Schramm, Carl. "Schumpeter's Moment." The Wall Street Journal Europe. May 29, 2009.

Excerpt:

We continue to be in the middle of a frightening economic drama, one that is putting the core tenets of modern capitalism at the center of the global debate. That is an important debate to have, considering that the fundamental assumptions of modern economics — that governments have appropriately designed counter-cyclical tools, that central banks are omnipotent, that the business cycle has been tamed and that our securities markets have finally rationalized risk — have been shattered.

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The Wall Street Journal Europe