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State Venture Capitalism, State Politics, and the World of High-Risk Investment

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  • Peter K. Eisinger

    (University of Wisconsin)

Abstract

State venture capital programs, using public money to make high-risk equity investments in innovative firms in order to generate jobs, proliferated in the 1980s. A state by state follow-up survey of an earlier effort reveals that by the beginning of the 1990s, however, there was a shakeout in the ranks of these programs. Some lost political support; others could not be justified in economic hard times; still others could not operate effectively under the constraints of open, democratic government norms. Although the theory of state venture capitalism suggests that there is a continuing role for such programs, there are sufficient inherent contradictions to make their long-term survival a highly uncertain proposition.

Suggested Citation

  • Peter K. Eisinger, 1993. "State Venture Capitalism, State Politics, and the World of High-Risk Investment," Economic Development Quarterly, , vol. 7(2), pages 131-139, May.
    • Handle: RePEc:sae:ecdequ:v:7:y:1993:i:2:p:131-139
    DOI: 10.1177/089124249300700201
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    Cited by:

    1. Engel, Dirk & Middendorf, Torge, 2009. "Investment, internal funds and public banking in Germany," Journal of Banking & Finance, Elsevier, vol. 33(11), pages 2132-2139, November.
    2. Dirk Engel & Torge Middendorf, 2007. "Investment, Internal Funds and Public Banking in Germany," Ruhr Economic Papers 0007, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
    3. repec:zbw:rwirep:0007 is not listed on IDEAS
    4. Calcagno, Peter T. & Hefner, Frank L., 2007. "State Targeting of Business Investment: Does Targeting Increase Corporate Tax Revenue?," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 37(2), pages 1-13.
    5. Karsai, Judit, 2002. "Mit keres az állam a kockázatitőke-piacon?. A kockázati tőke állami finanszírozása Magyarországon [What business does the state have on venture-capital markets?. State funding of risk capital in Hu," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 928-942.

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