Many entrepreneurs have contributed to the economic growth of the Far West, from the railroad builders of the nineteenth century to the modern day pioneers in Silicon Valley. In this article, Professor Foster focuses on the career of Henry J. Kaiser—an entrepreneur who was unquestionably one of the key figures in the modernization of the region. Though Foster does not slight the economic and political factors that made possible Kaiser's achievement he stresses that Kaiser's imagination, energy, and personal commitment were key elements in the maturation of the region's industrial economy.

From 1900 to 1905 the United States government, working with a small group within the emerging profession of economics, developed—for the first time—a financial policy toward foreign dependent areas. The policy devised and carried out by this first generation of experts in foreign currency reform—who included Charles Conant, Jeremiah Jenks, and Edwin Kemmerer—sought to bring nations onto a gold-exchange standard, with their gold funds deposited in New York and their coinage denominated on American money. In this article, Professor Rosenberg describes this gold standard diplomacy, suggesting that it reflected the nation's growing economic power; its increasing stake in maintaining an integrated, stable, and accessible international order; the emergence of a new profession of foreign financial advising; and the government's new desire to play a leading role in international currency matters. She concludes that policymakers and economists would build on this foundation in developing the gold-exchange standard and currency stabilization programs of the 1920s.

Master craftsmen played a critical role in launching the Industrial Revolution in America. In this case study of artisan entrepreneurship, Professor Kornblith analyzes the career of Jonas Chickering (1798–1853), the foremost American piano manufacturer before the emergence of the Steinways. By revolutionizing the way in which pianos were made, Chickering—with the help of others—turned a modest craft operation into a major industrial enterprise. Yet, Kornblith contends, he remained true to the craftsman's goal of artistic excellence and won the respect of his employees as well as of the public at large. By the force of his example, Chickering contributed to the acceptance of technological change within the trade and, more broadly, to the legitimation of industrial capitalism within American culture.

In this article. Professor Baum reports on recent research into the annuity markets of late medieval German Hanse towns. While historians traditionally have considered annuities an essentially noncommercial form of credit, Baum takes a different approach. Considering the annuity market as an economic institution, he describes its function as an instrument of credit and offers some speculations about how his conclusions modify our traditional view of the late medieval economy.

The history of management-labor relations has in recent years become a central concern for business historians. In this article, Dr, Rodger and Mr. McKenna consider management-labor relations in the British building industry in the years preceding the First World War. They demonstrate that a variety of factors—not the least of which being the industry's notorious volatility—constrained management's ability to discipline the work force, and conclude that whatever success it attained proved transitory, accompanied as it was by the advent of government-financed municipal housing.

Sensing the opportunity to reap great profits by selling fruit to hungry urban consumers back East, nineteenth-century entrepreneurs flocked to California to establish commercial orchards and citrus groves. Invasions of fruit pests, however, threatened years of investment and patient cultivation, and made the public wary of the uneven quality of California fruit. In this article, Mr. Seftel describes how fruit growers organized and called on government to check the menace. Between 1880 and 1920, orchard owners created an elaborate regulatory network, linking local, state, federal, and academic institutions with their enterprise. These fruit-growing capitalists came to believe that only compulsory compliance with government-enforced pest control regulations could ensure their success. During these four decades, the growing horticultural bureaucracy helped transform California fruit growing from an entrepreneurial venture of uncertain promise into the state's second largest industry.

The disintegration of the tobacco trade in the Upper Plata of the 1800s provides a striking example of economic progress hindered by political conflict—a common occurrence in Latin American history. The exportation of tobacco from this interior region created a focus for a coherent and relatively successful commercial infrastructure during the late colonial era. The post-independence regimes could not, however, create the stability necessary for the growth and maintenance of the tobacco trade. In this article, Dr. Whigham analyzes the balance between economic interests and political constraints in the Upper Plata between 1780 and 1865, and demonstrates how these factors interacted to disrupt the potential for a sizable commerce in tobacco.

Although the American contribution to business education is well-known, that of other nations has been largely overlooked. In this article, Professor Locke reviews the very different history of business education in Germany, which he traces from its early twentieth-century origins to the present. He concludes that, while the German model no longer has the international reputation it did before World War II, it continues to promote solid economic growth.

