The Coming Prosperity: How Entrepreneurs Are Transforming the Global Economy Hardcover – 26 Apr 2012
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The Coming Prosperity is an entertainingly enlightened read on the inherent value of entrepreneurial activity. Auerswald writes with a humorously incisive monologue that gives it a general accessibility, and should certainly be read by policy-makers, businesses, and would-be entrepreneurs. However it is also filled with well-referenced articles from a multitude of academic disciplines that can be useful for academics interested in entrepreneurship studies. (Maria Carvalho, London School of Economics)
Philip Auerswald shows the role that innovators must play if we are to create 'The Coming Prosperity.' In this important book, he reminds us that challenging the status quo is the inescapable first step toward building the future of our dreams. (President Bill Clinton, Founder of the William J. Clinton Foundation and 42nd president of the United States)
With compelling writing, Auerswald offers an enjoyable and thought-provoking read. (Publishers Weekly)
Lively writing style, and the analysis is lightened with personal anecdotes and pop-culture references (Matthew Rees, Wall Street Journal)
Philip E Auerswald is a passionate advocate of the power of human creativity and the entrepreneurial spirit to overcome the many obstacles to economic and social development. ... The style is lively and accessible to any interested reader but still has an edge to provoke the specialist.
About the Author
Philip Auerswald is an Associate Professor of Public Policy at George Mason University and a Senior Fellow at the Kauffman Foundation. He is also the Cofounder and Coeditor of Innovations, a quarterly journal about entrepreneurial and technological solutions to global challenges.
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Despite the tremendous crisis the world has faced, the global conversation has failed to focus on the one thing that can accelerate the changes necessary to solve our problems: entrepreneurship. This is the main theme of Phil Auerswald's convincing piece of literature on the topic. In "The Coming Prosperity", Auerswald illustrates that the interconnectedness of the global economy, the availability of cheap and user-friendly technologies, and growth of knowledge capital are driving the new wave of global entrepreneurs. Around the world, people are working hard to turn their ideas into innovations, and create products as well as services that benefit communities as a whole.
Recently, the 112th Congress did actually do something, passing the Jumpstart Our Business Startup (JOBS) Act making it easier for start-ups to raise funds, hire employees, and go public. President Obama is expected to sign the measure soon. This is certainly a welcome sign, but it's far from representative of all that needs to happen in addressing our greatest challenges. There absolutely needs to be a fuller, more robust, and dedicated effort to bring entrepreneurship to the mainstream and keep it there.
Policies can only go so far in creating an environment that enables entrepreneurs to thrive. Entrepreneurs create new ways of directing nature and change how we live our lives. They find new ways of assembling and coordinating the interactions between people. So many amazing accomplishments go completely unnoticed. There must be a sea change and a cultural adjustment as to how we promote the contributions of entrepreneurs to our overall well-being. Phil Auerswald's book is a great starting point in building the discussion. We just need to get the show on the road.
So this global competition is no longer about "economies" and "cheap labor" but suddenly, given ubiquity of data connections, creativity and entrepreneurship.
The good news is that the US is eminently qualified to compete. The bad news is that large swaths, preferring the illusion of security, may opt to ignore this reality.
Each of us individually has the opportunity to compete and excel globally (and as a corollary, the obligation to provide the context for our kids to step confidently into a global meritocracy); our existing companies have a window of time to adapt to a global and relentlessly innovative mindset which will allow them to excel; yet to be born enterprises that aspire to success will incorporate into their DNA core elements of global entrepreneurship; and as a nation we must acknowledge the seismic shift, and the angst that it engenders, yet unhesitatingly embrace the opportunity that our creative and entrepreneurial spirit position us to leverage.
The role of government must be to unshackle entrepreneurship (remove sclerotic regulations); cease to enable denial through subsidies and barriers which obscure real challenges and opportunities; and desist from vilifying business. The intentionally misleading rhetoric about adequate income levels (and increases in tax rates) will drive the innovators to other markets. Owners of "pass through" companies which generate profits, which they elect to hold as retained earnings to enable future investments, are by character (having started and built businesses) probably audacious enough to react boldly to the punitive mischaracterizations. We had better stop beating on innovators and business builders and embrace and support global entrepreneurship.
The horse is out of the barn, the genie's out of the bottle - many of the other 6B (7B globally less US & EU) people in the world sense their opportunity and will pursue it. If we "hunker down" we'll be overrun.
But the real message of this book is that if we actively engage and proactively lead, we will benefit enormously in treasure and also an advancement of mankind's condition.
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