![]() ![]() Summers, former Secretary of the Treasury "Schumpeter gave us stunning insights into how the world really works. The entrepreneurial spirit that Schumpeter recognized in the early twentieth century will continue to drive the American economy in the twenty-first century." -Lawrence H. ![]() One of Schumpeter's most important contributions was the emphasis he placed on the tremendous power of innovation and entrepreneurial initiative to drive growth through a process he famously characterized as 'creative destruction.' His work captured not only an economic truth, but also the particular source of America's strength and dynamism. "The most important economist of the twenty-first century might actually turn out to be not Adam Smith or Keynes, but Joseph Schumpeter. McCraw, Capitalism, Socialism and Democracy is essential read-ing for anyone who seeks to understand where the world economy is headed. Now featuring a new introduction by Pulitzer Prize-winning Schumpeter biographer Thomas K. ![]() Schumpeter introduced the world to the concept of "creative destruction," which forever altered how global economics is approached and perceived. Friedman, Foreign Policy In this definitive third and final edition (1950) of his masterwork, Joseph A. "Joseph Schumpeter's classic Capitalism, Socialism, and Democracy explains the process of capitalism's "creative destruction"-a key principle in understanding the logic of globalization. ![]()
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