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Why Philanthropy MattersHow the Wealthy Give, and What It Means for Our Economic Well-Being$
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Zoltan J. Acs

Print publication date: 2013

Print ISBN-13: 9780691148625

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691148625.001.0001

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PRINTED FROM PRINCETON SCHOLARSHIP ONLINE (www.princeton.universitypressscholarship.com). (c) Copyright Princeton University Press, 2022. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in PRSO for personal use.date: 26 June 2022

Entrepreneurship and Innovation

Entrepreneurship and Innovation

(p.46) Chapter 3 Entrepreneurship and Innovation
Why Philanthropy Matters

Zoltan J. Acs

Princeton University Press

This chapter examines entrepreneurship and innovation as fundamental elements of American-style capitalism. It first provides a historical background on how America got to an era of cowboy capitalism before discussing how the American economy evolved after the settlement of the western frontier. The major changes moved in the direction of large industrial processes and an attitude that, among firms, bigger is better; this period is known as the managerial economy, which lasted through the 1970s. The chapter also considers why the information technology revolution happened in America and concludes with an assessment of whether the past three decades really is a new era of cowboy capitalism—a shift from the managerial economy that dominated for most of the twentieth century to a renewed entrepreneurial economy.

Keywords:   entrepreneurship, innovation, American-style capitalism, cowboy capitalism, western frontier, managerial economy, information technology, entrepreneurial economy, American economy

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