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Pathways to Industrialization in the Twenty-First CenturyNew Challenges and Emerging Paradigms$
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Adam Szirmai, Wim Naudé, and Ludovico Alcorta

Print publication date: 2013

Print ISBN-13: 9780199667857

Published to Oxford Scholarship Online: May 2013

DOI: 10.1093/acprof:oso/9780199667857.001.0001

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Entrepreneurship, Stages of Development, and Industrialization

Entrepreneurship, Stages of Development, and Industrialization

Chapter:
(p.373) 14 Entrepreneurship, Stages of Development, and Industrialization
Source:
Pathways to Industrialization in the Twenty-First Century
Author(s):

Zoltan J. Acs

Wim Naudé

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199667857.003.0014

Entrepreneurs play an important part in economic growth and development. Entrepreneurs are also vital in the process of structural change or industrialization, a process without which development is not possible. Entrepreneurial innovation leads to the reallocation of resources from the traditional (agricultural) sector to the modern (manufacturing) sector. There is substantial agreement that recovery after the 2008–09 global financial and economic crises and the challenge of climate change will require more, not less, of such entrepreneurial innovation. What is needed are quality jobs through low-carbon industrialization. There is now a growing rediscovery of industrial policy as being necessary to overcome a number of market failures that inhibit entrepreneurial innovation in job creation and low-carbon industrialization. This implies an industrial policy where the relationship between government and entrepreneurs (the private sector) is important.

Keywords:   entrepreneurship, industrialization, economic growth, economic development, climate change, low-carbon

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