If I were asked to recommend to the next president just one book on the trajectory of the U.S. economy in the next several years, it would unhesitatingly be Amar Bhide's The Venturesome Economy. The book is an utterly original interpretation of the nature of the complex process of innovation. Among other things, it makes a mockery of the simplistic, alarmist writings that have become so popular in these troublesome economic times. As a student myself of the lovely, kinky history of real innovation, I almost found myself audibly cheering as I raced through this seminal text. -- Thomas J. Peters, coauthor of "In Search of Excellence: Lessons from America's Best-Run Companies" Amar Bhide provides a fresh and reassuring perspective on America's technological position in an increasingly global economy. Anyone interested in our economic future and especially our technology policies should read this book. -- Lawrence Summers, Harvard University The strides made by China and India, notably their unexpected technological advances, have made America anxious, prompting calls to double federal spending on basic research. In The Venturesome Economy, Amar Bhide draws on his unmatched knowledge of the mechanisms of innovation to show the benefits to us of Asia's advances and the errors in the techno-fetishism that grips Washington officialdom. This book deepens radically our understanding of how the global economy functions. -- Edmund Phelps, 2006 Nobel Laureate in Economics In The Venturesome Economy, Amar Bhide takes on the increasingly noisy chorus of critics worried about the effects of globalization on the national economy. He demonstrates that the application and commercialization of technology is far more important than whether the underlying science originated at home or abroad. The winners will be those countries and businesses that have the insight and energy to apply innovations effectively. This is an optimistic and important message. -- Donald J. Gogel, president and CEO of Clayton, Dubilier & Rice A book full of solid if unconventional deductions, all based on extensive observations. Amar Bhide is an author who knows whereof he speaks and to whom one should listen. -- William J. Baumol, author of "The Free-Market Innovation Machine"

Many warn that the next stage of globalization--the offshoring of research and development to China and India--threatens the foundations of Western prosperity. But in The Venturesome Economy, acclaimed business and economics scholar Amar Bhide shows how wrong the doomsayers are. Using extensive field studies on venture-capital-backed businesses to examine how technology really advances in modern economies, Bhide explains why know-how developed abroad enhances--not diminishes--prosperity at home, and why trying to maintain the U.S. lead by subsidizing more research or training more scientists will do more harm than good. When breakthrough ideas have no borders, a nation's capacity to exploit cutting-edge research regardless of where it originates is crucial: "venturesome consumption"--the willingness and ability of businesses and consumers to effectively use products and technologies derived from scientific research--is far more important than having a share of such research. In fact, a venturesome economy benefits from an increase in research produced abroad: the success of Apple's iPod, for instance, owes much to technologies developed in Asia and Europe. Many players--entrepreneurs, managers, financiers, salespersons, consumers, and not just a few brilliant scientists and engineers--have kept the United States at the forefront of the innovation game. As long as their venturesome spirit remains alive and well, advances abroad need not be feared. Read The Venturesome Economy and learn why--and see how we can keep it that way.