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The Biedermann Bank
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The three chapters of Part III focus on Schumpeter's own financial ventures. To begin with, Chapter 8 is dedicated to the history of the Biedermann Joint Stock Bank, whose president Schumpeter was from its foundation in 1921 until 1924. Since credit played an outstanding role in his development theories, the Biedermann project must be considered the most essential part of Schumpeter's practical venture finance projects. While his banking activities have so far mainly been perceived as a speculative episode, here they are examined as a serious attempt to put his theoretical considerations of credit-based entrepreneurial development into practice. Despite his efforts, the project encountered severe economic turbulence in the spring of 1924. Its failure was due to unfavourable economic conditions, contradictory strategic orientations amongst the shareholder groups, and mistakes made by those in charge (including Schumpeter). New insights are revealed based on previously inaccessible documents from the Austrian State Archives and other so long neglected sources.
Title: The Biedermann Bank
Description:
The three chapters of Part III focus on Schumpeter's own financial ventures.
To begin with, Chapter 8 is dedicated to the history of the Biedermann Joint Stock Bank, whose president Schumpeter was from its foundation in 1921 until 1924.
Since credit played an outstanding role in his development theories, the Biedermann project must be considered the most essential part of Schumpeter's practical venture finance projects.
While his banking activities have so far mainly been perceived as a speculative episode, here they are examined as a serious attempt to put his theoretical considerations of credit-based entrepreneurial development into practice.
Despite his efforts, the project encountered severe economic turbulence in the spring of 1924.
Its failure was due to unfavourable economic conditions, contradictory strategic orientations amongst the shareholder groups, and mistakes made by those in charge (including Schumpeter).
New insights are revealed based on previously inaccessible documents from the Austrian State Archives and other so long neglected sources.
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