Fashioning Luxury for Factory Girls: American Jewelry, 1860–1914

2011 ◽  
Vol 85 (2) ◽  
pp. 295-317 ◽  
Author(s):  
Francesca Carnevali
Keyword(s):  
Nineteenth Century ◽  
Market Power ◽  
Imperfect Information ◽  
Creative Destruction ◽  
Entrepreneurial Activity ◽  
Capitalist Economy ◽  
Labor Skills

The production of jewelry offers a lens through which to examine the nature of creativity in a capitalist economy. The fashioning of decorative goods for wider sections of society in the second half of the nineteenth century allowed manufacturers to expand the size of their businesses, but only by sustaining strong connections with consumers and keeping track of buyers' changing desires. The outcomes of decisions affecting their enterprises were determined by the degree to which producers understood what their customers wanted. Entrepreneurial activity was critical to the formation of strategies for coping with the problem of scarce or imperfect information and limited market power. These strategies induced a process of creative destruction, whereby old ways of making things changed, and technology, labor, skills, and capital were recombined.

Anti-Ideology of Entrepreneurship as an Attribute of Entrepreneurial Projects

2020 ◽  
Vol 26 (8) ◽  
pp. 830-839
Author(s):  
E. Ya. Litau
Keyword(s):  
Economic Development ◽  
Economic Activity ◽  
Creative Destruction ◽  
Innovative Activity ◽  
Entrepreneurial Activity ◽  
Methodological Principle ◽  
Historical Period ◽  
Professional Literature ◽  
Efficient System ◽  
The Relationship

Aim. The presented study examines and develops theoretical and methodological foundations that make it possible to distinguish innovative entrepreneurship among other economic phenomena.Tasks. The author identifies the specific features of entrepreneurship and its qualitative differences from other types of economic activity aimed at obtaining benefits, specifies the relationship between creative destruction and economic development, determines the attributes of innovative entrepreneurship.Methods. This study uses systematic analysis of professional literature on entrepreneurship to highlight the main attributes of entrepreneurial activity. The methodology of dialectical contradiction in its original Hegelian interpretation plays an important role in elaborating and substantiating the definition of entrepreneurship. The author considers innovative activity as creation of new values, which, according to the logic of dialectical development, destroy the old ones, triggering the process of economic development.Results. An approach to understanding the phenomenon of entrepreneurship is proposed, making it possible to distinguish this type of activity as significantly different from other types of economic activity, which may be externally similar but have different content. During the development of this approach, the concept of “anti-ideology” of entrepreneurship is introduced, which reflects the essence of innovative activity as a process of creative destruction. The necessary and sufficient attributes of entrepreneurial innovation are identified, making it possible to reflect the meaning of this phenomenon and verify this complex defining structural element in the system of economic relations. The study substantiates that the level of anti-ideology and public benefit can be used as criteria for assessing the significance of an entrepreneurial idea. A progressive model of anti-idea realization (PMA) is proposed based on the methodological principle. It can be used to develop an efficient system for evaluating startups within the framework of venture capitalism.Conclusions. Specification of the relationship between creative destruction and economic development is crucial to understanding the importance of innovative entrepreneurship. Each historical period creates its own demand for a specific type of entrepreneurs. The principle of anti-ideology, which lies at the heart of the PMA model, is key in identifying competitive commercial ideas, making it possible to focus resources and attention on projects that can make a significant contribution to economic development.

scholarly journals Bonds and Brands: Foundations of Sovereign Debt Markets, 1820–1830

2009 ◽  
Vol 69 (3) ◽  
pp. 646-684 ◽  
Author(s):  
Marc Flandreau ◽  
Juan H. Flores
Keyword(s):  
Nineteenth Century ◽  
Market Power ◽  
Market Share ◽  
Empirical Data ◽  
Sovereign Debt ◽  
Investment Strategies ◽  
Information Asymmetries ◽  
Early Nineteenth Century ◽  
New Perspective ◽  
Finance Theory

How does sovereign debt emerge? In the early nineteenth century, intermediaries' market power and prestige served to overcome information asymmetries. Relying on insights from finance theory, we argue that capitalists turned to intermediaries' reputations to guide their investment strategies. Intermediaries could in turn commit or else they would lose market share. This sustained the development of sovereign debt. This new perspective is backed by archival evidence and empirical data, and it suggests why strong but undemocratic states could borrow.“A good name is worth more than a gem.”Yiddish proverb

Why Schumpeter was Right: Innovation, Market Power, and Creative Destruction in 1920s America

