Schumpeter

"Schumpeter’s words can indeed be borne out by Taiwan’s economic development over the past half century. Mr. Wang Yung-ching of the Formosa Plastics Group represents the takeoff era’s need to pay attention to every detail of management; Mr. Zhang Zhongmou of TSMC represents the grand strategy and outstanding talent displayed in the high-tech era."

"Such reinvention is quite common, as are the associated, and often unfair, castigations of the incumbent’s management failures. “The gales of destruction” was Schumpeter’s"

"In his seminal work, Capitalism, Socialism and Democracy, the Austrian-American economist and social theorist pessimistically predicted that the leaders of the free market would allow themselves to be converted to a creed hostile to their own existence because they would be unable to articulate a moral basis for free enterprise. In Washington, I became convinced that Schumpeter was right. America’s leading colleges and universities—the training ground for America’s leaders—were increasingly pro-socialist, pro-government regulation, and anti-capitalist in their philosophy, direction, and mission"

"broke new ground, advancing the frontiers of knowledge. However, my heroes are entrepreneurs. I subscribe to the ­Schumpeter school of economics in which the entrepreneur, the agent of innova- tion, is the hero. It is the entrepreneur who propels economies forward. The genius of entrepreneurs, as Schumpeter argued, is their capacity to"