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William H. Janeway

Doing Capitalism in the Innovation Economy: Markets, Speculation and the State

by William H. Janeway (Author)

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The innovation economy begins with discovery and culminates in speculation. Over some 250 years, economic growth has been driven by successive processes of trial and error: upstream exercises in research and invention and downstream experiments in exploiting the new economic space opened by innovation. Drawing on his professional experiences, William H. Janeway provides an accessible pathway for readers to appreciate the dynamics of the innovation economy. He combines personal reflections from a career spanning forty years in venture capital, with the development of an original theory of the role of asset bubbles in financing technological innovation and of the role of the state in playing an enabling role in the innovation process. Today, with the state frozen as an economic actor and access to the public equity markets only open to a minority, the innovation economy is stalled; learning the lessons from this book will contribute to its renewal.

ISBN-10

1107031257
ISBN-13

978-1107031258
Publisher

Cambridge University Press
Publication date

October 8, 2012
Language

English
Dimensions

5.98 x 0.81 x 9.02 inches
Print length

344 pages
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William H. Janeway
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Editorial Reviews

Review

""Some books", said Sir Francis Bacon, "are to be tasted, others to be swallowed and some few to be chewed and digested". From a lifetime of reflection and experience, Janeway has produced a book that should be chewed and digested thoroughly."
Sanjay Unni, Quantitative Finance

"A rewarding memoir about the learning, training and life experience required to achieve mastery in the venture economy."
Kirkus Reviews

"Bill Janeway, a key creator of modern venture capital, tells the amazing story of the intersection of economics and innovation. This book is essential to anyone who wants to understand technology and how its creation will be financed for decades to come."
Marc Andreessen, co-creator of the Internet browser, and co-founder of Netscape and Andreessen Horowitz

"This is a masterful historical and conceptual analysis of the Three Player Game between the state, private entrepreneurial innovation and financial capitalism. The state has a key role in funding scientific research that leads to innovation. Amply funded by financial capitalism, innovation is a source of long term growth. But speculative funding of innovation is also associated with asset and credit bubbles that end up in financial crashes. A Minsky-inspired synthesis of the financial excesses of Schumpeterian creative destruction, this book should be required reading for all."
Nouriel Roubini, Professor of Economics, New York University, and Chairman of Roubini Global Economics

"A revelatory exploration of the complex dynamics underlying the innovation economy and the inherent roles of speculation and waste as experienced by one of the great venture capitalists and political/economic thinkers of our age. This book provides a powerful framework for dealing with the economic challenges we are facing today. It couldn’t have come at a better time!"
John Seely Brown, Former Chief Scientist, Xerox Corp, and Director of Palo Alto Research Center (PARC)

"Janeway applies keen insights from his experience as a venture capitalist and creates a vision of the interaction between governments, financiers, and firms that shows what institutions society must develop to foster innovation. I believe that Doing Capitalism will help all of us, whether academics, private sector leaders, or government officials, to see beyond shallow political dogma and move to a deeper understanding of challenges of technological advance."
George Soros, Chairman of Soros Fund Management

"… a tour de force with a solid thesis, excellent writing and exposition, and a history that too many have forgotten … or never knew. Brilliant!"
John C. Bogle, Founder of Vanguard Funds

"If you have ever wondered what the interplay of government, bubbles and venture capital have to do with innovation, this is the book for you … Doing Capitalism in the Innovation Economy is rich in historical references and stories, wise in its philosophy, deep in its evaluation and observation; and a tribute to the life’s work of an important investor and constructive thinker. This book is outstanding and deserves your time."
Wall Street Oasis (wallstreetoasis.com)

Book Description

A unique insight into the interaction between the state, financiers and entrepreneurs in the modern innovation economy.

