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Schumpeter's Business Cycles as Business History

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  • McCraw, Thomas K.

Abstract

Business Cycles was Joseph Schumpeter's least successful book, measured by its professed aims and several other yardsticks. Yet the book has two vital aspects that have largely been overlooked. First, the prodigious research that went into its writing caused a significant change in Schumpeter's thinking about capitalism. It moved him to a more historical and empirical approach that shaped nearly all his subsequent work. And second, much of the book constitutes a preview of modern, rigorous business history. This article explores both of these elements—not in the spirit of rescuing a neglected classic, because the book is not a classic. Instead, Business Cycles is a noble failure that paid unexpected dividends both to the author and to scholarship.

Suggested Citation

  • McCraw, Thomas K., 2006. "Schumpeter's Business Cycles as Business History," Business History Review, Cambridge University Press, vol. 80(2), pages 231-261, July.
  • Handle: RePEc:cup:buhirw:v:80:y:2006:i:02:p:231-261_03
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    Cited by:

    1. Pies, Ingo, 2012. "Theoretische Grundlagen demokratischer Wirtschafts- und Gesellschaftspolitk: Der Beitrag von Joseph A. Schumpeter," Discussion Papers 2012-14, Martin Luther University of Halle-Wittenberg, Chair of Economic Ethics.
    2. Mary O'Sullivan & Margaret B. W. Graham, 2010. "Guest Editors' Introduction," Journal of Management Studies, Wiley Blackwell, vol. 47(s1), pages 775-790, July.
    3. Mary A. O'Sullivan, 2022. "History as heresy: Unlearning the lessons of economic orthodoxy," Economic History Review, Economic History Society, vol. 75(2), pages 297-335, May.

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