EconPapers    
Economics at your fingertips  
 

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

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

No 2007-025, Jena Economic Research Papers from Friedrich-Schiller-University Jena

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 domi- nance.

Keywords: entrepreneurship; philanthropy; capitalism; knowledge (search for similar items in EconPapers)
JEL-codes: D64 M13 M14 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cbe, nep-ent, nep-his, nep-knm and nep-soc
Date: 2007-07-02
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2) Track citations by RSS feed

Downloads: (external link)
http://zs.thulb.uni-jena.de/servlets/MCRFileNodeSe ... 2610/wp_2007_025.pdf (application/pdf)

Related works:
Working Paper: The Entrepreneurship-Philanthropy Nexus: Nonmarket Source of American Entrepreneurial Capitalism (2007) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:jrp:jrpwrp:2007-025

Access Statistics for this paper

More papers in Jena Economic Research Papers from Friedrich-Schiller-University Jena
Bibliographic data for series maintained by Markus Pasche ().

 
Page updated 2019-09-16
Handle: RePEc:jrp:jrpwrp:2007-025