Product details

Publisher ‏ : ‎ Cambridge University Press (October 8, 2012)
Language ‏ : ‎ English
Hardcover ‏ : ‎ 344 pages
ISBN-10 ‏ : ‎ 1107031257
ISBN-13 ‏ : ‎ 978-1107031258
Item Weight ‏ : ‎ 1.5 pounds
Dimensions ‏ : ‎ 5.98 x 0.81 x 9.02 inches

Best Sellers Rank: #2,143,859 in Books (See Top 100 in Books)
- #728 in Venture Capital (Books)
- #1,002 in Free Enterprise & Capitalism
- #1,063 in Business Finance

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William H. Janeway

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ABOUT AUTHOR WILLIAM H. JANEWAY

This book has been named one of the 6 "Best Economics Books of the Year" by the Financial Times.

William H. Janeway has lived a double life of "theorist-practitioner," according to the legendary economist Hyman Minsky who first applied that term to him twenty-five years ago. In his role as "practitioner," Bill Janeway has been an active venture capital investor for more than 40 years. During that time he built and led the Warburg Pincus Technology Investment team that provided financial backing to a series of companies making critical contributions to the internet economy, including BEA Systems, Veritas Software and, more recently, Nuance Communications, the speech recognition company. He remains actively engaged as a Senior Advisor and Managing Director at Warburg Pincus.

As a "theorist," Janeway received a Ph.D in Economics from Cambridge University where he was a Marshall Scholar. His doctoral study on the formulation of economic policy following the Great Crash of 1929 was supervised by Keynes' leading student, Richard Kahn (author of the foundational paper on "the multiplier.") Janeway went on to found the Cambridge Endowment for Research in Finance. Currently he serves as a Teaching Visitor at the Princeton University Economics Department and Visiting Scholar in the Economics Faculty of Cambridge University.

Janeway is a director of Magnet Systems, Nuance Communications, O'Reilly Media and a member of the Board of Managers of Roubini Global Economics. He is a member of the board of directors of the Social Science Research Council, and a co-founder and member of the Governing Board of the Institute for New Economic Thinking (INET).

Janeway and his family divide their time between New York City and Cambridge, UK. He is the son of the late novelist and critic Elizabeth Janeway and the late public economist Eliot Janeway.

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Brent

content good but too academic

Reviewed in the United States 🇺🇸 on May 29, 2023

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I liked many of the key takeaways but the majority of the book was written too academic that I felt like I was reading an economics textbook

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Alan J

The enlightenment provided is very well worth the trouble

Reviewed in the United States 🇺🇸 on May 17, 2013

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This is one of the most enlightening books I've ever read. It's a phenomenal analysis of what parts of our crazy hybrid system of economics fuel innovation and growth and how this knowledge should drive policy. Instead of attempting to appeal to unrealistic economic assumptions, Janeway uses an incredible amount of historical research, combined with his own impressive professional experience in finance and expertise in econ, to craft a very convincing and iconoclastic theory for how our system really works.

I found his history of venture investment and the American financial system to be truly enlightening. And for the parts concerning economics, it's definitely the most interesting thing I've read on the subject since an extremely well taught AP Economics blew my mind and turned me on to econ in high school. I almost completed a double major in econ in college but fell one class short, in large part because I lost interest. In retrospect, my AP Econ class emphasized a very eclectic mix of theories and a large dose of historical economics, but my college macro seemed to emphasize only abstract neoclassical theory, which I increasingly perceived to be unrealistically mechanical and grounded in unconvincing assumptions.

My biggest complaint is that this book is poorly edited, and I took a star away for that. It reads like a long rambling story from Janeway. I think that most of the facts he wants to get across eventually get in there, but not necessarily in the most logical order, and with a lot of reader-supplied context presumed. He saves probably the most relevant commentary to today's world, his analysis of the response to the financial crisis, until nearly the very end of the book. It's also pretty difficult to isolate his critical points into small enough regions to highlight, which I take as evidence of poor cohesion. Lastly, some of his wording and choice of mantras (e.g. "the twin hedges of Cash and Control") are not only cringeworthy, but rather vaguely defined.

