The theory of the market economy and the social foundations of innovative enterprise

Economic and Industrial Democracy

Volumn 24, Issue 1, 2003, Pages 9-44

  Lazonick, William ^a  

^a University of Massachusefts Lowell   (United States)

Author keywords

Economic development; Economic theory; Innovative enterprise; Institutions; Market failure; Market imperfections; Organizations

Indexed keywords

EID: 0037318429     PISSN: 0143831X     EISSN: None     Source Type: Journal    
DOI: 10.1177/0143831X03024001598     Document Type: Article

References (84)

1. Abbate, J. (1999) Inventing the Internet. Cambridge, MA: MIT Press.
2. Abramovitz, M. (1956) 'Resource and Output Trends in the United States since 1870', American Economic Review 46: 5-23.
3. Abramovitz, M. (1962) 'Economic Growth in the United States: A Review Article'. American Economic Review 52: 762-82.
4. Abramovitz, M. (1993) 'The Search for the Sources of Growth: Areas of Ignorance, Old and New', Journal of Economic History 53: 217-43.
5. Aoki, M. and H. Patrick (1994) The Japanese Main Bank System: Its Relevance for Developing and Transforming Economies. Oxford: Oxford University Press.
6. Bausor, R. (1996) 'Joseph E. Stiglitz', in W.J. Samuels (ed.) American Economists of the Late Twentieth Century. Cheltenham: Elgar.
7. Becker, G. (1981) A Treatise on the Family. Cambridge, MA: Harvard University Press.
8. Berger, S. and R. Dore, eds (1996) National Diversity and Global Capitalism. Ithaca, NY: Cornell University Press.
9. Berle, A.A. and G.C. Means (1932) Private Property and the Modern Corporation. New York: Macmillan.
10. Best, M. (2001) The New Competitive Advantage. Oxford: Oxford University Press.
11. Brusoni, S., A. Prencipe and K. Pavitt (2001) 'Knowledge Specialization, Organizational Coupling, and the Boundaries of the Firm: Why Do Firms Know More Than They Make?', Administrative Science Quarterly 46: 597-621.
12. Carpenter, M., W. Lazonick and M. O'Sullivan (2002) The Stock Market, Corporate Strategy, and Innovative Capability in the "New Economy": The Optical Networking Industry', INSEAD Working Paper 2002/66/SM, April.
13. Castilla, E., H. Hwang, E. Granovetter and M. Granovetter (2000) 'Social Networks in Silicon Valley', pp. 218-47 in C.-M. Lee, W. Miller, M. Hancock and H. Rowen (eds) The Silicon Valley Edge. Stanford: Stanford University Press.
14. Chandler, A. (1977) The Visible Hand: The Managerial Revolution in American Business. Cambridge, MA: Harvard University Press.
15. Chandler, A., F. Amatori and T. Hikino, eds (1997) Big Business and the Wealth of Nations. Cambridge: Cambridge University Press.
16. Chang, H.-J., ed. (2001) Joseph Stiglitz and the World Bank: The Rebel Within. London: Anthem.
17. Christensen, C.M. (1997) The Innovator's Dilemma: When New Technologies Cause Great Firms to Fail. Boston, MA: Harvard Business School Press.
18. Coase, R. (1937) 'The Nature of the Firm,' Economica (new series) 4: 386-405.
19. Constant, E. (1980) The Origins of the Turbojet Revolution. Baltimore, MD: Johns Hopkins University Press.
20. Crouch, C. and W. Streeck, eds (1997) Political Economy of Modern Capitalism: Mapping Convergence and Diversity. London: Sage.
21. Dore, R. (2000) Stock Market Capitalism: Welfare Capitalism. Oxford: Oxford University Press.
22. Dore, R., W. Lazonick and M. O'Sullivan (1999) 'Varieties of Capitalism in the Twentieth Century'. Oxford Review of Economic Policy 15: 102-20.
23. Edquist, C. and M. McKelvey, eds (2000) Systems of Innovation: Growth, Competitiveness and Employment. Cheltenham: Elgar.
24. Ferleger L. and W. Lazonick (1993) 'The Managerial Revolution and the Developmental State: The Case of US Agriculture', Business and Economic History 22(2): 67-98.
25. Freeman, C. (1974) The Economics of Industrial Innovation. Harmondsworth: Penguin.
26. Freeman, C. and L. Soete (1997) The Economics of Industrial Innovation, 3rd edn. Cambridge, MA: MIT Press.
27. Freyssenet, M., A. Mair, K. Shimizu and O. Volpato, eds (1998) One Best Way? Trajectories and Industrial Models of the World's Automobile Producers. Oxford: Oxford University Press.
