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1、CHAPTER9EntrepreneurshipandtheFamilyFirmVikasMehrotraandRandallMorckContents1.CreativeDestructionandtheFamilyFirm6492.TheSuccessionDecision6563.EconomicDevelopmentandtheFamilyFirm6644.TheImportanceofOligarchs6675.SchumpeterandChandler,Reconciled?671References67
2、51.CREATIVEDESTRUCTIONANDTHEFAMILYFIRMSchumpeter(1911)attributesthesuccessofcapitalismtoentrepreneursenergizedby“thedreamandthewilltofoundaprivatekingdom,usually,thoughnotnecessarily,alsoadynasty”(p.93).Thisjuxtapositionofdynasticyearningandentrepreneurshipconn
3、ectstwoofthemostempiricallyimportantphenomenathatlielargelyoutsidetheneoclassi-calsynthesis.RajanandZingales(2004)arguethatoldmoneyedbusinessfamiliesoftenactivelyopposeentrepreneurshiptosuffocatepotentialcompetitorsatbirth,andthatcapitalismmustbe“savedfromtheca
4、pitalists”and,especially,fromtheirheirs.Chandler(1977),citinghistoricalevidencefromAmerica,Britain,Germany,andJapan,arguesthattheshiftfromdynasticgovernancetoprofessionalmanagers,selectedfortalent,isacriticalfeatureofdevelopedeconomies.Chandler’sargumentsringtr
5、ue,buthisfactsbeardoublechecking.Hadheexaminedafiftheconomy,hewouldhavefoundfamilybusinessesgalore.Thefourheexaminesarealmosttheonlyexamplesofhisthesis.Theseconflictsexposeafundamentaltimeinconsistency(KydlandandPrescott(1977))inSchumpeter’sthesis:thelureoffoun
6、dingaprivatedynastymightmotivateafirstgenerationofentrepreneurs,buttheirheirsmightactivelyimpedethenextgenera-tionofentrepreneurs.Promisingentrepreneurstheirdynastiesmightbegoodpolicyexante,butactuallylettingthosedynastiespersistispoorpolicyexpost.Timeinconsist
7、encyproblemsnecessitatepublicpolicybalancingthetwocontra-dictoryeffects.Justasoptimalpatentlawbalancestheexantebenefitsofrewardinginnovatorswellagainsttheexpostcostsofpersistentartificialentrybarriersrewards,publicpolicyregardingdynasticcapitalismrequiresabalan
8、cingofexanteincentivesandHandbookoftheEconomicsofFinance©2013ElsevierB.V.http://dx.doi.org/10.1016/B978-0-44-453594-8.00009-4Allrightsreserved.649650VikasMehrotraandRandallM
