By M. Casson
Protecting the interval c.1200-c.2000, this booklet offers an cutting edge research of entrepreneurship in a long-run old point of view, featuring new insights into the non-public features of winning company humans and deepening our knowing of the roots of industrialization and financial development.
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Extra resources for The Entrepreneur in History: From Medieval Merchant to Modern Business Leader
The presence of one entrepreneur can facilitate the activities of other entrepreneurs. Thus if one entrepreneur decides to innovate a novel product made from a rare mineral ore, some other entrepreneur may sink a mine in order to increase the supply of that ore. Chains of production activities emerge in which entrepreneurs buy and sell to other entrepreneurs before the product reaches the final customer. This involves a division of labour in which complex production processes are broken down into simpler components.
This approach is institution-free; it makes no prior assumptions about the context in which the entrepreneur is obliged to operate, but merely requires that they possess some degree of personal freedom. Popular thinking about entrepreneurship, however, has been strongly influenced by the rise of small business in Western economies since the 1970s. As a result, modern thinking is not always institution-free. Taking the present as a vantage point, and looking for antecedents such as ‘the first modern firm’ makes for bad history.
1057/9781137305824 22 The Entrepreneur in History it now did not really exist until the middle of the nineteenth century. Before that time, joint-stock ownership by large numbers of shareholders enjoying limited liability for losses did not exist except for a few specially chartered firms. The easiest way to develop an institution-free account of entrepreneurship is to focus on the economic function of the entrepreneur. An entrepreneur is what an entrepreneur does, in other words. This approach has proved very useful in other contexts, for example, the definition of money.
The Entrepreneur in History: From Medieval Merchant to Modern Business Leader by M. Casson