- The Strategic Management of Place
- Talent, Cities, and Competitiveness
- Enabling Entrepreneurial Ecosystems
- Construction of the Cluster Commons
- Keeping Up In an Era of Global Specialization: Semi-Public Goods and the Competitiveness of Integrated Manufacturing Districts
- Something New: Where Do New Industries Come From?
- Local Competitiveness Fostered through Local Institutions for Entrepreneurship
- The National Resource Curse in the Arab Gulf: Rapid Change and Local Culture
- The Role of Universities in Local and Regional Competitiveness
- The Grand Challenge Model of R & D
- Commercialization or Engagement: Which Is of More Significance for Regional Economies?
- Philanthropy, Competition, and Local Competitiveness: A Schumpeterian Conundrum
- Local Policies for High-Growth Firms
- Innovation Brokers
- Swimming Upstream: Why Regional Economic Development Depends on National Economic Competitiveness
- Competitive Advantages from University Research Parks
- The Co-creation of Locally Useful Knowledge by Business Schools
- Entrepreneurship and Sustainable Development: The Relevance of Shaping Intertemporal Local Intangible Conditions
- In Search of New Competitive Advantage: Japan’s Local Firms in Sustainable Business
- Assessing State-Level Science and Technology Policies: North Carolina’s Experience with SBIR State Matching Grants
- Clusters, Communities, and Competitiveness: An Emerging Model from America’s Midwest
- Lessons on Microenterprise Development from a University-Based Microlending Development Program
- A Region in Transition: Bottom-Up Economic Transformation in Postconflict Northern Ireland
- The 2008 Economic Crisis and Its Impact on Universities’ Competitiveness
- Smart Specialization and European Regional Development Policy
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.
Zoltan J. Acs is the Doris and Robert McCurdy Distinguished Professor of Entrepreneurship and Innovation, Professor of Economics and Director of the Entrepreneurship Program in the Robert G. Merrick School of Business, University of Baltimore. He is also a census research fellow at the US Bureau of the Census. Previously he was Chief Economic Advisor, US Small Business Administration, Associate Director of CIBER at the University of Maryland, Research Fellow at the Science Center Berlin, and Research Associate at the Institute on Western Europe at Columbia University. Together with David Audretsch, he is the editor and founder of Small Business Economics: An International Journal, and the editor of the Journal of International Entrepreneurship, and the Kluwer Handbook Series on Entrepreneurship. He has authored over 90 articles on technical change, entrepreneurship, small business economics, regional science and industrial organization in the American Economic Review, Review of Economics and Statistics, The Journal of Urban Economics, Kyklos, Economica and Research Policy and other leading journals. He has edited, authored or co-authored 18 books.
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