Abstract

http://ssrn.com/abstract=985843
 
 

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Good Capitalism, Bad Capitalism, and the Economics of Growth and Prosperity


William J. Baumol


New York University - Stern School of Business, Berkley Center for Entrepreneurial Studies; Leonard N. Stern School of Business - Department of Economics

Robert E. Litan


Ewing Marion Kauffman Foundation; AEI-Brookings Joint Center for Regulatory Studies

Carl J. Schramm


Syracuse University

2007


Abstract:     
Imagine this: a mere century ago, the purchasing power of an average American was one-tenth of what it is today. But what will it take to sustain that growth through the next century? And what can be said about economic growth to aspiring nations seeking higher standards of living for their citizens? In Good Capitalism, Bad Capitalism, and the Economics of Growth and Prosperity, William J. Baumol, Robert E. Litan, and Carl J. Schramm contend that the answers to these questions lie within capitalist economies, though many observers make the mistake of believing that capitalism is of a single kind. Writing in an accessible style, the authors dispel that myth, documenting four different varieties of capitalism, some Good and some Bad for growth. The authors identify the conditions that characterize Good Capitalism the right blend of entrepreneurial and established firms, which can vary among countries as well as the features of Bad Capitalism. They examine how countries catching up to the United States can move faster toward the economic frontier, while laying out the need for the United States itself to stick to and reinforce the recipe for growth that has enabled it to be the leading economic force in the world. This pathbreaking book is a must read for anyone who cares about global growth and how to ensure America's economic future.

Number of Pages in PDF File: 334

Keywords: capitalism, entrepreneur, innovation

JEL Classification: B1, B2, F1, F2, F4, J6, K2, L00, M13

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Date posted: May 16, 2007  

Suggested Citation

Baumol, William J. and Litan, Robert E. and Schramm, Carl J., Good Capitalism, Bad Capitalism, and the Economics of Growth and Prosperity (2007). Available at SSRN: http://ssrn.com/abstract=985843 or http://dx.doi.org/10.2139/ssrn.985843

Contact Information

William J. Baumol
New York University - Stern School of Business, Berkley Center for Entrepreneurial Studies ( email )
New York, NY
United States
212-998-8943 (Phone)
212-995-3932 (Fax)
Leonard N. Stern School of Business - Department of Economics
269 Mercer Street
New York, NY 10003
United States
Robert E. Litan (Contact Author)
Ewing Marion Kauffman Foundation ( email )
4801 Rockhill Road
Kansas City, MO 64110
United States
AEI-Brookings Joint Center for Regulatory Studies
1150 17th Street, N.W.
Washington, DC 20036
United States
Carl J. Schramm
Syracuse University ( email )
900 S. Crouse Avenue
Syracuse, NY 13244-2130
United States
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