Entrepreneurship in a New Phase of Capitalist Development

There is widespread recognition today that entrepreneurial spirit and activity is vital for a market oriented, globally competitive economy. It is also recognised that local communities within countries and regions, can incur high costs of unemployment both as a result of adjustment to, and disconnectedness from, the global economic system. Attention to factors which will assist output growth and employment creation both at national and local community levels therefore becomes of prime importance. This paper explores the role of entrepreneurship in a new era of capitalist development. The need to increase the supply of entrepreneurship at the local community level is stressed. In this connection, a new concept of entrepreneurship, is developed, with an elaboration of “community entrepreneurship†. It is argued that community entrepreneurship which envisages the community supplying initiative and enterprise for the creation, transformation and expansion of employment creating ventures, is a valid answer to both an initial lack of individual entrepreneurial skills and employment opportunities in some labour market disadvantaged communities. Application of this concept is discussed within the New Zealand context.