ABSTRACT
Since the mid-seventies, such slogans as ‘the no-growth economy’, the ‘deindustrialization of America’, and a long-term ‘Kondratieff stagnation of the economy’ have become popular and are invoked as if axioms. Yet the facts and fi gures belie every one of these slogans. What is happening in the United States is something quite different: a profound shift from a ‘managerial’ to an ‘entrepreneurial’ economy.
