Governments are interested, not only in promoting private entrepreneurship, but in becoming more entrepreneurial themselves. At the same time, regulatory bodies have been sharply criticized for allowing too much creativity and experimentation (e.g., in the use of financial derivatives), and are being urged to stick to more conventional regulatory models." (Klein, McGahan, Mahoney, and Pitelis, 2009)
It is additionally and importantly noted in the work of Klein, McGahan, Mahoney, and Pitelis (2009) that specific mechanisms including those of "...majority voting, arbitration, and consensus-building may lead to the identification of public interests that are flawed in the sense that the expression of the interest does not reflect an underlying reality of alignment." (2009, p.3) Therefore, it must be understood that indicated is that government finance of entrepreneurship will always fail to meet the mark of what arises form the 'spontaneous order' that characterizes the environment of entrepreneurship, in that this is a highly unpredictable phenomenon and one that would be difficult if not impossible to predict therefore the same could be said of the attempt to finance this much needed entrepreneurship in times of economic crisis.
Entrepreneurship arose during the Dotcom boom and it is this that ultimately has spared the entire loss of those years in that the advances made in web applications that are today highly useful and which serve to enable endless business negotiations across the Internet such as XML which is stated to have "created an environment for XML to be the standard for sharing data and applications and this will have a profound and lasting impact on e-commerce." (Campbell, nd p. 8) The question is posed whether that which "motivated everyone to act, react, and respond in such frenzied group-driven madness..." was necessarily "the nature...
8) Furthermore, the Dotcom era "really matured engine search engine technology." (Campbell, nd, p. 9)
It is noted that many of the features of real-world markets "which appear, from a perfectly competitive-ideal perspective to be direct evidence of inefficiency, turn out to be wholesome feature of a vigorously and dynamically competitive world.
So-called 'imperfections' of competition emerge as crucial elements in the market process of discovery and correction of earlier entrepreneurial errors." (Kirzner, How Markets Work, p. 54 cited in: Cantor and Cox, 2009) From this view within the framework of spontaneous order imperfection "is thus compatible with order and indeed a defining characteristic of this particular kind of order." (Cantor and Cox, 2009) Cantor and Cox (2009) explain through comparing the novel and the poem in terms of their length or the time taken to read them and the differences in these two are compared to the economic crisis and the entire scope of the entrepreneurial process, which just as in reading a novel, takes a greater length of time to come full circle when compared to the ups and downs of economic instabilities in shorter lengths of measured time.
Carrasco, Enrique R. ( nd) The 1980s: The Debt Crisis & the Lost Decade: Anatomy of A Global Crisis. The University of Iowa Center for International Finance and Development. Online available at: http://www.uiowa.edu/ifdebook/ebook2/contents/part1-V.shtml
U.S. Savings & Loan Crisis (2002) Case Study -- Sungard Ambit Erisk. Aug 2002. Online available at: http://www.erisk.com/learning/casestudies/ussavingsloancrisis.asp
Klein, Peter G., McGahan, Anita, Pitelis, Christos and Mahoney, Joseph T., The Economic Organization of Public Entrepreneurship (2009). Atlanta Competitive Advantage Conference Paper. 1 Mar 2009. Online available at SSRN: http://ssrn.com/abstract=1351494
Frum, David (1990) Bearing down on Milken -- Michael Milken and Junk bond Collapse" National Review 19 Mar 1990. Online available 'BNET' website: http://findarticles.com/p/articles/mi_m1282/is_n5_v42/ai_8782359/
Campbell, Susan (nd) The Dot.Com Implosion. Term Paper. Online available at: http://www.angelfire.com/tn3/scampini1/termpaper.pdf
Cantor, Paul A. And Cox, Stephen (2009) Literature & the Economics of Liberty -- Spontaneous Order in Culture. Ludwig Von Mises Institute. Online available at: http://mises.org/books/literature_and_liberty_cantor.pdf
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