Entrepreneurship and National Policy: Growth with Justice

Abstract

There are numerous strands of thought and research informing the work on entrepreneurship, and some of these diverse approaches, falling broadly into the demand and supply categories, are reviewed in the paper. A model of entrepreneurship combining these factors is proposed. Among the factors reviewed are a society's history, culture, institutions, government policies, and the creation of trust and legitimacy. The position adopted in this paper is that entrepreneurship is a mechanism by which more rapid economic growth, widespread involvement in society, and greater social justice may be achieved in a capitalistic society. Justice encompasses the norms of equality, freedom, and efficiency. These three concepts are explained in the paper, and their applicability to entrepreneurship in societies such as the United States, and developing countries such as India and China is studied. The paper argues that national performance measures and policies should include the achievement of greater social justice, and that policies be formulated to foster entrepreneurship to that end.

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