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Author: Daniel C. Kramer
Publisher: Routledge
ISBN: 0429509235
Category : Business & Economics
Languages : en
Pages : 266
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Book Description
To what extent can governments supplement private venture capitalists and stimulate the economy by providing money to new entrepreneurs as well as existing enterprises? The UK’s National Enterprise Board (NEB) attempted to do just this, and whilst it gained most publicity through its efforts to bail out ailing giants such as British Leyland and Rolls Royce Aerospace, much of its attention was actually directed to smaller ventures. Originally published in 1988 Professor Kramer reports that the NEB’s record of success was surprisingly good, and that many flourishing undertakings would not be in business today had it not been for the NEB’s efforts. The author goes further, and after discussing the political and economic issues involved in according public aid to private enterprises on a case by case basis, he argues that not only should the UK revive its NEB, but that other countries, notably the United States, could benefit by establishing their own versions of it. Indeed, throughout, the author’s perspective as an outsider makes him peculiarly alive to the relevance of the UK example to a whole range of international cases. As the first scholarly, full-length study of the NEB, this book will be of value to those interested in the relationships between venture capitalists generally and the enterprises in which they take equity. It will also interest those studying the relationship between holding companies and their subsidiaries.
Author: Daniel C. Kramer
Publisher: Routledge
ISBN: 0429509235
Category : Business & Economics
Languages : en
Pages : 266
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Book Description
To what extent can governments supplement private venture capitalists and stimulate the economy by providing money to new entrepreneurs as well as existing enterprises? The UK’s National Enterprise Board (NEB) attempted to do just this, and whilst it gained most publicity through its efforts to bail out ailing giants such as British Leyland and Rolls Royce Aerospace, much of its attention was actually directed to smaller ventures. Originally published in 1988 Professor Kramer reports that the NEB’s record of success was surprisingly good, and that many flourishing undertakings would not be in business today had it not been for the NEB’s efforts. The author goes further, and after discussing the political and economic issues involved in according public aid to private enterprises on a case by case basis, he argues that not only should the UK revive its NEB, but that other countries, notably the United States, could benefit by establishing their own versions of it. Indeed, throughout, the author’s perspective as an outsider makes him peculiarly alive to the relevance of the UK example to a whole range of international cases. As the first scholarly, full-length study of the NEB, this book will be of value to those interested in the relationships between venture capitalists generally and the enterprises in which they take equity. It will also interest those studying the relationship between holding companies and their subsidiaries.
Author: Donghua Chen
Publisher:
ISBN:
Category : Capitalism
Languages : en
Pages : 51
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Book Description
We study the efficiency of internal capital markets at state-controlled and privately owned business groups in China. Using highly granular data on within-group capital flows, we document stark differences: while private groups allocate more capital to units with better investment opportunities, state groups do the opposite. Minority shareholders in state owned firms suffer as a result. Product market competition and external monitoring by outside investors help discipline state groups' tendency to ignore investment opportunities. We conjecture that capital allocations at state groups reflect the private career objectives of their chairmen. We show that promotion depends not on increasing profitability but on avoiding layoffs. Consistent with a career motive, we find that capital allocations are used to prop up large and struggling employers, but only if the chairman has a realistic chance of being promoted and if the cost of self-interested behavior is not too high.
Author: Mariana Mazzucato
Publisher: Anthem Press
ISBN: 1783085215
Category :
Languages : en
Pages : 284
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Book Description
List of Tables and Figures; List of Acronyms; Acknowledgements; Introduction: Thinking Big Again; Chapter 1: From Crisis Ideology to the Division of Innovative Labour; Chapter 2: Technology, Innovation and Growth; Chapter 3: Risk-Taking State: From 'De-risking' to 'Bring It On!'; Chapter 4: The US Entrepreneurial State; Chapter 5: The State behind the iPhone; Chapter 6: Pushing vs. Nudging the Green Industrial Revolution; Chapter 7: Wind and Solar Power: Government Success Stories and Technology in Crisis; Chapter 8: Risks and Rewards: From Rotten Apples to Symbiotic Ecosystems; Chapter 9: So.
Author: Donghua Chen
Publisher:
ISBN:
Category :
Languages : en
Pages : 62
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Book Description
We study the efficiency of capital allocations at state-controlled and privately owned business groups in China. Using highly granular data on within-group capital transfers, we document stark differences: while private groups allocate more capital to units with better investment opportunities, state groups do the opposite, especially when part of the “national team.” Minority shareholders in state owned enterprises suffer as a result. External monitoring by outside investors helps discipline state groups' tendency to ignore investment opportunities. We trace capital allocation decisions to the objectives of the Chinese Communist Party, which incentivizes managers to maintain social stability. Consistent with the party's policy preferences, capital allocations are used to prop up struggling employers in high-unemployment areas and when many young men enter the local labor market, but the interests of the party and of managers may be misaligned.
Author: Ethan B. Kapstein
Publisher: Harvard University Press
ISBN: 0674276272
Category : Political Science
Languages : en
Pages : 305
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Book Description
The first comprehensive history of America’s attempts to promote international development by exporting private enterprise, a story marked by frequent failure and occasional success. Foreign aid is a primary tool of US foreign policy, but direct financial support and ventures like the Peace Corps constitute just a sliver of the American global development pie. Since the 1940s, the United States has relied on the private sector to carry out its ambitions in the developing world. This is the first full account of what has worked and, more often, what has failed in efforts to export American-style capitalism. Ethan Kapstein draws on archival sources and his wide-ranging experience in international development to provide penetrating case studies from Latin America and East Asia to the former Soviet Union, Afghanistan, and Iraq. After WWII the Truman and Eisenhower administrations urged US companies to expand across the developing world. But corporations preferred advanced countries, and many developing nations, including Taiwan and South Korea, were cool to foreign investment. The Cold War made exporting capitalism more important than ever, even if that meant overthrowing foreign governments. The fall of the Soviet Union brought new opportunities as the United States promoted privatization and the bankrolling of local oligarchs. Following the invasions of Afghanistan and Iraq, the United States believed it had blank slates for building these economies, but ongoing conflict eroded such hopes. Kapstein’s sobering history shows that private enterprise is no substitute for foreign aid. Investors are often unwilling to put capital at risk in unstable countries. Only in settings with stable governments and diverse economic elites can private enterprise take root. These lessons are crucial as the United States challenges China for global influence.
Author: Xuetong Yan
Publisher:
ISBN:
Category : Africa
Languages : en
Pages : 714
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Book Description
Author: United States. Advisory Committee on Private Enterprise in Foreign Aid
Publisher:
ISBN:
Category : Investments, American
Languages : en
Pages : 66
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Book Description
Author: Robyn Klingler-Vidra
Publisher: Cornell University Press
ISBN: 1501723391
Category : Political Science
Languages : en
Pages : 304
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Book Description
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.
Author: Tom G. Forrest
Publisher: University of Virginia Press
ISBN: 9780813915623
Category : Business & Economics
Languages : en
Pages : 324
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Book Description
Combining ethnographic and historical perspectives, Tom Forrest examines the strategies and patterns of development employed by business people from the colonial period to the present. Through a series of highly readable case studies, he provides a broad picture of the various forms of capital accumulation and sectoral advances in trade, transport, manufacture, agriculture, finance and other services. These are set within the context of changing economic opportunities, shifts in power and policy, relations with foreign capital, and attitudes towards private business and the state.
Author: William H. Janeway
Publisher: Cambridge University Press
ISBN: 1107031257
Category : Business & Economics
Languages : en
Pages : 345
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Book Description
A unique insight into the interaction between the state, financiers and entrepreneurs in the modern innovation economy.
