Capitalism, Socialism and Democracy
Capitalism, Socialism and Democracy
Joseph A. Schumpeter
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- Publisher: Atlantic Publishers and Distributors (P) Ltd
- Publisher Imprint: Peacock Books
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- Pages: 528
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About The Book
“As a matter of practical necessity, socialist democracy may eventually turn out to be more of a sham than capitalist democracy ever was...”
Capitalism, Socialism and Democracy presents a captivating analysis of the dynamic forces shaping modern economies and societies. It explores the tensions between capitalism and socialism with remarkable insight, offering a nuanced examination of their respective strengths and weaknesses. Published amidst the tumultuous backdrop of the mid-twentieth century, this book remains a timeless exploration of economic systems and their implications for democracy. Its pioneering ideas on creative destruction, entrepreneurship and the inevitability of change continue to resonate with contemporary scholars and policymakers, shedding light on the intricate interplay between economics, politics and social progress.
"...[its] diagnosis and prognosis appear remarkably astute."
—The New York Times
"...continues to puzzle and provoke readers-to make them think, to question their own perceptions measured against their own ideologies and to wonder about the author's intentions."
—Economic History Association
About The Author
Joseph Alois Schumpeter (1883–1950) was a prominent Austrian
political economist known for his influential contributions to
economic theory. Born in Triesch, Habsburg Moravia (now Třešť,
Czech Republic), he considered himself an ethnic German, and his
father’s death at a young age shaped his early life. Schumpeter
received his doctoral degree from the University of Vienna and
embarked on an academic career, teaching at various universities. He
taught at Columbia University from 1913 to 1914, marking a high
point in his career. He became Minister of Finance in the Republic of
German-Austria in 1919, proposing innovative solutions to address
war debt. Financial difficulties in the early 1920s led to his resignation
from banking positions. Schumpeter’s academic journey continued
with a chair at the University of Bonn until 1932. He later moved to
the United States, becoming a professor at Harvard University in
1932, where he developed a reputation for his distinctive teaching
style and engaged with students extensively. While at Harvard,
Schumpeter faced challenges, including opposition to his views on
Marxism and Socialism. Nevertheless, he persisted in his work,
publishing his renowned book Capitalism, Socialism and Democracy
in 1942, which shot to popularity. Schumpeter’s ideas, including the
concept of ‘creative destruction’, left an enduring impact on
economic thought, solidifying his status as one of the most influential
economists of the early twentieth century.
Noteworthy works by Joseph A. Schumpeter:
Professor Clarks Verteliungstheorie (1906)
The Nature and Essence of Theoretical Economics (1908)
On the Concept of Social Value (1909)
The Sociology of Imperialism (1919)
Ten Great Economists: From Marx to Keynes (1951)
Imperialism and Social Classes (1951)
Economics and Sociology of Capitalism (1991)