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Perspectives on the Performance of the Continental Economies$
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Edmund S. Phelps and Hans-Werner Sinn

Print publication date: 2011

Print ISBN-13: 9780262015318

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262015318.001.0001

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Entrepreneurship in Europe and the United States: Security, Finance, and Accountability

Entrepreneurship in Europe and the United States: Security, Finance, and Accountability

Chapter:
(p.27) 2 Entrepreneurship in Europe and the United States: Security, Finance, and Accountability
Source:
Perspectives on the Performance of the Continental Economies
Author(s):

Roman Frydman

Omar Khan

Andrzej Rapaczynski

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262015318.003.0002

This chapter examines the institutional factors influencing entrepreneurship in Europe and the United States since World War II. It argues that various features of the European labor market, corporate governance arrangements, and patterns of project financing have provided an environment more conducive to growth based on employment security and importation of frontier technology. In contrast, U.S. institutions have downplayed employment security and provided more powerful incentives for entrepreneurship and innovation. The chapter suggests that anchoring comparative analysis in entrepreneurship may help explain the differences in economic performance on both sides of the Atlantic.

Keywords:   labor market, corporate governance, project financing, employment security, economic performance

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