Kauffman-funded book calls for renewing the entrepreneurial strength of the American economy
In the wake of the Great Recession and America's sluggish recovery from it, economists, policymakers, media pundits and "armchair commentators" in living rooms across America have argued about what has gone wrong with American capitalism. Even so, few constructive remedies have emerged. Better Capitalism: Renewing the Entrepreneurial Strength of the American Economy cuts through the chatter and offers a detailed, practical blueprint to restore the vigor of the American economy.
After explaining the importance of new firms and high-growth companies to the U.S. economy, co-authors, Robert E. Litan, director of research at Bloomberg Government, and Carl J. Schramm, university professor at Syracuse University, identify four policy reform areas that can accelerate America's recovery from recession and spur the nation's rate of growth in output while raising living standards.
Why entrepreneurship is so important: The huge—but often unrecognized importance of entrepreneurship to overall economic growth
What needs to be done: What exactly should be done by policymakers to spark renewal? And why the author's plan is not a call for more government intervention
Thinking about energy: The authors outline an innovative energy strategy and discuss the potential benefits of government belt-tightening steps
The surprising role of seemingly unrelated policy arenas: How immigration, education, finance and federal support of university research can accelerate America's recovery from recession, spur the nation's rate of growth, and raise living standards
Better Capitalism significantly expands on the insights of the authors' widely praised previous book, Good Capitalism, Bad Capitalism, co-written with William Baumol.
Sounding an optimistic note when gloomy predictions are the norm, Litan and Schramm show that, with wise and informed policymaking, the American entrepreneurial engine can rally and the true potential of the U.S. economy can be unlocked.
"Entrepreneurship is a key virtue of the U.S. economy, which has the potential to lift us out of our current economic malaise. This book provides a thoughtful recipe for encouraging this critical activity."
—Josh Lerner, Harvard Business School and author of Boulevard of Broken Dreams
"To get out of its economic quagmire, America must end the debate over stimulants. It needs to renovate the economic system. In this book, Robert Litan and Carl Schramm make the case that the best way forward is to pave the way to faster formation and greater support of early-stage high-growth companies."
—Edmund S. Phelps, Director, Center on Capitalism and Society, Columbia University and the Winner of the 2006 Nobel Prize in Economics