Good Capitalism, Bad Capitalism, and the Economics of Growth and Prosperity

Yale University Press, 1 . 2007 . - 336 .

Three prominent economists focus new attention on the essential role of entrepreneurship in capitalism

In this important book, three prominent economists propose that there are different varieties of capitalism in the world today--some good for economic growth, others decidedly bad. Writing in an accessible style, William J. Baumol, Robert E. Litan, and Carl J. Schramm document four different varieties of capitalism andidentify the conditions that characterize Good Capitalismthe right blend of entrepreneurial and established firms, which can vary among countriesas well as the features of Bad Capitalism. They examine how countries catching up to the United States can move faster toward the economic frontier, while laying out the need for the United States itself to stick to and reinforce the recipe for growth that has enabled it to be the leading economic force in the world. This pathbreaking book is a must read for anyone who cares about global growth and how to ensure Americas economic future.

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A MISSING PIECE OF THE PUZZLE
1
2 WHY ECONOMIC GROWTH MATTERS
15
3 WHAT DRIVES ECONOMIC GROWTH?
35
THE DIFFERENT TYPES AND THEIR IMPACTS ON GROWTH
60
5 GROWTH AT THE CUTTING EDGE
93
6 UNLEASHING ENTREPRENEURSHIP IN LESS DEVELOPED ECONOMIES
133
PREVENTING RETREAT OR STAGNATION
185
8 THE CARE AND MAINTENANCE OF ENTREPRENEURIAL CAPITALISM
228
DATA COLLECTION AND MEASUREMENT ISSUES
277
NOTES
287
BIBLIOGRAPHY
299
INDEX
313

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 (2007)

William J. Baumol is Harold Price Professor of Entrepreneurship and academic director of the Berkley Center for Entrepreneurial Studies in the Stern School of Business, New York University, and senior economist and professor emeritus at Princeton University.

Robert E. Litan is vice president for research and policy at the Kauffman Foundation and senior fellow at the Brookings Institution.

Carl J. Schramm is president and chief executive officer of the Kauffman Foundation and a Batten Fellow at the Darden School of Business, University of Virginia.