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CUNY Institute for Virtual Enterprise

One Bernard Baruch Way (55 Lexington Ave. Suit 2-140).
New York, NY 10010

P: 646-312-4790
F: 646-312-4781

Virtual Enterprise

What is VE?

:: News & Events :: Introduction :: Overview :: VE World History :: VE at CUNY History ::
:: Learning Outcomes :: Student Workbook :: Evaluation of Virtual Enterprise ::
:: Summer 2014 Faculty Development Seminar ::

Where is VE?

:: IVE Global Collaborative :: Partner VEs ::

VE World History

VE has a venerable educational history and background. Practice Firms created "…to provide practical commercial education in the form of realistic exercises," date back to at least the 17th century. In Vienna, a Musterkontor an educational enterprise, or practice firm, was integrated into the curriculum of the Commercial College. (Korbmacher, 1989). These firms originated as a part of the apprenticeship movement in the German speaking countries of Europe. By the middle of the 18th century, these practice firms had developed business simulations consistent with the industrial development of the period. "The teacher allows them to choose a method with which to deal with the matter themselves, so that the whole course is permanently represented by a draper, a commissioner, a forwarding agent, etc. Each is provided with fictitious money, goods and other effects which form the foundation on which to carry out transactions." (Karl Friedrich Bahrdt, 1776).

The modern VE has its roots with the birth of the modern information economy and technology based applications some twenty-five years ago. In Germany, Austria and Denmark, the practice firm concept was updated to provide a construct that would provide an interactive business experience for all college and high school students. The concept was also used as a strategy in workforce development by these three pioneering countries. Today VE's in some form, are parts of the national educational curriculum in each of these countries. With the development of the European Union and trends toward a global economy, VE's quickly spread into every European country. Today, the founding triad of countries hosts 1,800 VE's, with another 1,000 firms in Great Britain, Netherlands, France, Czech Republic, Switzerland, Spain, Portugal, Greece, Italy, Finland, Norway, Sweden, Ireland, Hungary, Slovenia, Slovak Republic, Russia, Poland, Ireland, Belgium, Latvia, Lithuania, Estonia, etc. Each of the European countries developed a Central Office to regulate and access and transactions between their various firms and to create virtual financial instruments and a virtual bank for the processing of transactions. In 1998, Europen, a consortium of central offices was created as a separate coordinating entity.

The VE movement has taken on global proportions during the past decade with another 1,000 VE's located in China, Japan, Brazil, Argentina, Canada, Australia, and the United States among others. With the aforementioned distribution, the number of global enterprises exceeds 3,000 with a central office in each participating country.


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