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Beyond strategy: A critical review of Penrose's 'single argument' and its implications for economic development

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  • Richard K. Blundel

Abstract

This paper offers a critical review of the 'single argument' that underpins Edith Penrose's, The Theory of the Growth of the Firm , which was first published in 1959. (TGF). It aims to complement and counterpoint recent examinations of Penrose's influence on strategic management, and on the resource-based view in particular. The paper examines six components of the argument, tracing their interconnected journey towards TGF's relatively neglected final chapters, which address the economic consequences of the growth of large firms. It also reflects on the implications for economic development research, with reference to Penrose's later critique of contemporary liberalisation policies.

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  • Richard K. Blundel, 2015. "Beyond strategy: A critical review of Penrose's 'single argument' and its implications for economic development," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 22(1), pages 97-122, February.
    • Handle: RePEc:taf:eujhet:v:22:y:2015:i:1:p:97-122
    DOI: 10.1080/09672567.2013.792364
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    References listed on IDEAS

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    1. Penrose, Edith, 2009. "The Theory of the Growth of the Firm," OUP Catalogue, Oxford University Press, edition 4, number 9780199573844.
    2. Pitelis, Christos, 2009. "Edith Penrose’s ‘The Theory of the Growth of the Firm’ Fifty Years Later," MPRA Paper 23180, University Library of Munich, Germany.
    3. Pitelis, Christos (ed.), 2002. "The Growth of the Firm: The Legacy of Edith Penrose," OUP Catalogue, Oxford University Press, number 9780199248520.
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