28. Grossman, G. and E. Helpman (1994) 'Endogenous Innovation in the Theory of Growth', Journal of Economic Perspectives 8: 23-44.
29. Grossman, S. and O. Hart (1988) 'One Share, One Vote, and the Market for Corporate Control', Journal of Financial Economics 20: 175-202.
30. Hall, P. and D. Soskice, eds (2001) Varieties of Capitalism: The Institutional Foundations of Comparative Advantage. Oxford: Oxford University Press.
31. Harding, R. (2000) 'Resilience in German Technology Policy: Innovation through Institutional Symbiotic Tension', Industry and Innovation 7: 223-43.
32. Heppenheimer, T. (1995) Turbulent Skies: The History of Commercial Aviation. New York: Wiley.
33. Hughes, T. (1989) American Genesis: A Century of Invention and Technological Enthusiasm, 1870-1970. New York: Viking.
34. Hughes, T. (1998) Rescuing Prometheus. New York: Pantheon.
35. Jensen, M.C. (1986) 'Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers', American Economic Review 76: 323-9.
36. Jensen, M.C. and W. Meckling (1976) 'Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure', Journal of Financial Economics 3: 305-60.
37. Jürgens, U., ed. (2000) New Product Development and Production Networks. Berlin: Springer.
38. Kash, D. (1989) Perpetual Innovation: The New World of Competition. New York: Basic Books.
39. Kenney, M. (1986) Biotechnology: The University-Industrial Complex. New Haven, CT: Yale University Press.
40. Langlois, R. and P. Robertson (1995) Firms, Markets, and Economic Change: A Dynamic Theory of Business Institutions. London: Routledge.
41. Larrue, P., W. Lazonick and M. O'Sullivan (2002) 'The Economics of Venture Creation', INSEAD working paper.
42. Lazonick, W. (1991) Business Organization and the Myth of the Market Economy. Cambridge: Cambridge University Press.
43. Lazonick, W. (1992) 'Controlling the Market for Corporate Control: The Historical Significance of Managerial Capitalism,' Industrial and Corporate Change 1: 445-88.
44. Lazonick, W. (1994) 'The Integration of Theory and History: Methodology and Ideology in Schumpeter's Economies', pp. 245-63 in L. Magnusson (ed.) Evolutionary Economics: The Neo-Schumpeterian Challenge. Boston: Kluwer.
45. Lazonick, W. (1999) 'The Japanese Economy and Corporate Reform; What Path to Sustainable Prosperity?'. Industrial and Corporate Change 8: 607-33.
46. Lazonick, W. (2002a) 'The Theory of Innovative Enterprise', pp. 3055-76 in M. Warner (ed.) International Encyclopedia of Business and Management. London: Thomson Learning.
47. Lazonick, W. (2002b) 'Innovative Enterprise and Historical Transformation', Enterprise and Society 3: 3-27.
48. Lazonick, W. (2002c) 'The Innovative Firm', paper presented at the Understanding Innovation Workshop, Lisbon, 14-16 November.
49. Lazonick, W. (forthcoming) 'Understanding Innovative Enterprise: Toward the Integration of Economic Theory and Business History,' in F. Amatori and G. Jones (eds) Business History Around the World. Cambridge: Cambridge University Press.
50. Lazonick, W. and M. O'Sullivan (1996) 'Organization, Finance, and International Competition', Industrial and Corporate Change 5: 1-49.
51. Lazonick, W. and M. O'Sullivan (1997a) 'Big Business and Skill Formation in the Wealthiest Nations: The Organizational Revolution in the Twentieth Century', pp. 497-521 in A. Chandler, F. Amatori and T. Hikino (eds) Big Business and the Wealth of Nations. Cambridge: Cambridge University Press.
52. Lazonick, W. and M. O'Sullivan (1997b) 'Finance and Industrial Development, Part I: The United States and the United Kingdom', Financial History Review 4: 7-29.
53. Lazonick, W. and M. O'Sullivan (1997c) 'Finance and Industrial Development, Part II: Japan and Germany', Financial History Review 4: 117-38.
54. Lazonick, W. and M. O'Sullivan (2000a) 'Maximizing Shareholder Value: A New Ideology of Corporate Governance'. Economy and Society 29(1): 13-35.
