Economic Development: Changing the Policy to Support Entrepreneurship‪.‬

ABSTRACT This article explores the traditional approach to economic development which embodied the battle cry, "What's good for General Motors is good for America." The authors explore and explain the changes in the world economy which have made the traditional approach passe. They explore the impact of entrepreneurship on employment and the U.S. economy, and demonstrate that the greatest impact on the economy during the decade of the 1990s, as well as the greatest potential for future economic development, is vested in those firms with less than 20 employees. The authors propose specific economic development policy changes which can result in creating an atmosphere which is more conducive to entrepreneurial activity, and suggest that the battle cry should be changed to, "What's good for Entrepreneurship is good for America."