The Entrepreneurship-Philanthropy Nexus: Nonmarket Source of American Entrepreneurial Capitalism

Zoltan Acs, David Audretsch (), Ronnie Phillips and Sameeksha Desai ()

Papers on Entrepreneurship, Growth and Public Policy from Max Planck Institute of Economics, Entrepreneurship, Growth and Public Policy Group

Abstract: What differentiates American capitalism from all other forms of industrial capitalism is a historical focus on both the creation of wealth (entrepreneurship) and the reconstitution of wealth (philanthropy). Philanthropy has been part of the implicit American social contract that continuously nurtures and revitalizes economic prosperity. Much of the new wealth created historically has been given back to the community to build many of the great social institutions that have paved the way for future economic growth. This entrepreneurship-philanthropy nexus has not been fully explored by either economists or the general public. The purpose of this paper is to suggest that American philanthropists—particularly those who have made their own fortunes—create foundations that, in turn, contribute to greater and more widespread economic prosperity through knowledge creation. Analyzing philanthropy sheds light on our current understanding of how economic development has occurred, as well as the roots of American economic dominance.

Keywords: entrepreneurship; philanthropy; capitalism; knowledge (search for similar items in EconPapers)
JEL-codes: D64 M13 M14 (search for similar items in EconPapers)
Pages: 30 pages
Date: 2007-02
New Economics Papers: this item is included in nep-ent, nep-his and nep-knm
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Citations: View citations in EconPapers (5)

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Working Paper: The Entrepreneurship-Philanthropy Nexus: Nonmarket Source of American Entrepreneurial Capitalism (2007)
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