Joseph A. Schumpeter, capitalism, socialism, and democracy

This is a review of "Capitalism, socialism, and democracy", by Joseph A. Schumpeter, New York, Harper Perennial, 1942 (first Harper Colophon edition published 1975). "The public mind has by now so thoroughly grown out of humor with it as to make condemnation of capitalism and all its works a foregone conclusion – almost a requirement of the etiquette of discussion. Whatever his political preference, every writer or speaker hastens to conform to this code and to emphasize his critical attitude, his freedom from ‘complacency’, his belief in the inadequacies of capitalist achievement, his aversion to capitalist and his sympathy with anti-capitalist interests. Any other attitude is voted not only foolish but anti-social and is looked upon as an indication of immoral servitude." We might easily mistake this for a voice weary of contemplating the implications for neo-liberal nostrums of our current global financial crisis were it not for the rather formal, slightly arch, style and the gender exclusive language. It was in fact penned in the depths of World War II by Harvard economist Joseph Schumpeter, who fell off the map only to re-emerge from the 1970s as oil shocks and stagflation in the west presaged the decline of the Keynesian settlement, as east Asian newly industrialising economies were modelling on his insistence that entrepreneurialism, access to credit and trade were the pillars of economic growth, and as innovation became more of a watchword for post-industrial economies in general. The second coming was perhaps affirmed when his work was dubbed by Forbes in 1983 – on the occasion of the 100th anniversary of the birth of both men – as of greater explanatory import than Keynes’. (And what of our present resurgent Keynesian moment?)...

Small Business and entrepreneurship policy

There are two key approaches to entrepreneurship, each of which has different implications for small business policy (Danson 2002). The first conceives of entrepreneurship as an economic process and can be traced to the work of Joseph Schumpeter who developed the concept of creative destruction to describe the entrepreneurial process that led to the simultaneous elimination of old industries and activities and the creation of new activities through the commercial application of new ideas. While entrepreneurship as a process of creative destruction might include start up activity amongst small firms, it does not exclusively involve small firms as large firms may contribute to the entrepreneurial process through the generation of new knowledge and by assisting in financing the development of new ideas amongst small firms. Although innovation occurs in large as well as small firms, the literature on small enterprise innovation draws heavily on Schumpeter’s depiction of the central role of the entrepreneur in the process of creative destruction, whereby the economic system is transformed from within and new cycles in economic life emerge in which new industries and markets replace old industries and markets. Schumpeter argued that entrepreneurs drove the process of innovation and that innovation was a stimulus to economic development and involved the development of new products, processes, methods of production or new forms of commercial or financial organisation (Schumpeter 1911). At a time when technological development and structuraleconomic change are occurring at a rapid pace, small firm innovation is seen to be critically important because empirical evidence, although not undisputed, indicates that SMEs make an important contribution to radical innovations in new industries (Nooteboom 1994). The second view of entrepreneurship focuses on the individual entrepreneur more than the entrepreneurial process. The entrepreneur is depicted as an owner of small businesses, and is regarded as having particular personal characteristics such as self-reliance, individual initiative and self-motivation. Entrepreneurs are also considered to have a behavioural orientation towards the exploitation of new ideas and opportunities. They are the risk takers who are able to see an opportunity and pursue it commercially despite the uncertainty of rewards. The capacity to plan, manage and lead is also seen to be identifying characteristics of entrepreneurs. Different small business policy approaches arise from these different perspectives on entrepreneurship. Small business policy approaches that emphasise the process by which new ideas are generated and applied commercially arise from the first and broader view of entrepreneurship. Policies designed to generate a population of risk taking and self-motivated individuals with highly developed management and commercial skills are more in keeping with the second approach, which is focused on the individual entrepreneur rather than the entrepreneurial process.

Joseph Maiden and the national and transnational circulation of Wattle Acacia spp

During the nineteenth century and in the early years of the twentieth century wattle was circulated by botanists, botanical institutions, interested individuals, commercial seedsmen and government authorities. Wattle bark was used in the production of leather and was the subject of debate regarding its commercial development and conservation in Australia. It was also trialled in many other locations including America, New Zealand, Hawaii and Russia. In the process, South Africa became a major producer of wattle bark for a global market. At the same time wattle was also promoted as a symbol of Australian nationalism. This paper considers this movement of wattles, wattle material and wattle information by examining the career of one active agent in these botanical transfers: Joseph Maiden. In doing so it demonstrates that these seemingly different uses of the wattle overlap transnational and national spheres.

Maiden, Joseph

Joseph Henry Maiden was born in London in 1859 and sailed for Australia in 1880, where he lived for the remainder of his life. He was an ardent Australian nationalist, and like many immigrants of this time, remained proud of his British heritage. His sweetheart, Eliza Jane Hammond, followed him to Australia in 1883. They married in Kew the day after she made port in Melbourne, and together in Sydney they raised five children. [1] During the first phase of his career Maiden presided over the Technological Museum of Sydney from 1882 to 1896. In the second phase, he was the director of the Sydney Botanic Gardens from 1896 to 1924. There he managed a whole complex of parks including the Domain,Centennial Park and the Governor's residences, a state nursery at Campbelltown and a scientific institution, the National Herbarium of New South Wales, devoted to botany. A short time after his retirement, he died at his home in Turramurra in 1925...