Journal Article

Schumpeter and venture finance: radical theorist, broke investor, and enigmatic teacher

Michael Peneder and Andreas Resch

in Industrial and Corporate Change

Volume 24, issue 6, pages 1315-1352
Published in print December 2015 | ISSN: 0960-6491
Published online March 2015 | e-ISSN: 1464-3650 | DOI: https://dx.doi.org/10.1093/icc/dtv004
Schumpeter and venture finance: radical theorist, broke investor, and enigmatic teacher

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  • History of Economic Thought (to 1925)
  • Economic Methodology
  • History of Financial Markets and Institutions
  • Economic History
  • Economic Development

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Schumpeter’s relation to venture finance constitutes a fascinating, yet so far unacknowledged, chapter of his biography and financial history. Presenting new historical evidence and pointing out connections that have so far escaped attention, we first discuss Schumpeter’s venture theory of money and banking, then his personal history as a broke investor in Vienna, and finally his influence on the emerging venture industry during his later years at Harvard. We show how the theoretical vision inspired his own failed effort as a venture investor in the 1920s, and provided a powerful intellectual frame for the later development of venture finance in the 1940s.

Keywords: B15; B52; N20; N80; O16

Journal Article.  15693 words. 

Subjects: History of Economic Thought (to 1925) ; Economic Methodology ; History of Financial Markets and Institutions ; Economic History ; Economic Development

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