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Innovation, Entrepreneurship, and the Economy in the US, China, and India - 1st Edition - ISBN: 9780128018903, 9780128018651

Innovation, Entrepreneurship, and the Economy in the US, China, and India

1st Edition

Historical Perspectives and Future Trends

Authors: Rajiv Shah Zhijie Gao Harini Mittal
Hardcover ISBN: 9780128018903
eBook ISBN: 9780128018651
Imprint: Academic Press
Published Date: 7th October 2014
Page Count: 416
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What drives innovation and entrepreneurship in India, China, and the United States? Our data-rich and evidence-based exploration of relationships among innovation, entrepreneurship, and economic growth yields theoretical models of economic growth in the context of macroeconomic factors. Because we know far too little about the key characteristics of Chinese and Indian entrepreneurs and the ways they innovate, our balanced, systematic comparison of entrepreneurship and innovation results in a new approach to looking at economic growth that can be used to model empirical data from other countries. The importance of innovation and entrepreneurship to any economy has been recognized since the pioneering work of Joseph Schumpeter. Our analysis of the major factors that affect innovation and entrepreneurship in these three parts of the world – US, China and India –provides a comprehensive view of their effects and their likely futures.

Key Features

  • Looks at elements important for innovation and entrepreneurship and compares them against each other within the three countries
  • Places theoretical modeling of economic growth in the context of the overall macroeconomic factors
  • Explores questions about the relationships among innovation, entrepreneurship and economic growth in China, India and the US


Upper-division undergraduates, graduate students, and professionals working in international finance, business, and economic development

Table of Contents

  • Dedication
  • Preface
  • Introduction
  • About the Authors
  • Acknowledgment
  • Part I: Innovation
    • Chapter 1: Innovation
      • Abstract
      • What is Innovation?
      • Why is Innovation Important?
      • Factors Contributing to Innovation
    • Chapter 2: History
      • Abstract
      • The United States
      • China
      • India
    • Chapter 3: Economy
      • Abstract
      • Economic Growth
      • R&D Expenditures
      • FDI Inflows
      • FDI Outflows
      • Patents
    • Chapter 4: Culture
      • Abstract
      • Power Distance and Bureaucracy
      • Collectivism or Individualism
      • Uncertainty Avoidance
      • Cultural Openness
      • Acceptance of Change
      • Opinion About Achievement
      • Masculinity or Femininity
      • Challenges for the United States: Recent Cultural Evolution of the United States
    • Chapter 5: Laws, Rules, and Role of Government Institutions
      • Abstract
      • Intellectual Property Rights
      • Tax Policies for Promotion of Innovation and Entrepreneurship
      • Government Procurement to Promote Innovation and Entrepreneurship
      • Scientific and Technological Plan
      • International Innovation System
      • The Influence of Rent-Seeking and Corruption
    • Chapter 6: Demographics
      • Abstract
    • Chapter 7: Education and Universities
      • Abstract
      • Education Expenditures
      • Institutions and Universities
      • Content of Education
      • Different College Entrance Exams
      • Differences in Relationship Between Teachers and Students
      • Different Relationships Between Administrative Staff and Teachers
      • Challenges for the United States
    • Chapter 8: Industry and Market Structures, Industry and Regional Clusters
      • Abstract
      • Industry and Market Structures: The United States
      • Industry and Market Structures: China and India
      • Industry Clusters
    • Chapter 9: Opportunity Areas for Innovation
      • Abstract
      • China
      • India
      • The United States
  • Part II: Entrepreneurship
    • Chapter 10: Entrepreneurship
      • Abstract
      • What is Entrepreneurship?
      • The Entrepreneurial Process
      • Entrepreneurship: New Ventures
      • Factors Contributing to Entrepreneurship
    • Chapter 11: Personal Characteristics
      • Abstract
      • Innovation Ability
      • Propensity for Risk-Taking
      • Internal Locus of Control
      • Value of Achievement
    • Chapter 12: Social and Cultural Factors
      • Abstract
      • Power Distance
      • Social Relations
      • Family Culture and Level of Trust
      • Acceptance of Failure
    • Chapter 13: Entrepreneurial Training
      • Abstract
      • Relevant Education
      • Relevant Training and Consultation Services
    • Chapter 14: External Environment
      • Abstract
      • The Free Market Economy and Competitive Environment
      • Supportive Laws
    • Chapter 15: Infrastructure
      • Abstract
      • The United States
      • China and a Comparison with the United States
      • India
    • Chapter 16: Capital Availability
      • Abstract
      • Sources of Business Financing
      • The United States
      • China
      • India
    • Chapter 17: Intrapreneurship
      • Abstract
      • The United States
      • China
      • India
  • Part III: Impact on the Economy
    • Chapter 18: Impact on the Economy
      • Abstract
      • Role of Innovation and Entrepreneurship in the Economy
      • Economic Growth
    • Chapter 19: General Macroeconomic Framework
      • Abstract
    • Chapter 20: An Economic Model
      • Abstract
      • A Model for Economic Growth with Innovation and Entrepreneurship
    • Chapter 21: Entrepreneurship Indices Relevant Macroeconomic Data
      • Abstract
      • GEDI Data
      • Data from the Heritage Foundation
  • Part IV: Conclusions
    • Chapter 22: Conclusions and Thoughts about the Future: The United States, China, and India
      • Abstract
      • Innovation Defined, Importance of Innovation, Factors Contributing to Innovation
      • History
      • Economy
      • Culture
      • Laws and Rules and Role of Government and Institutions
      • Demographics
      • Education and Universities
      • Industry and Market Structures, Industry and Regional Clusters
      • Opportunity Areas for Innovation
      • Entrepreneurship
      • Personal Characteristics
      • Social and Cultural Factors
      • Entrepreneurial Training
      • External Environment
      • Infrastructure
      • Capital Availability
      • Intrapreneurship
      • Impact on the Economy
  • Appendix 1
  • Appendix 2: Innovation Data
    • Data from Global Innovation Indices for Various Subindices
  • Index


