Government As Venture Capitalist: The Amazing True History
Continued from previous page
Ideological opponents of government investment - aided and abetted by an economics profession that dresses up theories borne of 18th century, preindustrial capitalism with fancy mathematical models and calls them authoritative - serve up exaggerated tales of government investments gone terribly wrong while downplaying the remarkable history of government investment in technologies that have transformed our economy.
The truth is that government investment in general purpose technologies has not been the exception over the last two centuries, it has been the rule — and an important part of the story of America's extraordinary rise as an economic power. We forget that history at our peril.