> ... and use high surplus returns to fund fundamentally expensive innovation
We might still see examples of this, but in the more than 70 years since Schumpeter developed his theories, the financial sector as well as state spending (military budget, infrastructure, public research, pension funds, etc.) expanded a lot. So there are many other sources for large capital needs available today.
We might still see examples of this, but in the more than 70 years since Schumpeter developed his theories, the financial sector as well as state spending (military budget, infrastructure, public research, pension funds, etc.) expanded a lot. So there are many other sources for large capital needs available today.