RISK TAX, ENTREPRENEURIAL CAPITALISM, AND ENTREPRENEURSHIP 101

Donghyun Park

Chapter 60 in Capitalism in the 21st Century:Why Global Capitalism Is Broken and How It Can Be Fixed, 2019, pp 275-278 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The essence of healthy, dynamic, wealth-and job-creating capitalism is risk-taking entrepreneurship and private enterprise. If everybody were content to be a salaried worker, the economy would be permanently stuck in first gear. Even worse, if everybody were salaried workers working for the government, there would be mile-long queues for basic necessities such as bread and toilet paper, nightmares that occurred on a regular basis in Moscow, Warsaw and elsewhere under communism. In the absence of risk-taking entrepreneurship and private enterprise, there would be no plethora of new products, services and technologies, there would be no iPhones, and there would be no material abundance. In short, a world where everybody is content to work for somebody else would be a much poorer and much less interesting world. In fact, such a world would feel like a puddle of stagnant water, listless, lifeless and hopeless…

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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