The Role of Small Business in Economic Development of the United States: From the End of the Korean War (1953) to the Present

Abstract

A government can use its financial strength to acquire goods and services, while at the same time watering many sources to improve the health, welfare, and security of its population. Economic development has been evasive to a significant section of the U.S. and federal programs have attempted to remedy the disparity (ies). We contend that small business is an engine of economic growth and job creation; and that not tapping it delays rather promotes growth. While providing a brief history of federal economic development programs, we argue that small business was not given a chance to act as multiplier, and that if the U.S. is to continue to grow, small businesses must be part of the mantle to lead it to the next level; otherwise, the past is prologue.