Financing Innovation in the United States, 1870 to Present

Financing Innovation in the United States, 1870 to Present

by Naomi R Lamoreaux
     
 

Although technological change is vital for economic growth, the interaction of finance and technological innovation is rarely studied. This pioneering volume examines the ways in which innovation is funded in the United
States. In case studies and theoretical discussions, leading economists and economic historians analyze how inventors and technologically

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Overview

Although technological change is vital for economic growth, the interaction of finance and technological innovation is rarely studied. This pioneering volume examines the ways in which innovation is funded in the United
States. In case studies and theoretical discussions, leading economists and economic historians analyze how inventors and technologically creative entrepreneurs have raised funds for their projects at different stages of U.S. economic development,
beginning with the post-Civil War period of the Second Industrial Revolution. Their discussions point to intriguing insights about how the nature of the technology may influence its financing and, conversely, how the availability of funds influences technological advances.These studies show that over the long history of American technological advancement, inventors and innovators have shown considerable flexibility in finding ways to finance their work. They have moved to cities to find groups of local investors; they have worked for large firms that could tap the securities market for funds; they have looked to the federal government for research and development funding; and they have been financed by the venture capital industry. The studies make it clear that methods of funding innovation--whether it is in the auto industry or information technology--have important implications for both the direction of technological change and the competitive dynamism of the economy.

The MIT Press

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Product Details

ISBN-13:
9780262122894
Publisher:
MIT Press
Publication date:
05/01/2007
Edition description:
New Edition
Pages:
520
Product dimensions:
6.00(w) x 9.00(h) x 1.18(d)
Age Range:
18 Years

What People are saying about this

From the Publisher

"A marvelous exploration of the central strength of capitalism: its unique ability to foster successful innovation over the long term. Read this book if you want to understand how Americans have financed innovation and promoted growth over the past two centuries of sustained economic expansion."--Louis Galambos,
Professor of Economic and Business History, Johns Hopkins University

The MIT Press

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