The finance/innovation nexus in Schumpeterian analysis: theory and application to the case of U.S. trustified capitalism.
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| Authors: | Callegari, Beniamino1 beniamino.callegari@bi.no |
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| Source: | Journal of Evolutionary Economics. Dec2018, Vol. 28 Issue 5, p1175-1198. 24p. |
| Subject Terms: | *Capitalism, *Technological innovations, *Economic systems, *Change |
| People: | Schumpeter, Joseph Alois, 1883-1950 |
| Abstract: | Joseph Schumpeter built his theory of economic development around the interaction between the entrepreneur and the banker, representations of the underlying finance/innovation nexus. The neo-Schumpeterian revival has marginalized this theoretical element, in favor of an interpretation focused primarily on technological aspects of innovation. Recent attempts by innovation scholars to re-integrate the missing financial elements have been hindered by this theoretical gap. The purpose of this paper is to contribute to the recovery of the finance/innovation nexus in the context of Schumpeter's theory by proposing an original institutional interpretation of the relationship between finance and the entrepreneurial function. The new approach identifies the economic role of innovation as dependent on the contextual form taken by the related funding process. Application of these concepts to the U.S. trustified capitalism experience allows for an alternative interpretation linking corporate internalization of innovation and financial repression. A Schumpeterian trilemma involving monetary capitalism, financial autonomy of the corporate sector and financial stability is revealed. The proposed framework provides a flexible theoretical background for the development of our understanding of the current capitalist regime, open to further integration with other schools of economic thought. [ABSTRACT FROM AUTHOR] |
| Database: | Entrepreneurial Studies Source |
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| Header | DbId: ent DbLabel: Entrepreneurial Studies Source An: 133675302 AccessLevel: 6 PubType: Academic Journal PubTypeId: academicJournal PreciseRelevancyScore: 0 |
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| Items | – Name: Author Label: Authors Group: Au Data: <searchLink fieldCode="AR" term="%22Callegari%2C+Beniamino%22">Callegari, Beniamino</searchLink><relatesTo>1</relatesTo><i> beniamino.callegari@bi.no</i> – Name: TitleSource Label: Source Group: Src Data: <searchLink fieldCode="JN" term="%22Journal+of+Evolutionary+Economics%22">Journal of Evolutionary Economics</searchLink>. Dec2018, Vol. 28 Issue 5, p1175-1198. 24p. – Name: Subject Label: Subject Terms Group: Su Data: *<searchLink fieldCode="DE" term="%22Capitalism%22">Capitalism</searchLink><br />*<searchLink fieldCode="DE" term="%22Technological+innovations%22">Technological innovations</searchLink><br />*<searchLink fieldCode="DE" term="%22Economic+systems%22">Economic systems</searchLink><br />*<searchLink fieldCode="DE" term="%22Change%22">Change</searchLink> – Name: SubjectPerson Label: People Group: Su Data: <searchLink fieldCode="PE" term="%22Schumpeter%2C+Joseph+Alois%2C+1883-1950%22">Schumpeter, Joseph Alois, 1883-1950</searchLink> – Name: Abstract Label: Abstract Group: Ab Data: Joseph Schumpeter built his theory of economic development around the interaction between the entrepreneur and the banker, representations of the underlying finance/innovation nexus. The neo-Schumpeterian revival has marginalized this theoretical element, in favor of an interpretation focused primarily on technological aspects of innovation. Recent attempts by innovation scholars to re-integrate the missing financial elements have been hindered by this theoretical gap. The purpose of this paper is to contribute to the recovery of the finance/innovation nexus in the context of Schumpeter's theory by proposing an original institutional interpretation of the relationship between finance and the entrepreneurial function. The new approach identifies the economic role of innovation as dependent on the contextual form taken by the related funding process. Application of these concepts to the U.S. trustified capitalism experience allows for an alternative interpretation linking corporate internalization of innovation and financial repression. A Schumpeterian trilemma involving monetary capitalism, financial autonomy of the corporate sector and financial stability is revealed. The proposed framework provides a flexible theoretical background for the development of our understanding of the current capitalist regime, open to further integration with other schools of economic thought. [ABSTRACT FROM AUTHOR] |
| PLink | https://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=ent&AN=133675302 |
| RecordInfo | BibRecord: BibEntity: Identifiers: – Type: doi Value: 10.1007/s00191-018-0601-5 Languages: – Code: eng Text: English PhysicalDescription: Pagination: PageCount: 24 StartPage: 1175 Subjects: – SubjectFull: Capitalism Type: general – SubjectFull: Technological innovations Type: general – SubjectFull: Economic systems Type: general – SubjectFull: Change Type: general – SubjectFull: Schumpeter, Joseph Alois, 1883-1950 Type: general Titles: – TitleFull: The finance/innovation nexus in Schumpeterian analysis: theory and application to the case of U.S. trustified capitalism. Type: main BibRelationships: HasContributorRelationships: – PersonEntity: Name: NameFull: Callegari, Beniamino IsPartOfRelationships: – BibEntity: Dates: – D: 01 M: 12 Text: Dec2018 Type: published Y: 2018 Identifiers: – Type: issn-print Value: 09369937 Numbering: – Type: volume Value: 28 – Type: issue Value: 5 Titles: – TitleFull: Journal of Evolutionary Economics Type: main |
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