Business History and Economic Development

William Lazonick

in The Oxford Handbook of Business History

Published in print January 2008 | ISBN: 9780199263684
Published online September 2009 | | DOI:

Series: Oxford Handbooks in Business and Management C

 Business History and Economic Development

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An innovative enterprise develops productive resources to differentiate itself from its rivals, and utilizes the productive resources which it has developed to generate the higher-quality, lower-cost products that are the source of its competitive advantage. Government investments in education and research form indispensable foundations for business investments in innovation. Governments may also seek to ensure that the outcome of innovative enterprise is indeed economic development. This article presents a summary of the “historical experience” that is deemed to be relevant to a theory of innovative enterprise. Given space constraints, it is confined, historically and comparatively, to the cases of Japan and the United States. In conclusion, the article indicates the importance of a theory of innovative enterprise for understanding the role of the state in economic development.

Keywords: innovative enterprise; lower-cost products; government investments; economic development; historical experience

Article.  12039 words. 

Subjects: Business and Management ; Business History

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