Innovation is a key driver for economic development and social progress and small business is one of the best ways for people to express their willingness and capability to innovate. Pervasive business ownership has, therefore, been the foundation in many societies for the continued improvement of people’s economic wellbeing. In the People’ Republic of China, however, private business ownership was prohibited between 1957 and 1978. Productive innovations were extremely restricted and as a consequence, China’s economy was on the verge of collapse by the end of 1978. The Chinese people had suffered a historic setback.
Alibaba’s growth, driven by unleashing grassroots entrepreneurship, has become an exemplar of China’s innovation in the 21st century. Started by 18 young people in 1999, Alibaba has grown into a giant global internet platform and has made many invaluable contributions to China’s progress. Highlighting the importance of pervasive small business ownership in unleashing grassroots innovation and improving economic wellbeing, Professor Lowrey will discuss Alibaba’s innovative strategies and explain the economic theory behind its inspiring success.
