who propounded entrepreneurship as a theory of business
Joseph Schumpeter Schumpeter's relationships with the ideas of other economists were quite complex in his most important contributions to economic analysis â€“ the theory of business cycles and development. Following neither Walras nor Keynes, Schumpeter starts in The Theory of Economic Development[26] with a treatise of circular flow which, excluding any innovations and innovative activities, leads to a stationary state. The stationary state is, according to Schumpeter, described by Walrasian equilibrium. The hero of his story is the entrepreneur.
World-systems theory Immanuel Wallerstein has developed the best-known version of world-systems analysis, beginning in the 1970s.[5][6] Wallerstein traces the rise of the capitalist world-economy from the "long" 16th century (c. 1450–1640). The rise of capitalism, in his view, was an accidental outcome of the protracted crisis of feudalism (c. 1290–1450).[7] Europe (the West) used its advantages and gained control over most of the world economy and presided over the development and spread of industrialization and capitalist economy, indirectly resulting in unequal development.[2][3][6]