Austrian economist Joseph Schumpeter coined the term
creative destruction to:
a. describe how market systems progress by developing new products that sweep away old products.
b. condemn the harmful effects of capitalism in Europe.
c. celebrate the achievements of capitalism in Europe.
d. persuade governments to take a more active role in the economy.
Question 2
Historian Niall Ferguson argues that London, rather than Paris,
emerged as the epicenter of world capitalism in the eighteenth century because:
a. it had better access to major sea routes.
b. England was a protestant country with a strong protestant ethic while France was Catholic.
c. England had more coal and iron ore needed for industrial development.
d. England had rules more supportive of markets.
Austrian Pinscher
Joseph Banks
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