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According to some analysts, Schumpeter's theories of the transition of capitalism into socialism were ‘nearly right’ [10] except that he did not anticipate the collapse of socialism in Eastern Europe nor the role of technology to foster innovation and entrepreneurship in Western society beginning in the 1980s.
- Joseph Alois Schumpeter
- 1942
CAPITALISM, SOCIALISM AND DEMOCRACY When Joseph Schumpeter’s book first appeared, the New English Weekly predicted that ‘for the next five to ten years it will certainly remain a work with which no one who professes any degree of information on sociology or economics can afford to be unacquainted’. The prophecy has
Despite this disparity in age, and with no empirical indication of the newcomer’s practical viability, Schumpeter boldly proclaimed socialism the new order, while judging capitalism as doomed to extinction. The power of Schumpeter’s argument was immediately apparent to his con-temporaries.
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The heart of the book is in Parts II-IV, which deal with the prospects for the surviv- al of capitalism, the comparative merits of capitalism and socialism, and the relation between socialism and democracy. These are the most fundamental ques- tions which confront the postwar world, and in many countries they press for im- mediate decision.
Unlike Marx, Schumpeter did not want capitalism to be replaced by socialism, nor did he think this transition would be beneficial for the well-being of society.
In Joseph Schumpeter. In his widely read Capitalism, Socialism, and Democracy (1942), he argued that capitalism would eventually perish of its own success, giving way to some form of public control or socialism.
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Exactly nineteen years ago, Joseph Schumpeter stood before his colleagues in New York City and delivered what turned out to be his farewell address. It was entitled: The March into Socialism, and it was a reaffirmation of the great man's belief expressed in his book, Capitalism, Socialism, and Democracy, that capitalism would not survive.1 Schum?
