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The best example of an institutional value is entrepreneurship in America.
When a value is institutionalised, it yields the greatest benefit to the community.
All nations in Europe became nation states in the 19th century. Patriotism was the dominant emotion. Everyone was eager to die for his nation. Before the First World War, it was said the 40 years of peace created a tension in the nerves of the population across the nation. They were itching to fight. No wonder war broke out.
When Europe delighted in fighting, America delighted in production and that too organised production. They were fighting poverty. They had 34% of world’s production while Britain and Germany claimed 7% and 5%. How was this miracle possible? Even the US population at that period was not greater than that of Britain or Germany.
One value institutionalised is equal to two or three values organised. We do not have a scale to measure and compare the efficiency of organisation and institution.
America started not as a nation, not even as a cohesive community. Americans rushed to places where lands were available, gold was found or higher pay was offered. Nothing bound them to the soil. They came to America uprooting themselves from their native lands.
It was not family, not neighbourhood, not the native place that kept them to one place, for they had none of them. It was opportunity that beckoned.
He who goes after an opportunity is an adventurer, a higher state than the entrepreneur. When a man settles in a god-forsaken place, by definition, he is an entrepreneur.
- Thus entrepreneurship has come to stay in America.
- It has touched all walks of life. Many students earn their tuition by working part time, an apprenticeship in entrepreneurship.
- Circumstances compelled them to venture on their own.
- In America, employment in the government is a last resort, whereas in India it is still a coveted possession. To fill the positions of 200 officers in the Indian Administrative Service each year, 400,000 applicants take the exam, which shows the popularity of a government job.
Entrepreneurship is the most valuable source for national production, not government planned production. As entrepreneurship has been institutionalised in America since its founding, it is no wonder that she excels in productive wealth.