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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 Bhidé shows how wrong the doomsayers are.
Using extensive field studies on venture-capital-backed businesses to examine how technology really advances in modern economies, Bhidé 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.
"Brilliant."--Reihan Salam, Forbes.com
"Bhidé's book is a welcome addition to the debate over how we sustain economic prosperity in a global, interconnected world."--R.B. Emmett, Choice
"[Bhidé] provides a provocative, counterintuitive case as to why the U.S. should support the training of foreign workers and research activities by foreign companies. Why? American companies can benefit, he says--pointing out, for example, that many of the acclaimed features on the iPod were actually developed abroad."--Business Week (Best Innovation & Design Books of 2008)
"Annihilatingly good since it is so much at odds with the current, brows-knitted, anxious attitude toward the economic future. . . . Bhide is the undiscovered Malcolm Gladwell."--Amity Shlaes, Politico
"Bhidé busts some common misconceptions of innovation: Fewer PhDs do not necessarily mean less innovation. Subsequent applications, rather than an initial invention, spur prosperity and radical social change. Increased proportions of college graduates in a society may not necessarily herald economic benefits. And enthusiastic immigrants--not just high-level researchers--can increase employment opportunities and wages for domestic science and engineering workers. . . . The message threaded throughout this book--anyone can innovate--is inspiring and needed during a time of economic downturn."--Susan Froetschel, YaleGlobal Online
"[Bhidé's] core message is that you need innovative consumers. This, rather than the cutting-edge stuff in the university labs or the research departments of the multinationals, is what gives America its edge."--Hamish McRae, The Independent
"With a felicitous writing style, Bhidé addresses the antiforeign bias . . . and explains why innovation can sustain prosperity in the U.S., regardless of whether it emanates from within our borders or from Europe, Asia, or anywhere else. Read the chapter on 'Alarmist Arguments', in which he politely, but devastatingly, refutes the 'techno-nationalists'--many of them distinguished economists--who'd have us believe American prosperity depends on maintaining a lead 'on all fronts' in technical research."--Gene Epstein, Barron's Magazine
"Is the world really flat? That's the question posed by Amar Bhidé in his new book, The Venturesome Economy. Disputing Thomas Friedman, author of The World is Flat, Bhidé concludes that: (1) it isn't, and (2) arguments by Friedman and others--whom he labels as 'technonationalists'--fail to recognize how innovation that matters really occurs and aren't always helpful to long-term global or even U.S. development. . . . Bhidé concludes that the edge in economic development from the 'innovation game' comes from the kind of entrepreneurial behavior that adapts and combines high-level ideas and know-how, adjusts them to the needs of particular markets, and actually sells them to willing buyers."--James Heskett, Working Knowledge
"This is a fine book, a book for thinking with, providing rich detail and a carefully constructed argument about a big idea."--Jock Given, Prometheus
Book 1 Cautious Voyagers Why VC-Backed Businesses Still Favor Home 31
1 VCs in New Ventureland 41
2 Advancing the Frontier: The Nature of Mid-level Innovation 59
3 Marketing: Edging into International Arenas 101
4 Offshortng: The Ins and Outs 152
5 Founders and Staff: Global at Home 206
6 On Methods and Models 239
Book 2 Embrace or Resist? 251
7 Alarmist Arguments 257
8 The Reassuring Realities of Modern Cross-Border Flows 272
9 Valuable Differences 287
10 Serving the Service Economy 296
11 Venturesome Consumption 308
12 Winning by Using 324
13 Nondestructive Creation 341
14 Immigrants: Uppers or Downers? 356
15 The Elusive Underpinnings 380
16 First Do No Harm 477
Appendix: Tables 443
Posted March 18, 2010
No text was provided for this review.