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          Institute: MPI für Ökonomik     Collection: Entrepreneurship, Growth and Public Policy Group     Display Documents



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ID: 334890.0, MPI für Ökonomik / Entrepreneurship, Growth and Public Policy Group
The Entrepreneurship-Philanthropy Nexus : Nonmarket Source of American Entrepreneurial Capitalism
Authors:Acs, Zoltan J.; Audretsch, David; Phillips, Ronnie J.; Desai, Sameeksha
Language:English
Date of Publication (YYYY-MM-DD):2007
Total Number of Pages:28
Title of Series:Jena economic research papers (JERP)
Issue / Number:2007-025
Corporate Body (Series Editor):Friedrich Schiller Universität Jena; Max-Planck-Institut für Ökonomik
Review Status:Internal review
Audience:Not Specified
Abstract / Description: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 dominance.
Free Keywords:entrepreneurship; philanthropy; capitalism; knowledge
Classification / Thesaurus:JEL Classification: D64; M13; M14
External Publication Status:published
Document Type:Paper
Communicated by:David B. Audretsch
Affiliations:MPI für Ökonomik/Abteilung Entrepreneurship, Growth and Public Policy
Relations:Has References-ISSN:1613-8333 [Discussion papers on entrepreneurship, growth and public policy ; 2007-09]
Identifiers:ISSN:1864-7057
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