Lou Galambos on 19C entrepreneurial culture

I was very pleased to see a historical piece by the well-known business historian Lou Galambos in the Academy of Management Perspectives recently. His contribution features in an issue that features articles on digital globalization, platform business models, and AI – it is great to see how AOM journals have opened up to a more pluralistic understanding of what management research can be.

The Entrepreneurial Culture: Mythologies, Realities, and Networks in Nineteenth-Century America

Louis Galambos

Academy of Management Perspectives Vol. 35, No. 4

Published Online: 29 Nov 2021 https://doi.org/10.5465/amp.2019.0132


Entrepreneurship is the driving force of capitalism; this article takes an historical lens to explore the culture that sustains that process. Behavioral economics provides an intellectual framework for analyzing the great variety of entrepreneurial enterprises that thrived in nineteenth-century America. Failures abounded, but the search for new opportunities continued and, by 1900, the frontier and the First and Second Industrial Revolutions had brought America to global industrial leadership and to the edge of a challenging cultural, political, and economic transition.