A key factor in explaining much of the success or failure of an industry, and specifically the firms within it, has to do with how the government is involved in private industries in the country. Varying levels of government involvement and regulation have been found to have both positive and negative impacts on an industry and society as a whole. For example, government financing of scientific research originally intended to help the military led to many innovations such as the transistor, sparking a huge innovation in the semiconductor industry. Further positive impacts can be seen as a result of government research in the Penicillin industry, allowing private firms to spend less money on research. On the flip side, however, the US government has also had negative influences on private industries. For example, overregulation of businesses in the country has allowed for the success and expansion of foreign competitors in the US, as was seen with the automobile industry and the rapid success of Asian firms ash...
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...stry. Not only does the Dodge story exemplify a unification of the Klepper’s ideas on shakeouts and Schumpeter’s ideas of pioneering entrepreneurs, but it is also a perfect example of a successful spinoff; like most successful spinoffs, the Dodge brothers came from another successful, industry-leading firm, Ford.
Entrepreneurial capitalism in the United States has a long, intricate, and fascinating history. Many experts have theorized and conceptualized the reasons behind the success and failures of firms and industries in the US, with Schumpeter and Klepper being two of the most prominent. Through this case study we have been able to identify some of the key components effecting business and entrepreneurship in the country, allowing us to not only be able to identify how some industries succeed while others don’t but also why these successes and failures occur.
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