Entrepreneurs and the Transformation of the Global Economy

Entrepreneurs and the Transformation of the Global Economy

Anthony Patrick Ellison

Anthony Ellison cuts through conventional neo-classical interpretations to expose the indispensable contribution of entrepreneurs in driving the market process and, in particular, in accomplishing the deregulation of the transportation, trade, telecommunications and financial regimes both in North America and across the globe. Entrepreneurs have an important role in any economy, but in this seminal study, the author argues that they have played a crucial part in shaping the contemporary global market. Entrepreneurs and the Transformation of the Global Economy situates the emergence of the contemporary global market economy within an historical context.

Chapter 2: Regulating and Deregulating the Transformations

Anthony Patrick Ellison

Subjects: business and management, entrepreneurship, economics and finance, public sector economics, transport, environment, transport, urban and regional studies, transport


The bourgeoisie, during its rule of scarce one hundred years, has created more massive and more colossal production forces than have all the preceding generations together. Subjection of nature’s forces to man, machinery, applications of chemistry to industry and agriculture, steam navigation, railways, electric telegraphs, clearing of whole continents for cultivation, canalisation of rivers, whole populations conjured out of the ground - what earlier century had event a presentiment that such production forces slumbered in the lap of social labour? Karl Malx and Friedrich Engels Improved communication has played havoc with the European system of Metternich and of the Holy Alliance. The diffusion of intelligence by the postoffice and the telegraph has forced the most conservative authorities to move. The rush of travel has broken down the passport system. The extension of trade is forcing us into unity of money, weights, and measures. It has prevented each nation from settling its own problems by itself.’ Arthur T. Hadley If human nature felt no temptation to take a chance, no satisfaction (profit apart) in constructing a factory, a railway, a mine or a farm, there might not be much investment merely as a result of cold calculation.* John Maynard Keynes In earlier history, wealth was measured in land, in gold, in oil, in machines. Today, the principal measure of our wealth is information: its quality, and the speed with which we acquire it and adapt it. The truth of our age is this, and must be this: open and competitive commerce...

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