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The entrepreneurial state

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Abstract:

The article challenges the minimalist view of the state that is currently driving British economic policy, arguing that a far more proactive role is required if innovation-led economic growth is a priority. The case is made that the role of the government, in the most successful economies and in the periods of highest growth, has gone way beyond creating the right infrastructure and setting the rules. It has been a leading agent in achieving the type of innovative breakthroughs that allow companies (and economies) to grow – not just by creating the 'conditions' that enable innovation but by proactively creating a strategy around a new high-growth area before the potential is understood by the business community (from the internet to nanotechnology); by funding the most uncertain phase of the research that the private sector is too risk-averse to engage with; seeking and commissioning further developments; and often even overseeing the commercialisationof 'general purpose technologies'.

Keywords: ECONOMICS; GROWTH; MINIMALISM; STATE INTERVENTION; THE STATE

Document Type: Research Article

DOI: https://doi.org/10.3898/136266211798411183

Publication date: 2011-11-24

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