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Globalization and the Rise of the Entrepreneurial Economy

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  • David B. Audretsch

    (Max Planck Institute of Economics Jena, Research group on Entrepreneurship, Economic Growth and Public Policy)

  • Mark Sanders

    (Max Planck Institute of Economics Jena, Research group on Entrepreneurship, Economic Growth and Public Policy)

Abstract

This paper argues that globalization has led to a shift in developed countries from an industrial to an entrepreneurial model of production. Globalization is interpreted as a level shock in the supply of unskilled labor to the world economy, a decrease in the level of political risk associated with outward foreign direct investment (offshoring), and the widespread diffusion of a general purpose technology such as ICT. The impact of these exogenous shocks is then analyzed in a variety expansion model that distinguishes among three types of varieties. Following the life cycle we distinguish among new, mature and offshore production. The above shocks all result in a shift in comparative advantage in developed countries towards new varieties which correspond to the early stage of the product life cycle. Moreover, because entrepreneurs serve as agents that move varieties between life cycle stages, their importance increases due to globalization. The many new opportunities for profit benefit entrepreneurs and skilled labor. By contrast, factors of production employed in the mature stages of the life cycle become less important. Thus, the model explains the emergence of what we label an entrepreneurial economy.

Suggested Citation

  • David B. Audretsch & Mark Sanders, 2007. "Globalization and the Rise of the Entrepreneurial Economy," Jena Economic Research Papers 2007-003, Friedrich-Schiller-University Jena.
  • Handle: RePEc:jrp:jrpwrp:2007-003
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    Cited by:

    1. David Audretsch & Mark Sanders & Lu Zhang, 2021. "International product life cycles, trade and development stages," The Journal of Technology Transfer, Springer, vol. 46(5), pages 1630-1673, October.
    2. Ari Hyytinen & Mika Maliranta, 2008. "When Do Employees Leave Their Job for Entrepreneurship?," Scandinavian Journal of Economics, Wiley Blackwell, vol. 110(1), pages 1-21, March.
    3. D.B. Audretsch & A.R. Thurik, 2010. "Unraveling the Shift to the Entrepreneurial Economy," Tinbergen Institute Discussion Papers 10-080/3, Tinbergen Institute, revised 02 Apr 2011.
    4. repec:use:tkiwps:1818 is not listed on IDEAS
    5. Thai, Mai Thi Thanh & Turkina, Ekaterina, 2014. "Macro-level determinants of formal entrepreneurship versus informal entrepreneurship," Journal of Business Venturing, Elsevier, vol. 29(4), pages 490-510.
    6. John Nkwoma Inekwe, 2021. "Global financial networks and entrepreneurship," The World Economy, Wiley Blackwell, vol. 44(5), pages 1261-1280, May.
    7. Audretsch, David B & Sanders, Mark, 2007. "Globalization and the Rise of the Entrepreneurial Economy," CEPR Discussion Papers 6247, C.E.P.R. Discussion Papers.
    8. Yilmaz Bayar & Marius Dan Gavriletea & Zeki Ucar, 2018. "Financial Sector Development, Openness, and Entrepreneurship: Panel Regression Analysis," Sustainability, MDPI, vol. 10(10), pages 1-11, September.
    9. David B. Audretsch & Mark Sanders, 2009. "Technological Innovation, Entrepreneurship and Development," WIDER Working Paper Series RP2009-50, World Institute for Development Economic Research (UNU-WIDER).
    10. Zeeshan Asim & Shahryar Sorooshian, 2019. "Exploring the Role of Knowledge, Innovation and Technology Management (KNIT) Capabilities that Influence Research and Development," JOItmC, MDPI, vol. 5(2), pages 1-47, April.
    11. Ugur Aytun & Yilmaz Kilicaslan, 2017. "Product Life Cycle and Innovativeness: The Case of MENA," World Journal of Applied Economics, WERI-World Economic Research Institute, vol. 3(2), pages 48-91, December.
    12. M. Sanders & J.W.B. Bos & C. Economidou, 2007. "R&D over the Life Cycle," Working Papers 07-18, Utrecht School of Economics.

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    JEL classification:

    • F01 - International Economics - - General - - - Global Outlook
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • P0 - Economic Systems - - General

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