A SUBURBAN GARAGE IN LOS ALTOS, CALIFORNIA, USA

Donghyun Park

Chapter 56 in Capitalism in the 21st Century:Why Global Capitalism Is Broken and How It Can Be Fixed, 2019, pp 256-259 from World Scientific Publishing Co. Pte. Ltd.

Abstract: Silicon Valley, that globally admired paragon of American capitalism, is the ultimate testament to the superiority of the private sector and individual greed over the government and bureaucratic risk-aversion in creating wealth and jobs. Paper-pushing bureaucrats could not have created Silicon Valley if their lives depended on it. Apple, Google, Amazon, Microsoft, and eBay are all brainchildren of dynamic, innovative, creative, risk-taking, profit-seeking entrepreneurs, not some bureaucrats sitting in their cozy offices, bored out of their wits and looking for something to do. This is not to belittle the many valuable contributions of government workers, but they should not be in the business of business. In fact, they should get out and stay out. If there is a gold standard for capitalism — an ideal vision of how capitalism should work — it is Silicon Valley, where entrepreneurs compete vigorously with each other, based on new products and technologies, and deliver a great deal of joy and satisfaction to consumers…

Keywords: Capitalism; Globalization; Inequality; Entrepreneur; Financial Industry; Government; Socialism; Market (search for similar items in EconPapers)
JEL-codes: A1 F00 F6 N2 P16 (search for similar items in EconPapers)
Date: 2019
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