Silicon Valley has become shorthand for a globally acclaimed way to
unleash the creative potential of venture capital, supporting
innovation and creating jobs. In The Venture Capital State Robyn
Klingler-Vidra traces how and why different states have adopted
distinct versions of the Silicon Valley model. Venture capital
seeks high rewards but is enveloped in high risk. The author’s
deep investigations of venture capital policymaking in East Asian
states (Hong Kong, Taiwan, Singapore) show that success does not
reflect policymakers’ ability to replicate the Silicon Valley
model. Instead, she argues, performance reflects their skill in
adapting a highly lauded model to their local context. Policymakers
are "contextually rational" in their learning; their context-rooted
norms shape their preferences. The normative context for learning
about policy—how elites see themselves and what they deem as
locally appropriate—informs how they design their efforts. The
Venture Capital State offers a novel conceptualization of
rationality, bridging diametrically opposed versions of bounded and
conventional rationality. This new understanding of rationality is
simultaneously fully informed and context based, and it provides a
framework by which analysts can bring domestic factors to the very
heart of international diffusion of policy. Klingler-Vidra
concludes that states have a visible hand in constituting even
quintessentially neoliberal markets.
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