From its beginnings in sixteenth century southern Germany, Professor Landes traces the development of the personal timepiece industry to France, where the design of watches as items of personal adornment reached its peak; to England, where precision in timekeeping and rationalization of manufacture were developed to new heights; to Switzerland, where manufacture on a mass scale for a highly diverse market was attained; and, finally, to America, where the technique of assembling mechanical devices from precision-machined interchangeable parts was applied to watchmaking with the same success it had achieved in less demanding applications. He discusses the sociological factors that produced the Swiss industry in a region of seemingly little promise, and demonstrates how these factors made the Swiss more successful than the Germans, French, or English.

The rise of heavy industry and its managerial elite in the German Empire and in the United States provides stimuhting parallels and contrasts. Professor Spencer discusses the social constraints under which a professional management class developed in the German coal, iron, and steel industry during the generation before World War I. Ranking distinctly below the landed aristocracy and the governmental bureaucracy (both of which they would gladly have emulated), and preoccupied with the maintenance of order in the midst of rapid economic and social change, German managers used their power and influence to sustain and manipulate existing systems of authority, and came to play no broader role in the development of their commonwealth than did their American counterparts.

Do variations in the circumstances under which heavy industry was developed in different regions account for the kinds of “entrepreneurs” those regions attracted? In this note on his current research, Doctor Pierenkemper concludes that varying circumstances do, indeed, account for varying backgrounds of entrepreneurs, and offers evidence from two contrasting regions in early German heavy industry. He offers the further hypothesis that as circumstances affecting growth — such as finance, market stability, and the need for professional management — change, certain kinds of backgrounds may become more applicable while others become less so.