Federal funding for basic research and technology should be utterly uncontroversial. It has been one of the greatest investments in human history. And yet it has fallen to its lowest level as a percentage of GDP in four decades. Meanwhile, the rest of the world is catching up in entrepreneurship and research. A real start-up culture is emerging in Sweden, Israel, Beijing and Bangalore. China is on track to surpass the United States in spending on research and development.
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