No. of pages:
© Academic Press 2014
7th October 2014
Academic Press
Hardcover ISBN:
eBook ISBN:

About the Authors

Rajiv Shah

Rajiv Shah

Dr. Rajiv R. Shah is a Clinical Professor with the Naveen Jindal School of Management at UT Dallas since 2008, and is also the Founder and Program Director for the Systems Engineering and Management (SEM) Program. At UT Dallas he teaches Innovation and Entrepreneurship, Corporate Entrepreneurship and Venturing, Technology and New Product Development, as well as Quantitative and Numerical Methods in Finance and Macroeconomics.

He specialized in solid state and laser physics, and quantum electronics and non-linear optics, and prior to joining UT Dallas, he spent close to 30 years in industry working in areas that spanned - lasers, semiconductors, computers, and wireless, optical and internet communications. He co-founded and is a Managing Partner at Timmaron Capital Advisors, a firm that provides advisory services to CEOs, BoDs, and PE firms. He also founded The indusLotus Group and provided high-level consulting to private equity firms and others on Wall Street. He worked on a $50 B telecom deal in 2007. He has been an advisor to Cerberus Capital LP, Pioneer Natural Resources, Ericsson Inc., Commscope Inc., Goldman Sachs Vantage Marketplace LLC, Nomura Securities’ Private Equity Arm, a Council Member on the Gerson Lehrman Group (GLG), a number of other Private Equity and Hedge Funds, as well as three separate engagements with McKinsey & Co. He has also worked as an evaluator and mentor with the Texas Emerging Technology Fund and STARTech, reviewing business plans and mentoring founders and CEOs.

Dr. Shah has served as CTO of Alcatel North America, and was VP of Research & Innovation and Network Strategy at Alcatel for four years. Prior to that he held senior management positions at MCI Worldcom over a five year period, and was involved in half-a-dozen corporate-level M&A due diligence activities. Before that he worked for Texas Instruments for seventeen years in various capacities, including R&D, manufacturing, business start-up, and business strategy and business development.

