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

Michael Peneder () and Andreas Resch ()
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Michael Peneder: Austrian Institute of Economic Research
Andreas Resch: Vienna University of Economics and Business

Journal of Evolutionary Economics, 2025, vol. 35, issue 4, No 1, 609-628

Abstract: 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.

Keywords: Schumpeter; Venture finance; Banking; Non-neutrality of money; Entrepreneurship (search for similar items in EconPapers)
JEL-codes: B15 B52 N20 N80 O16 (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1007/s00191-025-00902-z

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