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The expression "creative destruction" was popularized by and is most associated with Joseph Schumpeter, particularly in his book Capitalism, Socialism and Democracy, first published in 1942. Already in his 1939 book Business Cycles , he attempted to refine the innovative ideas of Nikolai Kondratieff and his long-wave cycle which Schumpeter believed was driven by technological innovation. [ 23 ]
May 7, 2007 · Q: Capitalism, Socialism and Democracy is perhaps Schumpeter's best-known work. What makes it so rich and provocative even half a century later? A: Chapter 7, "The Process of Creative Destruction," is only 6 pages long, but it perfectly captures the essence of capitalism. The 2 chapters preceding and the 2 following it flesh out the argument.
- Schumpeter’s Roots in The Austrian School
- Schumpeter on Entrepreneurship and Dynamic Change
- The Non-Neutrality of Money as A Dynamic Element of Change
- Business Cycles and The Dynamics of Creative Destruction
- Schumpeter’s Fatalism and Sarcasm on The Coming of Socialism
- Schumpeter’s Wistfulness on The Passing of The Liberal Era
- Schumpeter as A Master of The History of Economic Ideas
- Schumpeter Left No “Schumpeterian” School
It was during his student days at the University of Vienna that he came under the intellectual influence of two of the leading members of the Austrian School of Economics, Eugen von Böhm-Bawerk (1851-1914) and Friedrich von Wieser (1851-1926). While already in his university days Schumpeter strayed from these “Austrian” roots, their personal impact...
But it was his 1911 volume, The Theory of Economic Development(English translation, 1934), that established for the rest of his life an international reputation as an original and creative thinker. Using as a starting point the “circular flow” of an economy in general equilibrium – the idea that all supplies and demands for consumer goods and the m...
As a complement to this theory of credit expansion to fund and transform production that carries with it a form of the business cycle, Schumpeter in 1918 published a long essay on “Money and the Social Product” in which he attempts to explain the determination of the value of money. But included in this analysis is an exposition of the inherent “no...
Schumpeter’s constant interest in monetary and business cycle matters was also shown in what he had clearly hoped would be recognized as a “masterwork,” his two-volume Business Cycles: A Theoretical, Historical and Statistical Analysis of the Capitalist Process, which appeared in 1939 (Vol. 1 and Vol. 2). At one level it was supposed to be his alte...
His book, Capitalism, Socialism, and Democracy, is also famous for another element as well: Schumpeter’s deep fatalism and pessimism that capitalism was doomed and socialism (in some form) was inevitable. He was clearly impressed and influenced by Karl Marx as a sociologist analyzing the tendencies and directions of capitalist society. But Schumpet...
In numerous places in his writings Schumpeter explains the classical liberal world before the First World War in words and phrases that clearly show his sadness of its passing and the arrival of variations on the social and economic collectivist themes. For instance, with a wistful nostalgia, Schumpeter explains in, “An Economic Interpretation of O...
Schumpeter also was a master of the history of economic ideas. In 1912, he published Economic Doctrine and Method, which though relatively brief in length (only 200 pages in the 1954 English translation), shows a breadth and depth of reading and insight that might be considered unusual for a young man of 29 years of age. He concisely and clearly su...
Schumpeter always presented himself as an eclectic and a social scientist standing above and outside of the sectarian bickering of “schools of economic thought.” He never fostered or generated a “Schumpeterian” school, as one might speak of a Ricardian “classical” approach or of Keynesian Economics. As such, his writings have been admired, criticiz...
Dec 31, 2023 · The intellectual interest in Schumpeter increased significantly after Schumpeter’s concepts, such as innovation, creative destruction, and entrepreneurship, were employed to explain the rapid economic changes in the 1980s (Juma 2014; Hagedoorn 1996). The most important economist who explained the change in Western capitalism with these concepts was Schumpeter.
This process of Creative Destruction is the essential fact about capitalism. Joseph A. Schumpeter (1942), Capitalism, Socialism, and Democracy: 82–84. If you could get into a time machine (perhaps a DeLorean) and travel back to visit a typical shopping mall in the 1980s, it would have been packed with shoppers.
Jan 1, 2017 · Schumpeter invented the phrase ‘creative destruction’ in his famous book on the development of capitalism into socialism (Schumpeter 1942). In his view the process of creative destruction is the essential fact about capitalism and refers to the incessant mutation of the economic structure from within, destroying the old and creating a new ...
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Jan 1, 2017 · Abstract. Schumpeter invented the phrase ‘creative destruction’ in his famous book on the development of capitalism into socialism (Schumpeter, 1942). In his view the process of creative destruction is the essential fact about capitalism and refers to the incessant mutation of the economic structure from within, destroying the old and ...
