Despite a vast accumulation of private capital, China is not embracing capitalism. Deceptively familiar capitalist …

, like Marx and Ricardo, in formulating general laws of capitalism to diagnose and predict the dynamics of inequality. We …

"cutthroat capitalism" that generates greater inequality and more innovation and will become the technology leaders, while others … will free- ride on the cutthroat incentives of the leaders and choose a more "cuddly" form of capitalism. Paradoxically … equilibrium, it is not a best response for the cutthroat capitalists to switch to a more cuddly form of capitalism. We also show …

imbalance may also stimulate economic growth by inducing more entrepreneurship and hard work. First, new domestic private firms …

. A second class of theories hypothesizes that some places are endowed with a greater supply of entrepreneurship. Evidence … on sales per worker does not support the higher returns for entrepreneurship rationale. Our evidence suggests that … entrepreneurship is higher when fixed costs are lower and when there are more entrepreneurial people …

firms (entrepreneurship) and the average quality of management (meritocracy). Legal reform also reduces financial … improve meritocracy at the expense of entrepreneurship. As a result, legal reform encounters less political opposition than …

-documented relationships between economic growth, innovation, entrepreneurship and venture capital. Yet despite good intentions, many of these … launch sustained successful efforts to promote entrepreneurship over sustained periods. I highlight several critical …