Table Of ContentOUPCORRECTEDPROOF – FINAL,3/12/2020,SPi
Schumpeter’s Venture Money
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Schumpeter’s Venture
Money
MICHAEL PENEDER, ANDREAS RESCH
1
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Acknowledgments
WearegratefulfortheaccessandsupportprovidedbytheAustrianStateArchives,
the Municipal and Provincial Archives of Vienna, the Harvard University
Archives, and the Georges F. Doriot Collection at the Harvard Business School.
UlrichHedtkeprovidedvaluablehintsandgenerouslygaveusaccesstonumerous
documents from his private archive in Berlin. Georg Herrnstadt supplied
documentsfromtheestateofhismother,GundlSteinmetz-Herrnstadt.In1999,
WolfgangStolperprovidedvaluablecommentsonearlypreliminaryresults.
We are especially indebted to the probing questions, constructive comments,
and suggestions provided during conversations on our research, for example,
by Felix Butschek, Tom McCraw, Kurt Dopfer, Caroline Gerschlager, Christian
Glocker, Takeo Hoshi, William Janeway, Dale Jorgenson, Martin Kenney, Heinz
D.Kurz,RichardNelson,TomNicholas,AtanasPekanov,BillSahlman,Frederic
M. Scherer, Andrei Shleifer, and Gunther Tichy. We also thank Astrid Nolte for
her invaluable support in proofreading the text. As a matter of course, only the
authorsbearresponsibilityforanyremainingomissions,errors,orimprecisions.
TheideaforthisbookarosefromrepeatedmeetingsofthetwoauthorsatKurt
Dopfer’s Vienna Seminar on Evolutionary Economics. Each chapter benefitted
from numerous suggestions and critical comments freely shared between both
authors.ItmaybeworthmentioningthatAndreaswroteChapters8to10,while
Michaelbearstheprincipalresponsibilityfortheremainderofthemonograph.
Finally,wewanttothankourfamilies,friends,andcolleaguesfortheirenduring
patienceandsupport.MichaeldedicatestheworkespeciallytohiswifeBeateand
theirchildren,JonasandTheresa.
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List of Figures
7.1. DepictingSchumpeter’s“ad-venture”modelofdevelopment 139
7.2. Breakingthe“circularflow” 147
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List of Tables
1.1. SelectedmilestonesofSchumpeter’slifeandworkPt.1 6
1.2. SelectedmilestonesofSchumpeter’slifeandworkPt.2 7
2.1. Selectedmilestonesintheearlyevolutionofmoney 24
3.1. Selectedmilestonesoffinancialinnovationuptotheearlyeighteenthcentury 36
3.2. Selectedmilestonesofmonetarythoughtuptothenineteenthcentury 45
4.1. Selectedmilestonesoffinancialinnovationuptothetwentiethcentury 83
5.1. Selectedmilestonesofmonetarythoughtinthenineteenthcentury 103
8.1. UnderwritersofM.L.Biedermann&Co.,Bankaktiengesellschaft 182
8.2. ThetenlargestparticipantsofthefirstBiedermannsyndicate 183
8.3. Biedermannsyndicate:importantshareholdingsofthesecondandthird
issuein1923 188
8.4. AnnualaccountsofBiedermannBankfrom1921to1925 193
8.5. BiedermannBankbalancesheetforMay24,1924inbillionkronen 207
9.1. DevelopmentoftheBraun-Stammfestindustrialfirms 222
12.1. Selectedmilestonesofmonetaryideassincethetwentiethcentury 306
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