Barriers and Opportunities for Entrepreneurship in Older Industrial Regions

Abstract

Manufacturing served as the main source of economic activity in many of the cities of the Midwest until its decline led to the creation of the term “Rust Belt. ” While entrepreneurship offers the promise of economic growth, Midwest regions need assistance to foster a sustainable entrepreneurial ecosystem and launch new businesses. Postwar prosperity was built on the production of goods needed to satisfy pent-up demand from Americans, who wanted to improve their lives after World War II, and demand from Europe and Asia, where the populations were physically rebuilding their countries. This period of economic growth was concentrated in several leading indus-tries—automobiles, steel, aluminum, tires, and chemicals—each with large dominant companies with signifi cant market shares. The role of small businesses and entrepreneurship was diminished during the post-war decades; small companies were found to be less productive and innovative than larger corporations, and they offered lower wages. The

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