Connecting the Study of Entrepreneurship and Theories of Capitalist Progress: An Epilog

Abstract

In the beginning was the corporation. Or so it seems, as it is pointed out in the first chapter of this handbook. However, the “modern industrial corporation” is a relatively recent invention in historical terms. Chandler (1990) dates its emergence to the last-half of the nineteenth century, when advances in transportation and communications both enabled and demanded the formation of large corporations managed by professionals. Such corporations came to represent the engines of national economic growth and of individual wealth creation in countries whose very membership in the group of industrialized nations speaks to the success of this organizational form (Acs, Introduction, this volume; Baumol, 2002).