Author William Janeway on his book: 'Doing Capitalism in the Innovation Economy'

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New book on economics and innovation 02:19

Negotiations are still stalled in Washington over the fiscal cliff but a new poll from NBC News and the Wall Street Journal show that 67% of Americans would accept a compromise on one or both the biggest sticking points - increasing taxes and cuts in federal spending. Republican leaders say government overspending is the root of our economic problems but author William Janeway says collaboration between government and private industry is what moves America forward. This morning Janeway joins “Starting Point” to discuss his new book "Doing Capitalism in the Innovation Economy." His book has been ranked among 2012's best books by the Financial Times.

Janeway says, “That the only time that the government has had the scale and the mass and the momentum to create that opportunity for private industry is when it’s had a completely legitimate mission.” He adds that the government should be investing in the low carbon industries.
Keeping on the topic of the possibility of finding a solution on expanding carbon, TheBlaze.com Columnist Will Cain says Janeway has “narrowed the field to what government elects to invest in [and] crowded out this natural chaos of capitalism.” Janeway says however, “there’s no reason you have to do that” and explains that in today’s modern world, the government would make the request for a specific product and buy it whether it comes from a major corporation or “three guys in a garage.”