The decline of socialist countries, the regulatory issues of developing countries, and the significance of entrepreneurial economic management for Western welfare development demonstrate the dependence of socio-economic development levels on entrepreneurial institutions. This work examines entrepreneurial development effects at both the action-theoretical and macro-sociological levels. It discusses the scope and limitations of Rational Choice in action theory, property rights theory, and neoclassical institutionalism. The explanatory power of Rational Choice is defined in confrontation with insights from economic psychology and the Protestant ethic of M. Weber. In the updated edition, the author reflects on this topic against the backdrop of current economic developments.