Review: I. Light and L. P. Dana, L. P., Entrepreneurs and Capitalism since Luther: Rediscovering the Moral Economy, Lexington Books, 2020

Abstract

The book provides an overview of the history of business,capitalism, and entrepreneurship from Martin Luther toDonald Trump in order to highlight the role of social andcultural capital in encouraging business activities. The Authors,Ivan Light and Léo-Paul Dana, examine the availabilityof social and cultural capital through the analysis ofsix case studies that illustrate how these forms of capitalhave evolved from capitalism’s early stages to today. Fromthe analysis emerges that, in capitalism’s early stages, entrepreneurshipwas mainly driven by social capital, connectionswere essential to encourage and legitimize businessactivities; conversely, when capitalism was well established,cultural capital became crucial for entrepreneurshipthan social capital. Finally, Light and Dana concluded that,to date, the most persistent entrepreneurs are those who retainstrong social capital in terms of community ties; incontrast, if lacking social capital, elite entrepreneurs relyon money.