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Prophet of Innovation.(Prophet of Innovation: Joseph Schumpeter and Creative Destruction)(Brief article)(Book review)
In 1939, the economist Joseph Schumpeter wrote that "the history of capitalism is studded with violent bursts and catastrophes" that, while ultimately bettering society, seem "like a series of explosions." He called this process "creative destruction," a phrase that, McCraw writes, aptly describes Schumpeter's own course. After a series of dramatic turns (including stints as Austrian finance secretary and investment adviser to an Egyptian princess, and a ...
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