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GOOD CAPITALISM, BAD CAPITALISM, AND THE ECONOMICS OF GROWTH AND PROSPERITY
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good capitalism, bad capitalism, and the economics of growth and prosperity William J. Baumol Robert E. Litan Carl J. Schramm Yale University Press New Haven & London
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Copyright © 2007 by Yale University. All rights reserved. This book may not be reproduced, in whole or in part, including illustrations, in any form (beyond that copying permitted by Sections 107 and 108 of the U.S. Copyright Law and except by reviewers for the public press), without written permission from the publishers. Set in Postscript Galliard Oldstyle by The Composing Room of Michigan, Inc. Printed in the United States of America. Library of Congress Cataloging-in-Publication Data Baumol, William J. Good capitalism, bad capitalism, and the economics of growth and prosperity/ William J. Baumol, Robert E. Litan, Carl J. Schramm. p. cm. Includes bibliographical references and index. ISBN 978-0-300-10941-2 (cloth : alk. paper) 1. Capitalism. 2. Entrepreneurship. I. Litan, Robert E., 1950– II. Schramm, Carl J. III. Title. HB501.B372 2007 330.12 2—dc22 2006036191 A catalogue record for this book is available from the British Library. The paper in this book meets the guidelines for permanence and durability of the Committee on Production Guidelines for Book Longevity of the Council on Library Resources. 10 9 8 7 6 5 4 3 2 1
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CONTENTS Preface vii 1 Entrepreneurship and Growth: A Missing Piece of the Puzzle 1 2 Why Economic Growth Matters 15 3 What Drives Economic Growth? 35 4 Capitalism: The Different Types and Their Impacts on Growth 60 5 Growth at the Cutting Edge 93 6 Unleashing Entrepreneurship in Less Developed Economies 133 7 The Big-Firm Wealthy Economies: Preventing Retreat or Stagnation 185 8 The Care and Maintenance of Entrepreneurial Capitalism 228 Appendix: Data Collection and Measurement Issues 277 Notes 287 Bibliography 299 Index 313
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PREFACE VII Many books take off from one core idea. This book is built on two. The first notion is that capitalism is not a monolithic form of eco- nomic organization but rather that it takes many forms, which differ substantially in terms of their implications for economic growth and elim- ination of poverty. The implicit assumption underlying the idea of a ho- mogenous capitalism, the notion that all capitalist economies are funda- mentally the same, reflects something of the mentality common during the cold war when two superpowers, representing two great ideologies, were struggling for the hearts and minds of peoples of the world. On the one side were countries like the United States, whose economies rested on the foundation of the private ownership of property, and on the other were communist or socialist societies, whose economies essentially did not. This distinction seemed to divide the two economic systems, and not much thought was given to the possibility that there is much more to cap- italism.
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