Book | Chapter

211682

Capitalism and democracy in the 21st century

from the managed to the entrepreneurial economy

David B. AudretschA. Roy Thurik

pp. 23-40

Abstract

This paper explains how and why the developed countries are undergoing a fundamental shift away from a managed economy and towards an entrepreneurial economy. This shift is shaping the development of western capitalism and has triggered a shift in government policies away from constraining the freedom of business to contract through regulation, public ownership and antitrust towards a new set of enabling policies which foster the creation and commercialization of new knowledge. The empirical evidence from a cross-section of countries over time suggests that those countries that have experienced a greater shift from the managed to the entrepreneurial economy have had lower levels of unemployment.

Publication details

Published in:

Mueller Dennis C., Cantner Uwe (2001) Capitalism and democracy in the 21st century: proceedings of the international Joseph A. Schumpeter society conference, Vienna 1998 "capitalism and socialism in the 21st century". Heidelberg, Physica.

Pages: 23-40

DOI: 10.1007/978-3-662-11287-8_2

Full citation:

Audretsch David B., Thurik A. Roy (2001) „Capitalism and democracy in the 21st century: from the managed to the entrepreneurial economy“, In: D. C. Mueller & U. Cantner (eds.), Capitalism and democracy in the 21st century, Heidelberg, Physica, 23–40.