Critique of Entrepreneurship People and Policy
The sponsorship of the entrepreneur as an agent of economic growth is now at the centre of a vast promotional industry, involving politicians, government departments and higher education. This book examines the origins of this phenomenon and subjects its
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Peter Armstrong
Critique of Entrepreneurship
Other books by Peter Armstrong WORKERS DIVIDED 1976 (With Theo Nichols) IDEOLOGY AND SHOP FLOOR INDUSTRIAL RELATIONS 1981 (With Jeff Hyman and John Goodman) WHITE COLLAR WORKERS, TRADE UNIONISM AND CLASS 1986 (With Bob Carter, Chris Smith and Theo Nichols)
Critique of Entrepreneurship People and Policy Peter Armstrong The Management Centre University of Leicester
© Peter Armstrong 2005 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London W1T 4LP. Any person who does any unauthorized act in relation to this publication may be liable to criminal prosecution and civil claims for damages. The author has asserted his right to be identified as the author of this work in accordance with the Copyright, Designs and Patents Act 1988. First published 2005 by PALGRAVE MACMILLAN Houndmills, Basingstoke, Hampshire RG21 6XS and 175 Fifth Avenue, New York, N. Y. 10010 Companies and representatives throughout the world PALGRAVE MACMILLAN is the global academic imprint of the Palgrave Macmillan division of St. Martin’s Press, LLC and of Palgrave Macmillan Ltd. Macmillan® is a registered trademark in the United States, United Kingdom and other countries. Palgrave is a registered trademark in the European Union and other countries. ISBN 978-1-349-52325-2 ISBN 978-0-230-55495-5 (eBook) DOI 10.1057/9780230554955 This book is printed on paper suitable for recycling and made from fully managed and sustained forest sources. A catalogue record for this book is available from the British Library. Library of Congress Cataloging-in-Publication Data p.cm Includes bibliographical references and index 1.
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Contents List of Abbreviations Acknowledgments
viii x
Chapter 1
1 1 6 9 13 16 20 22 27 31 32 35 39
The Genesis of Entrepreneurialism
Enterprise-speak in the UK Concepts Anti-monopoly and American liberalism Monopoly and regulation: the rise of corporate America War, recession and government City government as an institution of regulation Preserving the small business way of life Prophets of entrepreneurialism The abstention of Joseph Schumpeter Think tanks Crisis Entrepreneurialism ascendant
Chapter 2 Entrepreneurial Competition in the Pure Case: John Bloom and Jim Elkins
45
Capitalism, trust and the entrepreneur Intimations of entrepreneurship Bloom cuts out Elvins Elvins cuts out Bloom Market structure and the ecology of mistrust Conclusions: theoretical and personal
45 48 51 55 57 60
Chapter 3 The Flight of the Accountant: a Romance of Air and Credit
62
Aviation traders The flight of the Accountant Flight to insolvency Conclusion 1 Conclu
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