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This paper discusses the role that finance plays in promoting the capital development of the economy, with particular emphasis on the current situation of the United States and the United Kingdom. We define both "finance" and "capital development" very broadly. We begin with the observation that...
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financial system, but also to Schumpeter’s views on financing innovation. … greatest explosion of financial innovation the world had ever seen. Financial fragility grew until the economy collapsed into … the global financial crisis. At the same time, we saw that much (or even most) of the financial innovation was directed …
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Innovative entrepreneurship is considered an important pillar for economic development and has sparked a lively discussion in academia and practice alike. Oftentimes, however, the debate is not sufficiently grounded on solid empirical evidence. The academic literature is growing but very...
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