Entrepreneurship and Economic Development Entrepreneurship and Economic Development The People and Their Environment Steven G. Koven LEXINGTON BOOKS Lanham • Boulder • New York • London Published by Lexington Books An imprint of The Rowman & Littlefield Publishing Group, Inc. 4501 Forbes Boulevard, Suite 200, Lanham, Maryland 20706 www .rowman .com 6 Tinworth Street, London SE11 5AL, United Kingdom Copyright © 2021 The Rowman & Littlefield Publishing Group, Inc. All rights reserved. No part of this book may be reproduced in any form or by any electronic or mechanical means, including information storage and retrieval systems, without written permission from the publisher, except by a reviewer who may quote passages in a review. British Library Cataloguing in Publication Information Available Library of Congress Cataloging-in-Publication Data Names: Koven, Steven G., author. Title: Entrepreneurship and economic development : the people and their environment / Steven G. Koven. Description: Lanham : Lexington Books, 2021. | Includes bibliographical references and index. Identifiers: LCCN 2021018568 (print) | LCCN 2021018569 (ebook) | ISBN 9781793649843 (cloth) | ISBN 9781793649850 (epub) Subjects: LCSH: Entrepreneurship. | Economic development. | Environmental policy. | Environmental protection. Classification: LCC HB615 .K728 2021 (print) | LCC HB615 (ebook) | DDC 338.9—dc23 LC record available at https://lccn.loc.gov/2021018568 LC ebook record available at https://lccn.loc.gov/2021018569 ∞ ™ The paper used in this publication meets the minimum requirements of American National Standard for Information Sciences—Permanence of Paper for Printed Library Materials, ANSI/NISO Z39.48-1992. This book is dedicated to my wife Andrea Contents List of Figures and Tables ix Preface xi Acknowledgment xiii PART I: THE SETTING, STRATEGIES, AND THEORIES OF DEVELOPMENT 1 1 The Economic and Governmental Setting 3 2 Strategies for Economic Development 25 3 Entrepreneurship Theories 53 PART II: ENTREPRENEURS AND THEIR ENVIRONMENT 83 4 Contemporary Entrepreneurs 85 5 The Educational and Legal Environment for Development 129 6 The Social and Political Environment for Development 161 PART III: DECLINE OF U.S. ENTREPRENEURIAL DYNAMISM? 197 7 Challenges to U.S. Entrepreneurship 199 Bibliography 219 Index 239 About the Author 243 vii List of Figures and Tables FIGURES Figure 4.1 Buffett vs. Dow 1957–1961 (in percentage) 104 Figure 6.1 Share of Immigrant High-Tech Entrepreneurs by MSA, 2011 (in percentage) 171 TABLES Table 4.1 List of Twenty-Five Wealthiest Individuals in the World (as of June 2020) 87 Table 4.2 Characteristics of Wealthiest Self-Made Entrepreneurs 89 Table 5.1 Highest Average Math, Science, Reading Scores, PISA (2018) 146 Table 5.2 Highest Ranked Universities in the World (2020) 147 Table 5.3 Highest Ranked Universities in the World for Computer Science (2020) 148 Table 6.1 Immigrant Founded Fortune 500 Companies, Founders, Nationality, and Year of Founding 172 ix