The Open UniversitySkip to content

Beyond strategy: a critical review of Penrose’s ‘single argument’ and its implications for economic development

Blundel, Richard (2015). Beyond strategy: a critical review of Penrose’s ‘single argument’ and its implications for economic development. European Journal of the History of Economic Thought, 22(1) pp. 97–122.

Full text available as:
PDF (Accepted Manuscript) - Requires a PDF viewer such as GSview, Xpdf or Adobe Acrobat Reader
Download (171Kb) | Preview
DOI (Digital Object Identifier) Link:
Google Scholar: Look up in Google Scholar


This paper offers a critical review of the ‘single argument’ that underpins Penrose’s (1959) study, The Theory of the Growth of the Firm (TGF) It aims to complement and counter-point recent examinations of Penrose’s influence on strategic management, and on the resource-based view (RBV) in particular, including Jacobsen’s (2011) study. The paper examines six components of the argument, tracing their inter-connected journey towards TGF’s relatively neglected final chapters, which address the economic consequences of the growth of large firms. It also reflects on the implications for economic development research, with reference to Penrose’s later (1992) critique of contemporary liberalisation policies.

Item Type: Journal Article
Copyright Holders: 2013 Routledge
ISSN: 1469-5936
Keywords: Edith Penrose; firms; growth; economic development
Academic Unit/Department: Faculty of Business and Law (FBL) > Business
Faculty of Business and Law (FBL)
Interdisciplinary Research Centre: Innovation, Knowledge & Development research centre (IKD)
Related URLs:
Item ID: 34242
Depositing User: Richard Blundel
Date Deposited: 28 Aug 2012 12:52
Last Modified: 05 Oct 2016 15:30
Share this page:


Scopus Citations

Download history for this item

These details should be considered as only a guide to the number of downloads performed manually. Algorithmic methods have been applied in an attempt to remove automated downloads from the displayed statistics but no guarantee can be made as to the accuracy of the figures.

▼ Automated document suggestions from open access sources

Actions (login may be required)

Policies | Disclaimer

© The Open University   + 44 (0)870 333 4340