Schumpeter attributes the failure of austerity to two conjoined mechanisms: the substitution of the large conglomerate and the manager for the small firm and the entrepreneur and the collapse of the risk-taking culture that supported entrepreneurial activities. … By 1942 Schumpeter hadn't changed his tune, or his mind: he had simply lengthened the time frame and added in a few harmonies.

Mark Blyth, Austerity, loc. 346