The Entrepreneurship-Philanthropy Nexus: Nonmarket Source of American Entrepreneurial Capitalism
What differentiates American capitalism from all other forms of industrial capitalism is a historical focus on both the creation of wealth (entrepreneurship) and the reconstitution of wealth (philanthropy). Philanthropy has been part of the implicit American 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 many of the great social institutions that have paved the way for 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-particularly those who have made their own fortunes-create foundations that, in turn, contribute to greater and more widespread economic prosperity through knowledge creation. Analyzing philanthropy sheds light on our current understanding of how economic development has occurred, as well as the roots of American economic domi- nance.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-1037, October.
- Becker, Gary S, 1974. "A Theory of Social Interactions," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1063-1093, Nov.-Dec..
- Thomas Ireland, 1969. "The calculus of philanthropy," Public Choice, Springer, vol. 7(1), pages 23-31, September.
- Simon, Herbert A, 1993. "Altruism and Economics," American Economic Review, American Economic Association, vol. 83(2), pages 156-161, May.
- Frank G. Dickinson, 1970. "The Changing Position of Philanthropy in the American Economy," NBER Books, National Bureau of Economic Research, Inc, number dick70-1.
- Kenneth E. Boulding, 1962. "Notes on a Theory of Philanthropy," NBER Chapters,in: Philanthropy and Public Policy, pages 57-72 National Bureau of Economic Research, Inc.
- Coase, R H, 1976. "Adam Smith's Views of Man," Journal of Law and Economics, University of Chicago Press, vol. 19(3), pages 529-546, October.
- Nicolai J. Foss & Peter G. Klein (ed.), 2002. "Entrepreneurship and the Firm," Books, Edward Elgar Publishing, number 2377.
- Sugden, Robert, 1982. "On the Economics of Philanthropy," Economic Journal, Royal Economic Society, vol. 92(366), pages 341-350, June.
- Wennekers, Sander & Thurik, Roy, 1999. "Linking Entrepreneurship and Economic Growth," Small Business Economics, Springer, vol. 13(1), pages 27-55, August.
- Ulf Jakobsson & Magnus Henrekson, 2001.
"Where Schumpeter was nearly right - the Swedish model and Capitalism, Socialism and Democracy,"
Journal of Evolutionary Economics,
Springer, vol. 11(3), pages 331-358.
- Henrekson, Magnus & Jakobsson, Ulf, 2000. "Where Schumpeter was nearly Right - the Swedish Model and Capitalism, Socialism and Democracy," SSE/EFI Working Paper Series in Economics and Finance 370, Stockholm School of Economics.
- Henrekson, Magnus & Jakobsson, Ulf, 2000. "Where Schumpeter was Nearly Right - The Swedish Model and Capitalism, Socialism and Democracy," Working Paper Series 533, Research Institute of Industrial Economics.
- Randall K. Morck & David A. Strangeland & Bernard Yeung, 1998. "Inherited Wealth, Corporate Control and Economic Growth," William Davidson Institute Working Papers Series 209, William Davidson Institute at the University of Michigan.
- Albert Danielsen, 1975. "A theory of exchange, philanthropy and appropriation," Public Choice, Springer, vol. 24(1), pages 13-26, December.
- Catherine Armington & Zoltan Acs, 2002. "The Determinants of Regional Variation in New Firm Formation," Regional Studies, Taylor & Francis Journals, vol. 36(1), pages 33-45. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:jrp:jrpwrp:2007-025. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Markus Pasche)
If references are entirely missing, you can add them using this form.