Capitalism, Socialism and Democracy by Joseph SchumpeterCapitalism, Socialism and Democracy remains one of the greatest works of social theory written this century. When it first appeared the New English Weekly predicted that for the next five to ten years it will cetainly remain a work with which no one who professes any degree of information on sociology or economics can afford to be unacquainted. Fifty years on, this prediction seems a little understated.
Why has the work endured so well? Schumpeters contention that the seeds of capitalisms decline were internal, and his equal and opposite hostility to centralist socialism have perplexed, engaged and infuriated readers since the books publication. By refusing to become an advocate for either position Schumpeter was able both to make his own great and original contribution and to clear the way for a more balanced consideration of the most important social movements of his and our time.
Capitalism, Socialism and Democracy
Joseph A. Schumpeter, Capitalism, Socialism and Democracy. Of course it does. Has there been a more penetrating analyst of capitalism than Joseph Schumpeter? No, I do not think there has.
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I do not think it can. One might think, on the basis of the quote, that Schumpeter was a Marxist. Marx believed that capitalism would be destroyed by its enemies the proletariat , whom capitalism had purportedly exploited, and he relished the prospect. And unlike Marx, Schumpeter did not relish the destruction of capitalism. It is also a sparkling defense of capitalism on the grounds that capitalism sparks entrepreneurship. Indeed, Schumpeter was among the first to lay out a clear concept of entrepreneurship.
Capitalism, Socialism and Democracy is a book on economics and on other levels, on sociology and history by Joseph Schumpeter , arguably the most or one of the most famous, debated and important books by Schumpeter,     and one of the most famous, debated and important books on social theory , social sciences and economics,  in which he deals with capitalism , socialism and creative destruction. First published in , it is largely unmathematical compared with neoclassical works, focusing on unexpected, rapid spurts of entrepreneur-driven growth instead of static models. It is the third most cited book in the social sciences published before , behind Marx's Capital and The Wealth of Nations by Adam Smith. Schumpeter devotes the first 56 pages of the book to an analysis of Marxian thought and the place within it for entrepreneurs. Noteworthy is the way that Schumpeter points out the difference between the capitalist and the entrepreneur, a distinction that he claims Marx would have been better served to make p.
Schumpeter himself cannot be called a member of the Austrian School but he emerges from within its culture and among its leading thinkers. Schumpeter went his own way with an eclectic and unsystematic theory of economics. But he is second to none in the integration of social, political, and economic thought. He understood Marxism and capitalist theory as well as any of his contemporaries, and managed to keep enough distance from the affair of the day to observe the big trends and the dynamics pushing them. It was written in and its importance has grown year by year to the point that no student of the liberal society can afford not to read and master this treatise.