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Financing Innovation in the United States, 1870 to the Present$
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Naomi R Lamoreaux and Kenneth L Sokoloff

Print publication date: 2007

Print ISBN-13: 9780262122894

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262122894.001.0001

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(p.469) 12 Afterword
Financing Innovation in the United States, 1870 to the Present

Naomi R. Lamoreaux

Kenneth L. Sokoloff

The MIT Press

This Afterword consolidates and summarizes the findings revealed by the studies and analyses undergone throughout the book. It concludes that innovation is even more important in today’s globalized economy. The technological leadership of the United States is seen to be mainly influenced by institutional supports for the market in technology. The United States has been fortunate, thus far, to have its institutions be capable of adapting over time to changing circumstances in the market for technology. An example of the importance of institutional innovation in promoting technological advance is the massive growth of venture capital. We can add to this the institution of the U.S. patent system, which fostered further development of ideas and creativity, especially after such innovations were presented at the Crystal Palace Exhibition of 1851. It is this institutional edge that keeps the U.S. above other countries with technological potential such as China, India, and Brazil.

Keywords:   technological leadership, institutional supports, institutional innovation, promoting technological advance, venture capital, patent system, Crystal Palace Exhibition

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