Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/25630
Authors: 
Ács, Zoltán J.
Desai, Sameeksha
Year of Publication: 
2007
Series/Report no.: 
Jena economic research papers 2007,056
Abstract: 
Democratic capitalism has become the popular paradigm in the modern world, and it is spreading further through globalization. It is a model based on growth, expansion and constant innovation. However, it is accompanied by social problems which may worsen despite overall gains in wealth. In this paper, we suggest that democratic capitalist societies may benefit from the application of what has been a primarily American institution: Philanthropy. We present the Entrepreneurship-Philanthropy Cycle, which demonstrates the relationship between wealthy entrepreneurs, philanthropic contributions and economic opportunity. As a nonmarket and nonstate mechanism, philanthropy is unique in its structure and operations, and may offer the ideal approach to solving social problems. We suggest that both the internationalization of American foundations, and the growth of domestic philanthropy, can help developing countries offset social problems.
Subjects: 
Philanthropy
entrepreneurship
democratic capitalism
foundation
social problems
India education
social innovation
JEL: 
O10
P10
I30
Document Type: 
Working Paper

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