Source: Newsweek
Mar 30, 2009
The story of American capitalism is, among other things, a love-hate relationship. We go through cycles of congratulation, revulsion and revision. Just when the latest episode of revulsion and revision began is unclear. Was it when Lehman Brothers failed? Or when General Motors pleaded for federal subsidies? Or now, when AIG's bonuses stir outrage? No matter. Capitalism is under siege, its future unclear.
Joseph Schumpeter, one of the 20th century's eminent economists, believed that