HIST363: Global Perspectives on Industrialization

Although not well received when Joseph Schumpeter initially published his work, by the early twenty-first century the tide had changed. He was described as "today's hottest economist," in a 2000 issue of Business Week, citing his "prescient analysis" of the role of technology in the free economy. Schumpeter has become a protagonist of the mainstream, not in academic economics ("standard textbook economics"), but in economic policy, management studies, industrial policy, and the entire area of innovation. In fact, the concept of entrepreneurship cannot be fully understood without his contributions.

The European Union's innovation program, and its main development plan, the Lisbon Strategy, are based on Schumpeter's theories and ideas.