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El. knyga: Schumpeter's Venture Money

(Associate Professor, Institute for Economic and Social History, Vienna University of Economics and Business), (Senior Economist, Austrian Institute of Economic Research)
  • Formatas: 336 pages
  • Išleidimo metai: 04-Feb-2021
  • Leidėjas: Oxford University Press
  • Kalba: eng
  • ISBN-13: 9780192526540
  • Formatas: 336 pages
  • Išleidimo metai: 04-Feb-2021
  • Leidėjas: Oxford University Press
  • Kalba: eng
  • ISBN-13: 9780192526540

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Distinctively tying history with theory, political economist Joseph A. Schumpeter reached far back in time to understand what drives economic development and determines its course. Historical and empirical research provided a laboratory for learning. At the same time, he reached for a long-term vision through theoretical inspection and utmost abstraction, seeking to distil a phenomenon's essential nature and function. He believed that good theory can indicate where the economy is headed in the future.

Schumpeter's attention to history and theory also informed the plan for this book. Part I trails the historical stream of financial innovations and the scholarly struggle to assimilate them in monetary thought, while Part II focuses on Schumpeter's own monetary theory. Its deliberate reconstruction from scattered sources reveals a strikingly original and still modern conception. Drawing from the detailed study of documents at various archives in Austria, Part III then concentrates on the business history of Schumpeter's failed personal endeavours in banking and as a proto-venture capitalist. Finally, Part IV casts light on the legacy of Schumpeter's monetary ideas on contemporary thought. It depicts how monetary theory initially left them behind, yet has more recently set out to return to his ideas on money, financial innovation, and growth. Overall, a surprisingly coherent picture emerges from the study of Schumpeter's neglected monetary theory, his personal history, and his intellectual legacy on the present day.

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Winner of Winner, 2022 Schumpeter Prize, International Schumpeter Society Previous Schumpeter laureates include Christopher Freeman, Joel Mokyr, Richard Musgrave, Mancur Olson, Maureen McKelvey, Steven Klepper, Richard G. Lipsey, Thomas McGraw, Philippe Aghion, Rachel Griffith, Richard Nelson, Sidney Winter and Giovanni Dosi..
List of Figures
xi
List of Tables
xiii
1 Introduction---Schumpeter's life and vision
1(22)
1.1 Panta rhei---a prologue
1(3)
1.2 Under the skin, not the veil of money
4(2)
1.3 Schumpeter's life and work
6(11)
1.4 Aims, scope, and plan of the book
17(6)
PART I HISTORY AND HETERODOX SOURCES
2 Early origins of money
23(12)
2.1 Credit and interest
23(3)
2.2 Coinage
26(1)
2.3 Legal advances
27(1)
2.4 "Light and heavy"
28(1)
2.5 Paper money
29(3)
2.6 The "substance matter"
32(3)
3 Ascending capitalism
35(23)
3.1 Sovereign debt
35(3)
3.2 Merchant banking
38(4)
3.3 The corporation
42(3)
3.4 Early monetary contentions
45(4)
3.5 Financial bubbles
49(3)
3.6 Neutrality of money
52(2)
3.7 The real bills doctrine
54(2)
3.8 American independence
56(2)
4 Financing industrial development
58(35)
4.1 The Industrial Revolution
58(3)
4.2 The classic controversies
61(20)
4.3 Varieties of capitalism
81(7)
4.4 Concluding remarks
88(5)
PART II SCHUMPETER'S MONETARY THEORY OF DEVELOPMENT
5 Marginalism and the Austrian School
93(26)
5.1 The marginalist revolution
93(2)
5.2 Early Austrian School
95(5)
5.3 Knut Wicksell
100(4)
5.4 Drawing the lines
104(15)
6 Non-neutrality of money
119(19)
6.1 The claim theory
119(5)
6.2 The quantity theory
124(4)
6.3 The income-expenditure approach
128(3)
6.4 Money and real production
131(5)
6.5 To recap, briefly
136(2)
7 Finance and economic evolution
138(33)
7.1 Definition and scope
140(1)
7.2 Limits to growth
140(2)
7.3 Innovation and competition
142(1)
7.4 The entrepreneurial function
143(3)
7.5 Breaking the circular flow
146(4)
7.6 Diffusion and aggregate growth
150(1)
7.7 Business cycles and crises
151(4)
7.8 Credit and creative destruction
155(4)
7.9 Promoter's profit
159(4)
7.10 Interest on capital
163(8)
PART III SCHUMPETER'S FAILED FINANCIAL VENTURES
8 The Biedermann Bank
171(46)
8.1 General economic background
172(2)
8.2 The roots of the banking project
174(1)
8.3 "Osterreichische Bank" (Austrian Bank Ltd)
175(2)
8.4 Founding of the Biedermann joint-stock bank
177(5)
8.5 Distribution of capital shares
182(8)
8.6 Business development in 1921 and 1922
190(5)
8.7 Changed business from 1923 onward
195(3)
8.8 Mounting problems
198(8)
8.9 Acute corporate crisis in 1924
206(4)
8.10 Further developments
210(7)
9 The Braun-Stammfest Industrial Group
217(29)
9.1 First industrial investments
217(1)
9.2 The founding of the industrial group
218(11)
9.3 The bull market of 1923
229(9)
9.4 Financial breakdown
238(5)
9.5 The further fate of firms in the group
243(3)
10 Causes and consequences
246(19)
10.1 Schumpeter's role
246(3)
10.2 Personal consequences
249(10)
10.3 Return to academic work
259(6)
PART IV CURRENT LEGACY
11 A legacy lost
265(22)
11.1 The Keynesian revolution
267(7)
11.2 Neo-Keynesian synthesis
274(3)
11.3 Monetarism
277(3)
11.4 Dynamic general equilibrium models
280(7)
12 The vision sustained
287(22)
12.1 Early dissenters
288(3)
12.2 Minsky on financial instability
291(4)
12.3 Financial frictions
295(3)
12.4 Finance and growth
298(4)
12.5 "Keynes meets Schumpeter" (ABMs)
302(2)
12.6 Empirical evidence
304(5)
13 In the current stream
309(37)
13.1 Venture finance
309(11)
13.2 Recurrent crises
320(9)
13.3 Digital payments and account
329(17)
14 Epilogue---a Schumpeterian heritage
346(5)
References 351(1)
Bibliography 351(25)
Contemporary newspapers and journals 376(1)
Correspondences and gathered materials 376(1)
Archival sources 377(2)
Index 379
Michael Peneder is senior economist at the Austrian Institute of Economic Research (WIFO) and was its deputy director from 2010 to 2013. He has been a Visiting Professor at the Ritsumeikan University in Kyoto as well as Visiting Researcher at Stanford University and Harvard University. He teaches at the Vienna University of Economics and Business, and is editor of the Journal of Industry, Competition, and Trade. As chairman of the Committee for Evolutionary Economics he was a board member of the German Economic Association. His research focuses on industrial development, innovation, and entrepreneurial finance.



Andreas Resch is associate professor at the Institute for Economic and Social History at the Vienna University of Economics and Business. He has spent two terms as Bye-Fellow at Robinson College, University of Cambridge, and has authored numerous publications in fields such as banking and financial history, industrial history, business history, and the history of innovation in German and English language.