Hostname: page-component-586b7cd67f-r5fsc Total loading time: 0 Render date: 2024-11-23T11:28:30.945Z Has data issue: false hasContentIssue false
  • English
  • Français

Technological flexibility, financial fragility and the recent revival of Schumpeterian entrepreneurship*

Published online by Cambridge University Press:  17 August 2016

Alessandro Vercelli
Alessandro Vercelli*
Affiliation:
Università di Siena
Get access

Summary

The technological stagnation of large bureaucratic organizations in the seventies led to a revival of “Schumpeterian” entrepreneurship. This is explained as a consequence of the search for flexibility induced by an increase of structural uncertainty. The role of credit in promoting technological flexibility is also considered. Its basic function today is seen to consist not so much in a rapid redistribution of productive resources, as Schumpeter maintained, but rather in a proper reallocation of technological risk.

Résumé

Résumé

La stagnation technologique des grandes organisations bureaucratiques dans les années soixante-dix a mené à un regain d'intérêt pour la fonction de l'entrepreneur schumpeterien. Cette évolution est la conséquence d'une recherche de flexibilité, elle-même induite par l'accroissement des incertitudes structurelles. Le rôle du crédit dans la promotion de cette flexibilité technologique est également analysé; aujourd'hui sa fonction primordiale ne consiste plus tellement en une redistribution rapide des ressources, comme l'a défendu Schumpeter, mais plutôt en une réallocation des risques technologiques.

Keywords

131311621131311621
Type
Research Article
Information
Recherches Économiques de Louvain/ Louvain Economic Review , Volume 54 , Issue 1 , 1988 , pp. 103 - 132
Copyright
Copyright © Université catholique de Louvain, Institut de recherches économiques et sociales 1988 

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Footnotes

*

The author gratefully acknowledges financial support by C.N.R.