He served for two years on the faculty of the California Institute of Technology (Caltech) as Dr. Chaim Weizmann Post-Doctoral Research Fellow. He has an M.S. and Ph.D. in Electrical Engineering from Rice University, specializing in Applied Physics, an Executive MBA from Southern Methodist University, and a B.Sc. in Physics, Mathematics and Statistics from Ferguson College, University of Pune, India, where he was the recipient of the National Science Talent Search Fellowship from the Government of India. Early in his career he published over fifty papers in peer reviewed journals, such as those of the American Physical Society (APS) and the Institute of Electrical and Electronic Engineers (IEEE), and others, and had over twenty-five US and international patents issued to him.

Affiliations and Expertise

Jindal School of Management, University of Texas, Dallas, TX, USA

Zhijie Gao

Zhijie Gao

Dr. Zhijie Gao is an Associate Professor with the College of Economics and Management, Northeast Agricultural University, Harbin, P. R. China, and was a Visiting Scholar at the University of Texas at Dallas from 2012 to 2013.

Her research areas mainly focus on analysis of entrepreneurial environment, cultivation of innovation ability, and development of agriculture-related industries. She participated in more than ten research projects, such as, “Research on Technological Innovation Capability of Small and Medium-sized Enterprises in Heilongjiang Province”, “Research on Technological Innovation Strategy of Small and Medium-sized Enterprises in Heilongjiang Province”, “On Biomass Energy Industrialization in Heilongjiang Province”, etc., and published over twenty articles and one monograph - On Potential and Countermeasures about Development of Biomass Energy Industry in Heilongjiang Province Based on Low-carbon Economy.

She received her Ph. D. in General Management, from the College of Economy Management, Northeast Agriculture University, Harbin, P. R. China, an MS in Macroeconomics, from the College of Economy, Jilin University, Changchun, P. R. China and her BS degree in Business Administration, from the Business School of Beihua University, Jilin, P.R. China.

Affiliations and Expertise

Northeast Agricultural University, Harbin, PR China

Harini Mittal

Harini Mittal

Dr. Harini Mittal has been actively involved in various activities, initiatives, teaching and research in the field of innovation and entrepreneurship specifically in the Indian context. She also has a proven track record in strategic planning, execution, formation of alliances and partnerships. She has published a number of peer-reviewed papers in Indian journals, made conference presentations at international conferences, written case studies and technical notes, and supervised Ph. D. and MBA theses at CEPT University, Ahmedabad, Gujarat, India, where she was an Associate Professor, and Head of the Department, Faculty of Technology Management for five years, prior to coming to UT Dallas.

She received her Ph.D. in Management, from the Institute of Management, Nirma University, Ahmedabad, for which she worked on the Impact of Mergers and Acquisitions on the Performance of a Firm. She received an MBA in Finance from the B.K. School of Business Management, Gujarat University and a BA in Corporate Secretaryship from the University of Madras, India

Affiliations and Expertise

Bronx Community College, City University of New York, NY, USA


"How will emerging economies shape our coming life? Will the emerging economies of China and India converge towards a single model of innovative economy or will they preserve their own national characteristics? These issues are addressed in these essays which remind us that the future has already started." --Daniele Archibugi, Italian National Research Council

"This book addresses two questions that are crucial to understand the economic growth miracle in China and India. How is innovation activity carried out in these countries? What are the drivers of entrepreneurship in China and India, compared to the U.S.? For those who are interested in understanding economic growth in emerging countries, this book is an essential reading." --Andrea Filippetti, London School of Economics and Political Science

"This important new book provides a compelling analysis highlighting the underlying forces driving the United States, China and India -- innovation and entrepreneurship. The book shows how and why entrepreneurship and innovation matter so much even across such disparate economic contexts." --David Audretsch, University of Indiana

Ratings and Reviews