Money Spent on Science.

Even before the Soviet launching of Sputnik on 4 October 1957 officially ushered in the space race, Uncle Sam had started to fund scientific research and development (R&D) at an increasing pace. In 1953, for example, more than 53 percent of all R&D funding came from the federal government. By 1960 more than 64 percent came out of Uncle Sam's pocket. Indeed in 1959, when space-race funding really kicked in, the federal government's share of R&D exceeded 65 percent of the $19.6 billion total. From 1953 to 1960 the total amount spent by the federal government on R&D tripled in constant dollars.

Funding from the Private Sector.

Compared to government spending on basic research, contribu- tions made by other sectors seemed stingy: industry, the second largest contributor to R&D in 1953, only invested $153 million, while colleges and universities put in a paltry $10 million; other...