Excerpt from The Renewal Process and Obstacles to Invation I. Introduction This paper is concerned with maturity of business organizations and the process of renewal. So the question comes to mind as to whether maturity is inevitable, and whether the laws of human physical maturity and eventual decline and extinction also apply to business organizations. We must ask ourselves: Are we possibly ascribing to business organizations attributes which apply to ourselves, and thus constraining our creativity and the growth of our organizations? If so, the maturity of business firms and industries would be thing more than an extension of our physiological limitations and a self-confirming expectation. II. The Evolution of Firms and Industries One of the greatest inventions in the history of mankind has been the corporate form of business organization. By use of this arrangement, financial resources far in excess of what a founder-entrepreneur and his/her family possess can be made available to the firm, making possible the realization of ecomies of scale, and the expansion of products as well as markets. Far and beyond all these benefits, however, the corporate form of business organization has provided a medium for the perpetuation of the firm and the creativity that drives it. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art techlogy to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.