the relationship between associational activity and new business activity in emerging economies," International Business Review, Elsevier, vol. 19(1), pages 85-101, February.

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