55. Lazonick, W. and M. O'Sullivan (2000b) 'Perspectives on Corporate Governance. Innovation, and Economic Performance', CGEP Report to the European Commission, June (revised February 2001); available at: www.insead.edu/cgep
56. Lazonick, W. and A. Prencipe (2002) 'Corporate Governance, Innovation, and Competitive Performance: The Case of Rolls-Royce', INSEAD working paper, June.
57. Lécuyer, C. (2000) 'Fairchild Semiconductor and its Influence', pp. 158-83 in C.-M. Lee, W. Miller, M. Hancock and H. Rowen (eds) The Silicon Valley Edge. Stanford, CA: Stanford University Press.
58. Leslie, S. (2000) 'The Biggest "Angel" of them All: The Military and the Making of Silicon Valley', pp. 48-67 in M. Kenney (ed.) Understanding Silicon Valley. Stanford, CA: Stanford University Press.
59. Lundvall, B., ed. (1992) National Systems of Innovation: Towards a Theory of Innovation and Interactive Learning. London: Pinter.
60. Malerba, F. and L. Orsenigo (1996) 'The Dynamics and Evolution of Industries', Industrial and Corporate Change 5: 51-87.
61. Mowery, D. and R. Nelson, eds (1999) Sources of Industrial Leadership. Cambridge: Cambridge University Press.
62. Mowery, D. and N. Rosenberg (1998) Paths of Innovation: Technological Change in 20th-century America. Cambridge: Cambridge University Press.
63. Nelson, R., ed. (1993) National Innovation Systems: A Comparative Analysis. New York: Cambridge University Press.
64. Nelson, R. (1996) The Sources of Economic Growth. Cambridge, MA: Harvard University Press.
65. O'Sullivan, M. (2000a) Contests for Corporate Control: Corporate Governance and Economic Performance in the United States and Germany. Oxford: Oxford University Press.
66. O'Sullivan, M. (2000b) The Innovative Enterprise and Corporate Governance', Cambridge Journal of Economics 24: 393-416.
67. O'Sullivan, M. (2002a) 'Corporate Control', pp. 1068-90 in M. Warner (ed.) International Encyclopedia of Business and Management. London: Thomson Learning.
68. O'Sullivan, M. (2002b) 'The Stock Market as a Source of Cash for the US Industrial Corporation in the Twentieth Century', INSEAD working paper, September.
69. Pavitt, K. (1998) Technologies, Products, and Organisation in the Innovating Firm: What Adam Smith Tells Us and Joseph Schumpeter Doesn't', Industrial and Corporate Change 7: 433-52.
70. Penrose, E. (1959) The Theory of the Growth of the Firm. Oxford: Blackwell.
71. Riordan, M. and L. Hoddeson (1997) Crystal Fire: The Birth of the Information Age. New York: W.W. Norton.
72. Romer, P. (1994) 'The Origins of Endogenous Growth', Journal of Economic Perspectives 8: 3-22.
73. Rosenbloom, R. and C. Christensen (1994) 'Technological Discontinuities, Organizational Capabilities, and Strategic Commitments', Industrial and Corporate Change 3: 655-85.
74. Schumpeter, J. (1934) The Theory of Economic Development. Cambridge, MA: Harvard University Press. (Orig. pub. in German, 1911.)
75. Schumpeter, J. (1952) Capitalism, Socialism and Democracy, 5th edn. London: George Alien and Unwin. (Orig. pub. New York: Harper, 1942.)
76. Solow, R. (1957) 'Technical Change and the Aggregate Production Function', Review of Economics and Statistics 39: 312-20.
77. Stiglitz, J. (2000) 'The Contributions of the Economics of Information to Twentieth Century Economies', Quarterly Journal of Economics 115: 1441-78.
78. Teece, D., G. Pisano and A. Shuen (1997) 'Dynamic Capabilities and Strategic Management', Strategic Management Journal 18: 509-33.
79. Tilton, J. (1971) The International Diffusion of Technology: The Case of Transistors. Washington, DC: Brookings Institution.
80. Von Tunzelmann, N. (1995) Technology and Industrial Progress: The Foundations of Economic Growth. Cheltenham: Elgar.
81. Whitley, R. (1999) Divergent Capitalism: The Social Structuring and Change of Business Systems. Oxford: Oxford University Press.
82. Williamson, O.E. (1985) The Economic Institutions of Capitalism. New York: Free Press.
83. Williamson, O.E. (1996) The Mechanisms of Governance. New York: Free Press.
84. Wilson, J. (1985) The New Venturers: Inside the High-Stakes World of Venture Capital. Reading, MA: Addison-Wesley.