Business Cycle and Capitalism,Schumpeter vs Marx

Abstract

smaller oscillations), which occurs in no earlier period of hurnan history, was also impossible in the childhood of capitalist production. . . We begin to witness that ever-recurring cycle only when mechanized industries thrust their roots deeply in the national economy and began to have over(cid:631)vhelming influence upon it, and through such development foreign trade acquired more prominence over internal commerce, Ieading to the extension of world market over wide areas of America, Asia, and Australia, and also when the number of mutually competing industrial nations grew fairly large."