Challenging conventional wisdom, Shienbaum argues that the U.S.
federal government, not the private sector, created the dynamic New
Economy. Declining economic competitiveness and relative global
underperformance during the 1970s and early 1980s threatened
America's post-war global leadership position, a role Washington
was loath to relinquish, especially during the Cold War. Citing
these threats to American leadership and security, government
officials set out to make the U.S. economy more competitive by
creating innovative technology policies combined with policies
providing strong incentives to new entrants while removing
regulatory protections from more established companies. The federal
government, in other words, nurtured fragile high-tech start-ups
while forcing larger companies to compete in the marketplace, in
the process transforming regulatory capitalism into an
entrepreneurial capitalism marked by innovation, entrepreneurship,
and competition.
ShienbauM's book will be of interest to political scientists,
policy makers, economists, and lay readers wanting to discover the
causal factors that created the conditions for the unprecedented
economic boom of the 1990s. Furthermore, by explicitly connecting
government policy-making to economic change, Shienbaum reminds us
of the basic but often-ignored truth that politics and economics
are inescapably linked together. She concludes with a clear-eyed
discussion of the limits of entrepreneurial capitalism and the
forces lining up to oppose the New Economy.
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