Doing Capitalism in the Innovation Economy: Markets, Speculation and the State
Named one of the 'Best Economics Books of the Year'Financial Times"A rewarding memoir about the learning, training and life experience required to achieve mastery in the venture economy."Kirkus Reviews"Bill Janeway, a key creator of modern venture capital, tells the amazing story of the intersection of economics and innovation. This book is essential to anyone who wants to understand technology and how its creation will be financed for decades to come."Marc Andreessen, co-creator of the Internet browser, and co-founder of Netscape and Andreessen Horowitz"This is a masterful historical and conceptual analysis of the Three Player Game between the state, private entrepreneurial innovation and financial capitalism. The state has a key role in funding scientific research that leads to innovation. Amply funded by financial capitalism, innovation is a source of long term growth. But speculative funding of innovation is also associated with asset and credit bubbles that end up in financial crashes. A Minsky-inspired synthesis of the financial excesses of Schumpeterian creative destruction, this book should be required reading for all."Nouriel Roubini, Professor of Economics, New York University, and Chairman of Roubini Global Economics"A revelatory exploration of the complex dynamics underlying the innovation economy and the inherent roles of speculation and waste as experienced by one of the great venture capitalists and political/economic thinkers of our age. This book provides a powerful framework for dealing with the economic challenges we are facing today. It couldn't have come at a better time!"John Seely Brown, Former Chief Scientist, Xerox Corp, and Director of Palo Alto Research Center (PARC)"Janeway applies keen insights from his experience as a venture capitalist and creates a vision of the interaction between governments, financiers, and firms that shows what institutions society must develop to foster innovation. I believe that Doing Capitalism will help all of us, whether academics, private sector leaders, or government officials, to see beyond shallow political dogma and move to a deeper understanding of challenges of technological advance."George Soros, Chairman of Soros Fund Management"... a tour de force with a solid thesis, excellent writing and exposition, and a history that too many have forgotten ... or never knew. Brilliant!"John C. Bogle, Founder of Vanguard Funds"If you have ever wondered what the interplay of government, bubbles and venture capital have to do with innovation, this is the book for you ... Doing Capitalism in the Innovation Economy is rich in historical references and stories, wise in its philosophy, deep in its evaluation and observation; and a tribute to the life's work of an important investor and constructive thinker. This book is outstanding and deserves your time."Wall Street Oasis (wallstreetoasis.com)