Friday, March 9, 2012

Philip E. Auerswald, George Mason University Associate Professor and Senior Fellow at the Kauffman Foundation 

Auerswald launched the UK tour of his book The Coming Prosperity: How Entrepreneurs are Transforming the Global Economy at a luncheon at the Legatum Institute.

“If you lie awake at night thinking about global warming, terrorism and nuclear war—this book is a welcome antidote as it addresses these problems in unconventional ways,” said Robert Hahn, director of economic studies at the Legatum Institute.

In The Coming Prosperity, Auerswald argues that the majority of alleged threats to humanity are dwarfed by the opportunities that exist in the twenty-first century. He believes that the key to finding solutions for global challenges lies in entrepreneurship: "If anything is more naive than an unquestioning belief in the transformative power of entrepreneurs, it is the unquestioning belief in the power of national governments, international organizations, and multinational corporations to address complex twenty-first-century challenges."

According to Auerswald, governments are as likely to be a part of the problem as a part of the solution in many parts of the world where change is most urgently needed: "The relevance, much less effectiveness, of the UN and the World Bank is less assured today than that of entrepreneurs."

Auerswald believes that the continued development of large countries such as India, China, and Brazil leads a growing share of the world’s population out of subsistence and liberates immense productive capability as populations are introduced to the global economy. This, he argues, should be a source of opportunity rather than fear, and entrepreneurs, rather than governments, may be best placed to put this capability to use.