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Entrepreneurial Society$
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David B. Audretsch

Print publication date: 2007

Print ISBN-13: 9780195183504

Published to Oxford Scholarship Online: September 2007

DOI: 10.1093/acprof:oso/9780195183504.001.0001

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Won't Get Fooled Again?

Won't Get Fooled Again?

Chapter:
(p.169) 9 Won't Get Fooled Again?
Source:
Entrepreneurial Society
Author(s):

David B. Audretsch (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195183504.003.0009

In the 1990s, the United States had a virtual monopoly in terms of the entrepreneurial society, just as it had a virtual monopoly on plants and factories at the close of the Second World War. Monopoly breeds complacency and arrogance. It was exactly this complacency and arrogance that led to the US downfall in the 1970s and 1980s. As the rest of the world recovered, The United States lost its assumed monopoly on capital. In the 21st century the signs are rampant that the United States is rapidly losing, if not already has lost, its monopoly on the entrepreneurial society. Just as following the Second World War, in the 1990s growth, jobs, and prosperity seemed unending. Serious scholars and policy makers wondered if the business cycle had come to an end. The new economy had seemingly put an end to what, up until then, had been the inevitability of downturns. Things have not gone quite as smoothly in this century. While there are no doubt a number of contributing factors, such as the escalating prices of oil and other energy sources, the loss of innocence of the United States, in that it must now compete in a world where partners also enjoy an entrepreneurial society, has also contributed to a more problematic decade than the previous one. This book started by contrasting how different the entrepreneurial society is from the managed economy. It closes by emphasizing a similarity. The 1950s and 1990s stand out as two golden eras of recent US history. Both were eras of prosperity, growth, and confidence. Both successes have bred complacency and arrogance. In the case of the managed economy, such arrogance and complacency ultimately contributed to the demise of US leadership and economic supremacy. The book concludes by posing two essential questions: will the era of the entrepreneurial society prove to be the same? Will the United States be fooled again?

Keywords:   public policy, government policy, entrepreneurial economy, Japan, Germany, monopoly, IBM, Europe, regional economic development, Detroit

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