References

REFERENCES

Bannock, G. (1981), The Economics of Small Firms. Return from the Wilderness, Oxford, Blackwell.Google Scholar
Baumol, W.J. (1968), Entrepreneurship in Economy Theory, American Economic Review, 58, pp. 64–71.Google Scholar
Birch, D. (1979), The Job Generation Process, Boston, MIT Centre for Policy Alternatives.Google Scholar
Birch, D. (1984), The Contribution of Small Enterprise to Growth and Employment, in: Giersch, H., (ed.) New opportunities for Entrepreneurship, Tübingen, Mohr.Google Scholar
Boltho, A. (1985), Italian Economic Development in the Seventies, unpublished manuscript, Roma, Ente Einaudi.Google Scholar
Bolton, J.E. (1971), Small Firms: Report of the Commission of Inquiry on Small Firms, Cmnd. 4811, London, HMSO.Google Scholar
Bos, D., Bergona, , and Meyer, J.R. (eds.), Entrepreneurship, 1984, Supplementum 4, Zeitschrift für Nationalökonomie.Google Scholar
Brusco, S., and Sabel, , (1982), Artisan Production and Economic Growth, in: Wilkinson, F. (ed.), The Dynamics of Labour Market Segmentation, London, Academic Press.Google Scholar
Chandler, A.D. Jr. and Daems, H. (1980), Managerial Hierarchies, Cambridge, Harvard University Press.Google Scholar
Churchill, B. (1955), Age and Life Expectancy of Business Firms, Survey of Current Business, pp. 15–24.Google Scholar
Cross, M. (1981), New Firms and Regional Economic Development, Farnborough, Gower.Google Scholar
Dosi, G. (1981), Technical Paradigms and Technological Trajectories, Research Policy, vol. 11, n. 3.Google Scholar
Freeman, C. (1982), The Economics of Industrial Innovation, London, Pinter, 2nd ed.Google Scholar
Frisch, H. (ed.) (1981), Schumpeterian Economics, New York, Praeger.Google Scholar
Frisch, H. and Gahlen, (eds.) (1986), Causes of Contemporary Stagnation, Berlin, Springer.Google Scholar
Giersch, H. (1981), Emerging Technologies: Consequences for Economic Growth, Structural Change and Employment, Tübingen, Mohr.Google Scholar
Guttentag, J. and Herring, R. (1981), A Framework for the Analysis of Financial Disorder, in: Blume, , Crockett, , and Taubman, (eds.), Economic Activity and Finance, Cambridge, Ballinger.Google Scholar
Heertje, A. (ed.) (1981), Schumpeter’s Vision, New York, Praeger.Google Scholar
Hicks, J.R. (1974), The Crisis in Keynesian Economics, New York, Basic Books.Google Scholar
Hutchison, P.J. and Ray, G.H. (1983), The Financing and Financial Control of Small Enterprise Development, London, Gower.Google Scholar
Hebert, R.F., and Link, A.N. (1982), The entrepreneur. Mainstream Views and Radical Critiques, New York, Praeger.Google Scholar
Jewkes, J., Sawyers, D., and Stillerman, R. (1969), The Sources of Invention (2nd ed.), London, Macmillan.Google Scholar
Jones, R.A. and Ostroy, J.M. (1984), Flexibility and Uncertainty, Review of Economic Studies, 51, pp. 13–32.Google Scholar
Kamien, M. and Schwartz, N.L. (1982), Market Structure and Innovation, London, Cambridge University Press.Google Scholar
Lydall, H.F. (1958), Aspects of Competition in Manufacturing Industry, Bulletin of the Oxford Institute of Economics and Statistics, 20, Nov., 337.Google Scholar
Mansfield, E. (1968), The Economics of Technological Change, New York, Norton.Google Scholar
Marschak, T. and Nelson, R. (1962), Flexibility, Uncertainty and Economic Theory, Metroeconomica, pp. 42–58.Google Scholar
Mensch, G. (1979), Stalemate in Technology, Cambridge, Ballinger.Google Scholar
Minsky, H.P. (1975), John Maynard Keynes, New York, Columbia University Press.Google Scholar
Minsky, H.P. (1982), Can «it» happen again ?: Essays on Instability and Finance, Armonk, N.Y., Sharpe.Google Scholar
Nelson, R.R. and Winter, S.C. (1982), An Evolutionary Theory of Economic Change, Cambridge, Mass., Harvard University Press.Google Scholar
Nelson, R.R. (1982), Government and Technological Progress, New York, Pergamon Press.Google Scholar
Oakey, R. (1984), High Technology Small Firms, London, Pinter.Google Scholar
Phillips, A. (1971), Technology and Market Structure, Lexington, Heath Lexington Books.Google Scholar
Pinchot, G. III (1984), Intrapreneuring, New York, Harper and Row.Google Scholar
Piatier, A. (1984), Barriers to Innovation, London, Pinter.Google Scholar
Prais, S. (1976), The Evolution of Giant Firms in Britain, Cambridge, Cambridge University Press.Google Scholar
Ronen, J. (1983), Entrepreneurship, Lexington, Health.Google Scholar
Rothwell, R., and Zegweld, W. (1982), Innovation and the Small and Medium Sized Firms, London, Pinter.Google Scholar
Schumpeter, J.A. (1911), The Theory of Economic Development, Cambridge, Harvard University Press.Google Scholar
Schumpeter, J.A. (1928), The Instability of Capitalism, Economic Journal, 38, pp. 361–86.Google Scholar
Schumpeter, J.A. (1939), Business Cycles, New York, Mc Graw Hill.Google Scholar
Schumpeter, J.A. (1942), Capitalism, Socialism and Democracy, London, Allen and Unwin.Google Scholar
Seidl, C. (1984), Lectures on Schumpeterian Economics, New York, Springer.Google Scholar
Stanworth, J., Westrip, A., Watkins, D. and Lewis, Y. (1982), Perspectives on a Decade of Small Business Research. Bolton Ten Years On, Aldershot, Gower.Google Scholar
Storey, D.J. (1982), Entrepreneurship and the New Firm, London, Croom Helm.Google Scholar
Storey, D.J. (1983) (ed.), The Small Firm: An International Survey, London, Croom Helm.Google Scholar
Swoboda, P. (1984), Schumpeter’s Entrepreneur in Modern Economic Theory, in: Seidl, (ed.), 1984.Google Scholar
Van Duijn, J.J. (1983), The Long Wave in Economic Life, London, Allen and Unwin.Google Scholar
Varaldo, R. (1983), Intervento, in: AA.VV. (1983) Il Domani della Piccola e Media Impresa, Centro Culturale e Congressi St. Vincent.Google Scholar
Vercelli, A. (1984), Fluctuations and Growth: Keynes, Schumpeter, Marx and the Structural Instability of Capitalism, in: Goodwin, R.M., Krüger, M., and Vercelli, A. eds. (1984) Nonlinear Models of Fluctuating Growth, New York, Springer.Google Scholar
Vercelli, A. (1985), Money and Production in Keynes and Schumpeter: Two Dichotomies, in: Arena, M., and Graziani, A. (eds.), Money and Production, Paris, Presses Universitaires de France.Google Scholar
Vercelli, A. (1986), Stagflation and the Recent Revival of Schumpeterian Entrepreneurship, in: Frisch and Gahlen (eds.) (1986).Google Scholar
Wilson, Sir Harold (1979), The Financing of Small Firms, Cmnd. 7503, London, HMSO.Google Scholar