The Innovative Firm

William Lazonick

in The Oxford Handbook of Innovation

Published in print January 2006 | ISBN: 9780199286805
Published online September 2009 | | DOI:

Series: Oxford Handbooks in Business and Management

The Innovative Firm

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  • Business and Management
  • Innovation
  • Business Strategy



The types of strategy, finance, and organization that support innovation process change over time can vary markedly across industrial activities and institutional environments. The innovative firm must, therefore, be analyzed in a comparative–historical perspective. This article presents and illustrates a framework for analyzing the “social conditions of innovative enterprise” in the comparative and historical experiences of the advanced economies. It builds upon prominent theories of the innovative firm. Furthermore, it focuses on the regional agglomerations of capabilities, now known as “Marshallian industrial districts,” that, by the late nineteenth century, had enabled Britain to emerge as the world's first industrial nation. This article also provides a perspective on the emergence and growth of the US managerial corporation that propelled the US economy to international industrial leadership during the first half of the twentieth century.

Keywords: strategy; finance; organization; innovative firm; Marshallian industrial districts

Article.  12075 words. 

Subjects: Business and Management ; Innovation ; Business Strategy

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