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The field of entrepreneurship theory owed much to Schumpeter's contributions. His fundamental theories are often referred to [ 55 ] as Mark I and Mark II. In Mark I, Schumpeter argued that the innovation and technological change of a nation come from entrepreneurs or wild spirits.
For Schumpeter, entrepreneurship resulted in new industries and in new combinations of currently existing inputs. Schumpeter's initial example of this was the combination of a steam engine and then current wagon-making technologies to produce the horseless carriage.
Schumpeter's theory is that the success of capitalism will lead to a form of corporatism and a fostering of values hostile to capitalism, especially among intellectuals. The intellectual and social climate needed to allow entrepreneurship to thrive will not exist in advanced capitalism; it will be replaced by socialism in some form.
Schumpeter's concept is a synthesis of three different notions of the entrepreneur: risk bearer, innovator and a coordinator. He assigned the role of innovator to the entrepreneur, driving economic growth through a process of creative destruction, and not to the capitalist. Capitalists supply capital while entrepreneurs innovate.
The concept is usually identified with the Austrian economist Joseph Schumpeter, [2] [3] [4] who derived it from the work of Karl Marx and popularized it as a theory of economic innovation and the business cycle. It is also sometimes known as Schumpeter's gale.
The Research Center in Entrepreneurial History was a research center at Harvard University founded in 1948 with a grant from the Rockefeller Foundation.Led by the American economic historian Arthur H. Cole, the research center attracted numerous scholars, with varied backgrounds and religious beliefs, in the field of business and economic history such as Joseph Schumpeter, Fritz Redlich, and ...
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The International Joseph A. Schumpeter Society (ISS) is an economics association aimed at furthering research in the spirit of Joseph Schumpeter. Wolfgang F. Stolper and Horst Hanusch initiated the foundation of the society in 1986. [1]