Putting the Entrepreneur Back into Development and Foreign Policy

Nicola A. V. Virgill
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Nicola A. V. Virgill: The George Mason University

Chapter 8 in Public Policy in an Entrepreneurial Economy, 2008, pp 195-234 from Springer

Abstract: Abstract Over the last 60 years, developing countries have generally used two strategies in their pursuits of development - import substitution and export promotion with limited results except for East Asia. Both approaches relied on strong state intervention and persistent market distortions to sustain their viability, and thus, have often crowded out or thwarted altogether the traditional role of the entrepreneur – the driving force of creative change and innovation in an economy. The author finds that developing countries face greater institutional barriers to entrepreneurial activity and that these institutional barriers negatively impact economic performance. The analysis suggests that countries which seek to improve their economic performance should improve their business environments, and recommends the promotion of entrepreneurship and entrepreneurial institutions through targeted development assistance aimed at business environment restructuring become a key foreign policy objective for the United States.

Keywords: Development Policy; Entrepreneurship; Export Promotion; Foreign Policy; Import Substitution (search for similar items in EconPapers)
Date: 2008
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DOI: 10.1007/978-0-387-72663-2_8

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