Schumpeter pointed to the decline of a particular class of entrepreneurs. This reflected a change in the structure of global capitalism, and especially American capitalism, in the 1930s and 1940s. Partly as a result of the advance of socialist planning and the ideological conflict between socialism and capitalism, there was a growing consensus around large-scale, macroeconomic management and planning. Expanding bureaucracies in both the public and the private sector undermined the previous role of individual entrepreneurship and family firms, which Schumpeter had originally led to expect society to become more entrepreneurial. At the microeconomic level, the modernization theme was mirrored by the new theory of the firm in the discipline of management and economics. Replacing the individualism of entrepreneurship, scholars pointed to the largescale organizational dimension and complex management requirements of the multi-divisional business organization, or what Alfred Chandler in 1962 called the "M form." In line with a view to the distribution of responsibility, the secret of economic progress lay not in individualism and entrepreneurship but in management coordination and the cooperation of employees.

Dieter Plehwe, Quinn Slobodian & Philip Mirowski (eds.), Nine Lives of Neoliberalism, loc. 271