Abstract
SummaryThe technological stagnation of large bureaucratic organizations in the seventies led to a revival of “Schumpeterian” entrepreneurship. This is explained as a consequence of the search for flexibility induced by an increase of structural uncertainty. The role of credit in promoting technological flexibility is also considered. Its basic function today is seen to consist not so much in a rapid redistribution of productive resources, as Schumpeter maintained, but rather in a proper reallocation of technological risk.
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