In this article Mr. Secada analyzes the origins of W. R. Grace and Company and its rise as a dominant actor in Peruvian economic history. He attributes this ascendancy primarily to the arms trade in which Grace engaged on behalf of the Peruvian government during the War of the Pacific (1879–84). Grace's early status as an intimate of the dominant Peruvian elite, its deft manipulation of its ambiguous position as an American shipping house, its imaginative construction of a nascent intercontinental trading network utilizing both sea and rail transport, and its willingness to invest its own capital in the development of potential product lines—all served to catapult the firm within a period of thirty years into a powerful trading house and foreign investor in Latin America.

With the recent publication of David S. Landes's Revolution in Time (1983) the business of clockmaking has begun to receive the scholarly attention that its historical significance warrants. In this finely etched case study, Mr. Davies draws on a remarkable business record—Samuel Roberts's Register of Clocks—to document a previously obscure chapter in the history of this frequently neglected business: the crafting, sale, and distribution of grandfather clocks in eighteenth-century rural Wales. And if, as Landes contends, “the consumption of timepieces may well be the best proxy measure of modernization,” then Davies's study illuminates a key development in the rise of the modern world.

The 1906 Food and Drug Act is widely believed to be an early example of federal legislation designed entirely to protect consumers. Professor Wood shows that in fact many Progressive Era food and drug manufacturers had substantial interests in achieving passage of such a law and that they worked actively toward this end. In particular, the desire of businesspeople to secure advantage over domestic competitors and to expand markets to interstate and foreign commerce played a significant role in businesses' support for federal food and drug regulations. The article shows that the strategic use of public policy by business—a relatively recent development in theories of business-government relations—is by no means a new development in practice.

While it lost some five million dollars operating in Mexico between 1824 and 1849, the British Real del Monte Company conducted its business without major interruption from the political turbulence that characterized the new nation. In this article, Professor Randall shows how the company finessed most of the political risk that it potentially faced by keeping administrative distance between itself and the ever-changing central governments and by conducting political relations at the local level as community relations. Despite business rivalries with mine owners, labor-management conflict, and incidents of individual and institutional friction, the English firm and the Mexican town of Real del Monte generally maintained positive community relations. Accommodation as much as conflict accompanied foreign penetration into newly independent Mexico.

Thomas Edison's achievements as an inventor-entrepreneur tend to overshadow the fact that his knowledge and interests extended well beyond the applied sciences. In 1891, a crucial and busy year of his life, Edison took time to set forth his views on one of the most important issues of the day, government regulation of business. Edison's notebook remained almost untouched for nearly one hundred years until Professor Rubin began a careful examination of its contents. His editing and annotation of the manuscript reveal the considerable depth of Edison's intellect and his capacity to probe economic issues in the same thorough manner with which he approached research problems in the laboratory.

In this article Dr. Jones traces the history of the Gramophone Company—an early British multinational—between 1898 and 1931. Drawing on hitherto untapped archival sources, he provides a detailed narrative of the firm's history while at the same time placing it within the context of British multinational expansion as a whole. Of particular interest is his discussion of the firm's “special relationship” with the American-based Victor Company—a relationship that demonstrates how restrictive international agreements could affect the dynamics of multinational growth.

The oil industry in Nazi Germany provides an excellent focus for studying the interplay between economics, politics, and government policy in the Third Reich. In this article, Mr. Stokes brings to this subject a comparative approach, making comparisons both within the oil industry and with the industry's major industrial counterparts. He concludes that a variety of factors—including the degree of shared interest between individual firms and the government, the size and concentration of a firm's production facilities, and the political position of key firm personnel—explain the success as well as the eventual collapse of a given industrial sector.

In this note on the history of automobile distribution methods in the United States, Dr. Marx examines the development of franchised dealerships. He traces the changes in the nature of consumer demand and the growing complexity in relations between manufacturers and their sales force that led to the predominance of the independent dealer franchise in the automobile “distribution channel.”

Enrique C. Creel was Mexico's leading banker, an innovative industralist, venture capitlist, and representative of the nation's largest land and cattle owner; he was also the political boss of the state of Chihuahua and the key conciliator of the conflicting intersts of the north and the national regime of dictator Porfirio Díaz. In this essay, Professor Wasserman describes Creel's activities, showing how he and his family built the greatest business empire in Mexico before 1910, survived the decade-long destruction of the revolution (1910–20), and rebuilt their empire in the 1920s. Better than any of his contemporaries, Creel combined managerial talent and vision with a mastery of the interplay of politics, regional interests, and foreign capital that comprised his economic entrepreneurship and the special nature of economic entrepreneurship and the intimate relationship between business and politics in pre-and post-revolutionary Mexico.