See Paul Samuelson, "Schumpeter as an Economic Theorist" in *Schumpeterian 
Economics*, ed. Helmut Frisch.  NY: Prager Publishers, 1981: 15 
 
In a  a presently unpublished paper on the Schumpeter/Hayek debate, 
Riccardo Bellofiore has concentrated on bank credit as the *differentia 
specifica* of capitalism in Schumpeter's theory.  He argues: 
"...Hayek...failed to recognize the existence of an in-built element of 
planning within capitalism as essential to the working of entrepreneurial 
competition.  The notion of a totally unplanned economy, an economy that 
dispenses with the 'central' planning by banks (and government), seems to 
be an impossible dream, a Utopia which destroys actual capitalism."  
Bellofiore also argues: "...it is striking how much of the economic policy 
blueprint put forward in Schumpeter's writings of the twenties--with his 
stress on credit rationing and selection, industrial policy, state support 
in foreign competition--reminds of the Japanese and South Korean economic 
miracles."   
 
I am sorry that I do not have publication information for this paper.   
 
 
Rakesh Bhandari 
Ph.D. Candidate 
Group in Ethnic Studies 
University of California, Berkeley