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Schumpeter’s theoretical positions in the early 1920s and his projects as a banker and venture investor

Author

Listed:
  • Michael Peneder

    (Austrian Institute of Economic Research)

  • Andreas Resch

    (Vienna University of Economics and Business)

Abstract

We discuss Joseph A. Schumpeter’s projects as a banker and venture investor in the early 1920s as serious attempts to put his theoretical ideas into practice. This approach differs from the older literature, in which the prevailing view was that he merely wanted to exploit the speculative opportunities after the First World War. To begin with, we examine the often neglected monetary aspects of his theory of economic development, the state of his ideas on entrepreneurship at the time and his time-specific positions on economic recovery after the war. We then go on to trace his theoretical positions in the plans and designs of his business ventures. Finally, we reflect on the extent to which these contributed to the purpose and failure of his ventures under the specific conditions of the time.

Suggested Citation

  • Michael Peneder & Andreas Resch, 2025. "Schumpeter’s theoretical positions in the early 1920s and his projects as a banker and venture investor," Journal of Evolutionary Economics, Springer, vol. 35(4), pages 609-628, September.
    • Handle: RePEc:spr:joevec:v:35:y:2025:i:4:d:10.1007_s00191-025-00902-z
    DOI: 10.1007/s00191-025-00902-z
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    References listed on IDEAS

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    1. Michael Peneder & Andreas Resch, 2015. "Schumpeter and venture finance: radical theorist, broke investor, and enigmatic teacher," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 24(6), pages 1315-1352.
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    Keywords

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    JEL classification:

    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
    • N80 - Economic History - - Micro-Business History - - - General, International, or Comparative
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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