How Corruption Is Strangling US Innovation

The corruption to which I am referring is the phenomenon of money in politics.

Lawrence Lessig’s Republic, Lost, details many of the distortions that occur as a result of all the money sloshing around in the political system: how elected representatives are being forced to spend an ever-increasing amount of their time chasing donors for funds, for example, as opposed to chasing citizens for votes. Former congressman and CIA director Leon Panetta described it as legalised bribery,/q>; something which has just become part of the culture of how this place operates.

But of all the negative impacts this phenomenon has had, it’s the devastating impact it has on US competitiveness that should be most concerning.

One of the prime drivers of economic growth inside America over the past century has been disruptive innovation; yet the phenomenon that Lessig describes is increasingly being used by large incumbent firms as a mechanism to stave off the process. Given how hard it can be to survive a disruptive challenge, and how effective lobbying has proven in stopping it, it’s no wonder that incumbent firms take this route so often — via redwolf.newsvine.com

Share this Story
Load More Related Articles
Load More By Red Wolf
Load More In Business

Leave a Reply

Your email address will not be published. Required fields are marked *

Photos from Flickr