What makes the US different from other advanced economies is the
opportunity for newcomers acting as entrepreneurs to start new
companies, a few of which will then change the world. This book
develops three points. First, the New Economy is real: part micro,
part macro, and all digital. Second, its emergence around networked
PCs propelled the US resurgence in the world economy during the
1990s. Third, rather than subsiding, the current US lead in
information technology (IT) could well increase over the next
decade. The reason lies in the clustered linking of venture capital
and entrepreneurs in a system that can be stylized as 'the
invention of the method of innovation'. The central theme of the
book is the vital role played by newcomers, acting as
entrepreneurs, to overthrow the old order and blast through the
deep tendencies toward stagnation that afflict advanced, affluent
economies. Related strands are (1) an update and reappraisal of
Joseph Schumpeter's vision of capitalist development, (2) a
regional focus on the rebirth of US computing, and (3) a detailed
inquiry into the geography of innovation in strategic clusters of
venture capital firms and IT knowledge workers. The author provides
a sharply etched portrayal of the geography of the new economy. He
lists specific case studies of the failure of established
managerial corporations to capitalize on inventions, a failure
remedied by newcomers. The book recounts traditional and new
theories of the entrepreneur and of creative destruction. Primers
on venture capital, IPOs, and internet business models are
included, as are comparisons of theory and data on the emergence of
new 'strategic cities'. Lastly, it offers a brief, readable,
detailed, and company-specific history of the PC revolution and the
coming of the internet. Economists, geographers, and regional
scientists, students and readers interested in the digital economy,
the internet, the history of economic thought, and the New Economy
and investors will all find this book revealing and enlightening.
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