On the whole though, he provided major epiphanies every few pages, and that's what kept me eagerly reading in spite of the annoyances. I never felt out of patience. I'd highly recommend the book for ANYBODY truly interested in understanding our economy. I really hope for a second edition that irons out the editorial issues, because classes should be taught on the content of this book.

Janeway leaves us with a haunting question: will America's leaders and thinkers wake up and embrace the reality that they have, instead of the visions of reality that have short-term convenience to the establishment, or will we abdicate leadership in innovation well before we have to? If people read this book and soon, I maintain hope that we can choose the former.

P.S. This is a dense book, and it took me a couple months to read the whole thing. But good news, it's not quite as crazy long as it seems. The bibliography and index are the entire last third of the book, so measure your progress vs. 66%.

4 people found this helpful

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Stanocles

Wonderful blend of theory and practice

Reviewed in the United States 🇺🇸 on January 22, 2013

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I should say at the outset I worked with the author at Warburg Pincus. That said, this is a wonderful book.

For practitioners, it provides pragmatic insights into the dynamics of private equity investing. For instance, to quote from p59, "Ever since BRL (Bethesda Research Laboratories), I have known that Cash and Control represent the sole conjoint hedge against the radical uncertainty that comes with the opportunity to seek outsize returns from making illiquid investments. This is a more complex proposition than the venture capitalist' clichéd Golden Rule, `Whoever has the gold makes the rules,' which addresses the straightforward, bilateral game between the venture capitalist and the entrepreneur. Cash and Control relates to the open-ended, multi-dimensional game we are doomed to play with the universe at large ..." The term "Cash and Control" refers to having the cash, board control, and patience to wait out the ups and downs that come with any opportunity, and I know of no more succinct definition of successful private equity investing.

For economic theorists, the book provides a careful analysis of how technical innovation, the state, and financial capitalism are symbiotically interrelated. To quote from p279, "The Innovation Economy depends on an entrepreneurial state that can play two roles as needed: to invest in speculative science and technology before commercially motivated firms and their investors can envision either an economic or financial return; and to ensure that the burden of Keynesian waste on economic growth is minimized." As the many famous economists have pointed out in their reviews, the book is a masterful blend of how economic history, theory, and technical innovation interact.

Since the Crisis of 2008-09 there have been a spate of books by financial professionals, both analyses in the form of "professional memoirs" and books by ex-quants arguing for the use of more mathematical models. One wishes all these authors had had the benefit of the analysis in this book before penning theirs. With its sweep of economic history and identification of hidden interconnections, it rather invites comparison with the great Braudel's The Wheels of Commerce, vol 2 of Civilization and Capitalism, 15th-18th Century, which the author references. In sum, very highly recommended.

3 people found this helpful

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M. Littlewood

Filled with entertaining anecdotes & some killer points about how governments can encourage innnovation

Reviewed in the United Kingdom 🇬🇧 on February 11, 2013

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This wasn't what I was expecting it to be - but it was much better. I thought it would be an ABC guide to being a good venture capital investor from one of the masters of the trade. If you are a young venture capital investor, or looking to move into venture capital as a career, you would be an idiot not to read it. You could certainly take a huge amount from it if that was what you were seeking but it is also much more than that.

I hadn't appreciated Bill's academic background as an economist. Old habits die hard though and he has written a brilliant analysis of how venture capital sits within the innovation ecosystem and the wider economy. One of the central ideas of the book is that bubbles are OK. Governments shouldn't seek to control them as good comes out of them. If anything, though I don't think he would ever presume to be the one who says so, the really important lessons for the future of our economy in this book are for the people in power who seek to create the conditions in which innovation thrives.

I rarely read books cover-to-cover in one go but this took over my weekend.

3 people found this helpful

Chris

Five Stars

Reviewed in the United Kingdom 🇬🇧 on May 24, 2017

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Quick delivery and book as described. thank you very much

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