Can government play a positive role in economic development?
To understand who built what in the construction of the American economy from its pre-industrial origins, a look at one of the drivers of U.S. innovation — venture capital — is instructive.
For more than three decades American venture capitalists have concentrated their activities and earned their returns in a very small number of industrial domains. In booms and in slumps, in bull markets and in bear markets, the information and communications technology and biomedical sectors together have consistently accounted for 80% of venture capital investment.
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