In 1942, Schumpeter published Capitalism, Socialism, and Democracy, which was reprinted and translated many times. It was his most successful book by a wide margin.... McCraw thinks of it as a landmark of twentieth-century social science... I do not think it comes close to being that important; but I have to admit that I have a general distrust of ambitious, overarching attempts to capture a whole socioeconomic system in a few grand generalizations.
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