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

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Yale University Press, 2007 - Business & Economics - 321 pages
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In this important book, William J. Baumol, Robert E. Litan, and Carl J. Schramm contend that the answers to these questions lie within capitalist economies, though many observers make the mistake of believing that "capitalism" is of a single kind. Writing in an accessible style, the authors dispel that myth, documenting four different varieties of capitalism, some "Good" and some "Bad" for growth. The authors identify the conditions that characterize Good Capitalism--the right blend of entrepreneurial and established firms, which can vary among countries--as 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 America's economic future.
 

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Contents

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
Copyright

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About the author (2007)

William Jack Baumol was born in the South Bronx, New York on February 22, 1922. He served in the Army during World War II and got a job at the Agriculture Department, where he worked on allocating grain supplies to starving countries. He graduated from City College and enrolled in the London School of Economics in 1947, after initially being rejected. Less than six weeks after school started, he was hired to become a member of the faculty. He taught at Princeton University from 1949 until 1970 and then taught at New York University from 1971 until his retirement in 2014. As an economist, he identified Baumol's cost disease, which explains why the cost of services, like haircuts and college educations, rises faster than the cost of goods, like T-shirts. He published dozens of books, hundreds of papers, and several congressional testimonies on entrepreneurs, environmental policy, corporate finance, stock sales, the economics of Broadway theaters, inflation, and competition and monopolies. He died on May 4, 2017 at the age of 95.

Robert E. Litan is a senior fellow in Economic Studies at Brookings and vice president for research and policy at the Kaufmann Foundation. His most recent book is Good Capitalism, Bad Capitalism, and the Economics of Growth and Prosperity (Yale, 2007), written with William Baumol and Carl Schramm.

Carl J. Schramm is president and CEO of the Kauffman Foundation, a world leader in advancing entrepreneurship. Trained as an economist and lawyer, he has founded companies in the health care, finance, and information technology arenas. He is a Batten Fellow at Virginia's Darden School of Business and a member of the Council on Foreign Relations.

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