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The authors of this book (hereafter BLS) reject the notion that the term “capitalism” denotes a unique type of economic system and distinguish instead among four forms it can take: state-guided capitalism, oligarchic capitalism, big-firm capitalism, and entrepreneurial capitalism. As suggested by the terms “good capitalism, bad capitalism” in the title, they examine both the positive and the normative implications of each type of capitalism and how consistent each type has been, in the various economies that adopted it, with the overall objective of promoting growth and prosperity. This book is thus about economic systems, the principles on which they are built, and economic growth. There are occasional references to authors of the classical, neoclassical, and Keynesian eras such as Richard Cantillon, John M. Keynes, T. Robert Malthus, David Ricardo, Jean-Baptiste Say, Joseph Schumpeter, Adam Smith, and Max Weber. Some of these are accompanied by brief quotations, but (as is to be expected from the very different interests of the authors of this book) no textual analysis of them or speculations about their influence on the history of economic thought. Given the authors’ emphasis on the effects of capitalism on economic growth, they also briefly discuss early theorists of economic growth such as Roy Harrod, Evsey Domar, Nicholas Kaldor, Robert Solow, and Trevor Swan and – in much greater detail – the theoretical, empirical, and historical work on growth theory that followed them, up to and including the “new growth theory” of Arrow, Romer, Lucas, and others. Chapters 2 and 3, titled “Why economic growth matters” and “What drives economic growth?,” introduce the general reader to the importance of economic growth to both developed and developing economies and the essentials of modern growth theory. While these are valuable supplements to the book for readers not familiar with them, these chapters are not discussed here since their main features are found in textbooks on economic development, macroeconomics, and growth theory.

Drawing on empirical data from two studies of 119 Japanese affiliates located in the United States and Europe, this chapter focuses on three fundamental questions: (1) What organizational factors influence performance of the overseas affiliates of Japanese MNCs? (2) What impact does expatriate staffing have on the affiliate’s performance? (3) What factors influence expatriate staffing patterns in Japanese MNCs? The empirical results lend support to the hypothesis that MNCs characterized by global integration and local responsiveness will outperform less transnational competitors, although there are significant differences between the American and European subsamples on the impact of expatriate presence on affiliate performance. In addition, there is no support for the life-cycle prediction that age or parent company experience influences expatriate staffing levels or for the resource dependence prediction that integration with the parent influences expatriate presence. These results and their implications are discussed.

The multilingual MNC provides a promising territory for enhancing the dialogue between organization theory and International Business. We draw parallels between research on the multinational corporation and that on the multilingual corporation. Our review shows that the changing conceptualizations of the MNC toward a network model have carved space for language-sensitive research in International Business. We scrutinize this stream of research from the viewpoint of three organization theory lenses: the role of language in organizational design and architecture, in identity building and culture, and in organizational political systems, and comment on future research.

This article provides a detailed investigation of how Lewis revisited classical and Marxian concepts such as productive/unproductive labor, economic surplus, subsistence wages, reserve army, and capital accumulation in his investigation of economic development. The Lewis 1954 development model is compared to other models advanced at the time by Harrod, Domar, Swan, Kaldor, Solow, von Neumann, Nurkse, Rosenstein-Rodan, Myint, and others. Lewis applied the notion of economic duality to open and closed economies.

Lockheed Martin has been a premier builder and developer of manned aircraft and fighter jets since 1909. Since then, aircraft design has drastically evolved in many areas including the evolution of manual linkages to fly-by-wire systems, and mechanical gauges to glass cockpits. Lockheed Martin's knowledge of manned aircraft has produced a variety of Unmanned Aerial Vehicles (UAVs) based on size/wingspan, ranging from a micro-UAV (MicroStar) to a hand-launched UAV (Desert Hawk) and up to larger platforms such as the DarkStar. Their control systems vary anywhere between remotely piloted to fully autonomous systems. Remotely piloted control is equivalent to full human involvement with an operator controlling all the decisions of the aircraft. Similarly, fully autonomous operations describe a situation that has the human having minimal contact with the platform. Flight path control relies on a set of waypoints for the vehicle to fly through. This is the most common mode of UAV navigation, and GPS has made this form of navigation practical.

