112-3-516
Schumpeter's ability to see business straight would be reason enough to name our new business column after him. But this ability rested on a broader philosophy of capitalism. He argued that innovation is at the heart of economic progress. It gives new businesses a chance to replace old ones, but it also dooms those new businesses to fail unless they can keep on innovating (or find a powerful government patron). In his most famous phrase he likened capitalism to a "perennial gale of creative destruction".
For Schumpeter the people who kept this gale blowing were entrepreneurs. He was responsible for popularising the word itself, and for identifying the entrepreneur's central function: of moving resources, however painfully, to areas where they can be used more productively. But he also recognised that big businesses can be as innovative as small ones, and that entrepreneurs can arise from middle management as well as college dorm-rooms.

B. 어휘
rest on ...에 기초를 두다, 의지하다. innovation 혁신, 기술 혁신, 新制度(신제도).
replace 대체하다. doom 운명짓다, 운명을 정하다. phrase 名句(명구), 어구.
liken 비유하다. perennial 永續(영속)하는, 연중 계속되는, 多年生(다년생)의.
gale 강풍. blow 바람이 불다. entrepreneur 기업가.
popularise 대중화하다, 보급하다. identify 확인하다, 인정하다.
dorm=dormitory 기숙사.

112-4-517
Schumpeter was born in 1883, a citizen of the Austro-Hungarian empire. During the 18 years he spent at Harvard he never learned to drive and took the subway that links Cambridge to Boston only once. Obsessed by the idea of being a gentleman, he spent an hour every morning dressing himself. Yet his writing has an astonishingly contemporary ring indeed, he seems to have felt the future in his bones. The gale of creative destruction blew ever harder after his death in 1950, particularly after the stagflation of the 1970s. Corporate raiders and financial engineers tore apart underperforming companies. Governments relaxed their hold on the economy. The venture-capital industry exploded, the computer industry boomed and corporate lifespans shortened dramatically. In 1956-81 an average of 24 firms dropped out of the Fortune 500 list every year. In 1982-2006 that number jumped to 40. Larry Summers, Barack Obama's chief economic adviser, argues that Schumpeter may prove to be the most important economist of the 21st century.

A. 어휘
empire 帝國(제국). obsess 강박관념에 사로잡히다, 달라붙다.
dress 옷을 입다. astonishingly 깜짝 놀랄 만큼.
contemporary 同時代(동시대)의. ring 울림, 음색, 우렁찬 소리.
gale 강풍. creative destruction 창조적 파괴. corporate 법인 조직의.
raider 침략자, 현장급습경관. Corporate raiders 기업사냥꾼들.
tear-tore-torn 찢다. hold 掌握(장악).
lifespan 壽命(수명). firm 회사. adviser 顧問(고문).