Many warn that the next stage of globalization--the offshoring
of research and development to China and India--threatens the
foundations of Western prosperity. But in "The Venturesome
Economy," acclaimed business and economics scholar Amar Bhide shows
how wrong the doomsayers are.
Using extensive field studies on venture-capital-backed
businesses to examine how technology really advances in modern
economies, Bhide explains why know-how developed abroad
enhances--not diminishes--prosperity at home, and why trying to
maintain the U.S. lead by subsidizing more research or training
more scientists will do more harm than good.
When breakthrough ideas have no borders, a nation's capacity to
exploit cutting-edge research regardless of where it originates is
crucial: "venturesome consumption"--the willingness and ability of
businesses and consumers to effectively use products and
technologies derived from scientific research--is far more
important than having a share of such research. In fact, a
venturesome economy benefits from an increase in research produced
abroad: the success of Apple's iPod, for instance, owes much to
technologies developed in Asia and Europe.
Many players--entrepreneurs, managers, financiers,
salespersons, consumers, and not just a few brilliant scientists
and engineers--have kept the United States at the forefront of the
innovation game. As long as their venturesome spirit remains alive
and well, advances abroad need not be feared. Read "The Venturesome
Economy" and learn why--and see how we can keep it that way."
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