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- J OSEPH SCHUMPETER thought capitalism was doomed. Incumbent firms would grow too powerful, leading to corruption and, eventually, socialism. His mid-20th-century pessimism has become fashionable today, as societies grapple with inequality, climate change and tech giants. Yet some of Schumpeter’s professional heirs are optimists.
www.economist.com/books-and-arts/2021/04/22/how-schumpeter-would-view-the-economy-today
Nov 4, 2021 · Capitalism is doomed to be replaced by socialism. At least that’s the view of Joseph Schumpeter, the well-known Harvard economist responsible for his popularization of the term “creative destruction”—the process where new entrepreneurial innovations arise and subsequently cause the old way of doing things to disappear.
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May 7, 2007 · If capitalism was the most influential single economic and social force of the 20th century (and continuing today), there is no better guide to understanding its power and complexity than famed economist Joseph Schumpeter, says Harvard Business School's Thomas K. McCraw.
Schumpeter was a firm believer in the power of private innovation and entre-preneurship and the benefits capitalism produced; ones that he believed were superior to the outcomes under socialism.
Schumpeter says, but especially the following ones: (r) capitalism leads to anincrease of rationalism, which will eventually destroy the capitalist civilization; (2) the entrepreneurial function is withering away; (j) the protective strata of capitalism are disappearing; (4) private property is
- 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 · In this book, Schumpeter emphasized that capitalism was a dynamic and developing system and argued that capitalism would fall victim to its own success and inevitably collapse at the end. Thus, he agreed with Marxist predictions that capitalism could not be sustained and was doomed to collapse as a logical consequence of its functioning.
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Schumpeter believed that capitalism would be destroyed by its successes, that it would spawn a large intellectual class that made its living by attacking the very bourgeois system of private property and freedom so necessary for the intellectual class’s existence.