2003 ◽  
Vol 63 (4) ◽  
pp. 1023-1058 ◽  
Author(s):  
TOM NICHOLAS
Keyword(s):  
Twentieth Century ◽  
Market Power ◽  
Capital Market ◽  
Technological Progress ◽  
Creative Destruction ◽  
Industrial Firms ◽  
Joseph Schumpeter ◽  
Early Twentieth Century ◽  
Positive Effect

Are firms with strong market positions powerful engines of technological progress? Joseph Schumpeter thought so, but his hypothesis has proved difficult to verify empirically. This article highlights Schumpeterian market-power and creative-destruction effects in a sample of early-twentieth-century U.S. industrial firms; his contention that an efficiently functioning capital market has a positive effect on the rate of innovation is also confirmed. Despite market power abuses by incumbents, the extent of innovation stands out: 21 percent of patents assigned to the firms sampled between 1920 and 1928 are cited in patents granted between 1976 and 2002.

FINANCIAL REVOLUTION: REPRESENTING BRITISH FINANCIAL CRISIS AFTER THE FRENCH REVOLUTION OF 1848

2015 ◽  
Vol 43 (3) ◽  
pp. 489-510
Author(s):  
Lanya Lamouria
Keyword(s):  
Nineteenth Century ◽  
Financial Crisis ◽  
French Revolution ◽  
Industrial Revolution ◽  
Social Institutions ◽  
Social Progress ◽  
Middle Classes ◽  
Capitalist Economy ◽  
Revolution Of 1848 ◽  
The French Revolution

Punch's Mr. Dunupis indeed in an awful position. Having fled to France to escape his English creditors, he finds himself in the midst of the French Revolution of 1848. The question that he must answer – what is worse, revolution in France or bankruptcy in England? – is one that preoccupied Victorians at midcentury, when a wave of European revolutions coincided with the domestic financial crisis of 1845–48. In classic accounts of nineteenth-century Europe, 1848 is remembered as the year when a crucial contest was waged between political revolution, identified with the Continent, and capitalism, identified with Britain. According to Eric Hobsbawm, the failure of the 1848 revolutions to effect lasting political change ushered in “[t]he sudden, vast and apparently boundless expansion of the world capitalist economy”: “Political revolution retreated, industrial revolution advanced” (2). For mid-nineteenth-century Britons, however, the triumph of capitalism was by no means assured. In what follows, I look closely at how Victorian journalists and novelists imagined the British financial crisis of the 1840s after this event was given new meaning by the 1848 French Revolution. Much of this writing envisions political revolution and the capitalist economy in the same way as thePunchsatirist does – not as competing ideologies of social progress but as equivalent forms of social disruption. As we will see, at midcentury, the ongoing financial crisis was routinely represented as a quasi-revolutionary upheaval: it was a mass disturbance that struck terror into the middle classes precisely by suddenly and violently toppling the nation's leading men and social institutions.

From Sherry to Spanish White

Creating Wine ◽  
2011 ◽  
Author(s):  
James Simpson
Keyword(s):  
Nineteenth Century ◽  
Organizational Change ◽  
Market Power ◽  
Political Influence ◽  
International Markets ◽  
The Political ◽  
Rapid Drop

This chapter shows the nature and limits of organizational change in the production and sale of sherry over the nineteenth century. Despite an apparent flexibility in responding to increased demand in international markets, a decline in the reputation of sherry caused a rapid drop in sales, as merchants in Jerez and especially Britain sold adulterated and cheap imitation wines. Although there was much talk about protecting the name of sherry in Jerez, this proved difficult because of the diversity of interests within the producing region itself. The big export houses responded to weaker demand for their fine sherries by moving down-market to achieve volume. While the political influence of small growers in France allowed them to capture market power from the merchants by establishing regional appellations and cooperatives, this did not happen in Jerez.

Bordeaux

Creating Wine ◽  
2011 ◽  
Author(s):  
James Simpson
Keyword(s):  
Nineteenth Century ◽  
Market Power ◽  
Late Nineteenth Century ◽  
Economic Independence ◽  
Wine Production ◽  
Long Run ◽  
History Of ◽  
Late Nineteenth ◽  
Political Voice ◽  
The Right

This chapter follows the long history of commercial relations between many British ports and Bordeaux. It begins by examining the long-run changes in wine production and trade during the nineteenth century and the organization of wine production in the region. After a period of prosperity that lasted from the mid-1850s to the early 1880s, there followed three decades of depression. Moreover, information problems for consumers of fine wines were reduced by the 1855 classification, but the growth in market power and economic independence of the leading estates was checked in the late nineteenth century. Finally, small growers successfully used their political voice to achieve legislation to establish a regional appellation, which limited to wines of the Gironde the right to carry the Bordeaux brand.

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