Do variations in the circumstances under which heavy industry was developed in different regions account for the kinds of “entrepreneurs” those regions attracted? In this note on his current research, Doctor Pierenkemper concludes that varying circumstances do, indeed, account for varying backgrounds of entrepreneurs, and offers evidence from two contrasting regions in early German heavy industry. He offers the further hypothesis that as circumstances affecting growth — such as finance, market stability, and the need for professional management — change, certain kinds of backgrounds may become more applicable while others become less so.

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