Americans, Swedes, and the Alchemy of Innovation

Stockholm Photograph by Davide Monteleone/Contrasto/Redux

From the steam engine to the Internet, innovation has been the driver of rising living standards in capitalist countries. Economist Joseph Schumpeter wonderfully captured the role of innovation in a capitalist economy: “The fundamental impulse that sets and keeps the capitalist engine in motion comes from the new consumers’ goods, the new methods of production or transportation, the new markets, the new forms of industrial organization that capitalist enterprise creates.”

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