Faculty
Alfred Reckendrees, Associate Professor

Course Coordinator
Søren H. Jensen

English proficiency is required; exams are taken in English. The course requires a general knowledge of basic theories from economics and from business studies.

The overall objectives of the course are to develop a general knowledge and understanding of the development of capitalism with particular emphasis on four major economies and Denmark and to discuss their respective characteristics. The course demonstrates that there is more than one route to economic development and how institutional arrangements, culture and history have shaped a variety of capitalisms.

The students will, firstly, critically discuss theoretical key contributions from economics and business studies on entrepreneurship and economic change. These concepts include cluster and network theories, entrepreneurial theory, New Institutional Economics and the varieties of capitalism approach; they will be provided through reading and discussion of accessible texts by leading experts in the fields.

Using elaborated case studies, the students, secondly, relate the theories to empirical cases. The focus point of the comparative analysis is the micro level of the company in its respective institutional environment. At the company level the cases of Wedgwood, Rolls-Royce (UK), Thyssen, Deutsche Bank (Germany), Ford and General Motors, IBM (USA), Toyota, 7-Eleven (Japan), Arla and Carlsberg (Denmark) will be analyzed. By means of case study discussion the students evaluate the explanatory quality of the theories in question and they deepen their understanding of strategic decision making in changing environments.

Based on the reading of approx. 750pp., blended teaching methods are used: Lectures combined with classroom discussions, case discussions, group discussions and short student presentations.

The students improve their knowledge of relevant economic and business theories and their skills in analyzing specific business cases as well as in generalizing business economical developments. They learn to identify and to analyze the roles of entrepreneurs, companies and the state as well as of institutional frameworks for economic development and strategic decision making. Furthermore, the students enhance their capacity to apply theoretical concepts in order to explain empirical economic and business development. By comparative analysis of business firms, business system and societies, they also advance their inter-cultural competences and historical knowledge.

In order to achieve Grade 12 (7 point scale) the students must be able to:

- prove evidence of a comprehensive knowledge of the empirical cases

- demonstrate a high level of command of the theories and concepts from the syllabus

- apply theories and concepts thoroughly on the case studies

- analyze a case from different theoretical perspectives

- discuss the case or problem in a comprehensible, precise and structured manner

4 hour written exam, open book with use of pc

Thomas McCraw (ed.), Creating Modern Capitalism. How Entrepreneurs, Companies, and Countries Triumphed in Three Industrial Revolutions, Cambridge: Harvard University Press 1997 (pages to be read ca. 540).

Susanna Fellman et al. (eds.), Creating Nordic Capitalism. The Development of a Competitive Periphery, London: Palgrave MacMillan 2008, pp. 263-391.

Theoretical texts will be provided in a compendium.