In recent years, theory and research have been increasingly devoted to understanding organizational behavior in cross-cultural and global contexts, with particular attention being paid to the appropriateness of various human resources management (HRM) practices because practices that may be effective within one cultural context may not be effective in other cultural contexts. This chapter argues that a multi-level perspective is needed to explain the interplay between HRM practices and employee responses across cultural contexts. Specifically, the multi-level framework developed in this chapter elucidates the importance of fit between HRM practices, individual values, organizational values, and societal values. Societal values play a key role in the adoption of HRM practices, and the effectiveness of these HRM practices will depend largely on “fit” or alignment with the values of the societal culture in which the organization is operating. HRM practices also shape the collective responses of employees through organizational climate at the organizational level and through psychological climate at the individual level. For positive employee attitudes and responses to emerge, the climate created by the HRM practices must be aligned with societal and individual values. Building on these notions, the strength of the societal culture in which the organization is operating serves as a mechanism that links relationships between climate, value fit, and attitudes across levels of analysis. The chapter concludes with some recommendations for future research and implications for practice.

William J. Baumol was one of the most prolific economists of his generation, analyzing a broad range of central economic issues addressing real problems of the world. In this essay, we present and critically evaluate Baumol’s research contributions in entrepreneurship economics and point to areas for future research. Baumol contributed an impressive number of important insights, increasing our understanding of entrepreneurship from both a macro and a micro perspective. He also devoted a large part of his writings to discussing public policy, linking his theoretical insights with policy issues in practice. His analyses are rooted in contemporary mainstream neoclassical economics, and one of his main objectives was to integrate the entrepreneur into this tradition. Today, Baumol is best known for his tripartite distinction between productive, unproductive, and destructive entrepreneurship and his associated idea that the institutional framework, “the rules of the game,” will determine how entrepreneurs allocate their time and effort across different – productive or unproductive – activities. An institutional environment that encourages productive entrepreneurship and spontaneous experimentation while disincentivizing unproductive activities becomes, through this insightful lens, the driving force of economic growth. As an economist, Baumol was knowledgeable and well acquainted with earlier scholars and their writings about entrepreneurship. Baumol’s writings were greatly inspired by Joseph Schumpeter’s views on entrepreneurship, and he made several attempts to formalize Schumpeter’s concept of the innovative entrepreneur. Baumol was in all senses an innovative contributor to entrepreneurship economics. His work has inspired the research community of entrepreneurship scholars, but like all great scientists, he also encountered criticism. His effort to integrate entrepreneurship into the mainstream theory of the firm was only partly successful.

Spectacular corporate failures including One Tel, Ansett, HIH, Enron and Worldcom and the recent fiasco with National Australia Bank are evidence of a legitimacy crisis in current corporate governance practices. This paper analyses the organisational impact of recent “best practice” guidelines and the recommendations for reform. We conclude that substantive concerns still exist and it is likely that companies will utilise a “tick the box” approach emphasising form over substance governance changes. We argue for a two-fold approach to embed effective ongoing reform. The first involves cultural change(s) at the boardroom level to develop a “real” team approach. This would embrace the use of constructive conflict in the decision-making process and also incorporate elements of trust and openness. Constructive conflict, we argue, leads to real and effective boardroom behavioural changes.

The second strand of reform proposes that such changes should be extended into the internal decision-making (enterprise governance) arena. Such a move towards organisational pluralism devolves decision-making and allows greater employee involvement in the “running” of organisations. It also entails a significant re-framing of organisational values, culture and followership. The leadership role becomes one of facilitation and support not the current dominant “command and control” mindset.