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date: 12 November 2019

Abstract and Keywords

This chapter recasts Schumpeter’s famous thesis on capitalism, socialism, and democracy in a new light by replacing socialism with philanthropy. While both socialism and philanthropy appeal to our better side, socialism is about equality in servitude and restraint, while philanthropy seeks equality in opportunity. Philanthropy strengthens both capitalism and democracy by creating competition through investment in opportunity that in turn leads to local competitiveness. By focusing on university research—necessary for technological innovation, economic equality, and economic security—that creates a large functioning middle class. This investment in education and opportunity creates local competition in the education marketplace, leads to innovation and entrepreneurship in the region and therefore greater local competitiveness. Therefore, philanthropy is a key ingredient for the successful prosecution of regional competitiveness.

Keywords: philanthropy, competition, education, opportunity, Schumpeter, innovation, inequality, development

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