Thomas K. McCraw

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The Immigrants Who Built America’s Financial System

In The Founders and Finance, Harvard Business School business historian Thomas McCraw lays out in fascinating detail how immigrants Alexander Hamilton and Albert Gallatin became essential to the nation's survival. Open for comment; 6 Comments posted.

Sharpening Your Skills: History Matters

Business history is a rich source of knowledge and inspiration for today's executives. Do we pay enough attention to the past? Here are four Working Knowledge articles that provide lessons from history about leaders, leadership, and business organization. Read More

Rediscovering Schumpeter: The Power of Capitalism

Economist Joseph Schumpeter was perhaps the most powerful thinker ever on innovation, entrepreneurship, and capitalism. He was also one of the most unusual personalities of the 20th century, as Harvard Business School professor emeritus Thomas K. McCraw shows in a new biography. Read our interview and book excerpt. Read More

Dividends from Schumpeter’s Noble Failure

Before influential Harvard economist Joseph Schumpeter wrote the seminal Capitalism, Socialism and Democracy, there came the difficult-to-digest Business Cycles. Although the book was a failure, professor Thomas K. McCraw, who has written a forthcoming Schumpeter biography, believes Business Cycles developed Schumpeter's thinking on capitalism and ultimately changed the practice of business history. Excerpted from Business History Review. Read More

It Came in the First Ships: Capitalism in America

The Virginians in Jamestown, the Puritans in Massachusetts Bay, the Quakers in Pennsylvania and other early settlers of what later became the United States all brought with them elements of capitalism, precursors of the future nation's market-driven direction. In this excerpt from his article "American Capitalism" in Creating Modern Capitalism: How Entrepreneurs, Companies, and Countries Triumphed in Three Industrial Revolutions, HBS Professor Thomas K. McCraw looks at the early years of capitalism on the North American continent. Read More