“The State cannot and should not bow down easily to interest groups who approach it to seek handouts, rents and unnecessary privileges like tax cuts. It should seek instead for those interest groups to work dynamically with it in its search for growth and technological change.”
SUMMARY: The book challenges the assumption that the private sector is the key driver of entrepreneurial economic activity. It presents the State as a major player in the entrepreneurial process, and begs the question of why the State hardly benefits from its high-risk investments.
1. The State forms and introduces new markets reflecting its surprisingly significant role in economic development. State funding has a far-reaching positive impact and involvement during times of economic growth. Looking back, the State had key involvement in the development of the Internet, and looking forward it has significant involvement in sustainability movements. This speaks to its relevance in entrepreneurial and technological advancement.
2. The State is a lead risk-taker, investor, and catalyst for fellow investors as shown through case studies of entrepreneurial economic growth. Prominent case studies including Silicon Valley, honing in on the State’s investments relating to the legendary Apple technological advancements. The State has prime involvement in other tech development such as the nanotech industry.
3. The State is a premium customer and contributor of multiple industries.
READ IF: You have an open-minded interest in economics, policymaking, politics, capitalism, or entrepreneurship.