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Schumpeter’s theory was centered around the entrepreneur: he argued that change in economic life always starts with the actions of a forceful individual and then spreads to the rest of the economy.
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.
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 instead believed that capitalism would be destroyed by its very economic success as it produced an intellectual class that would subsequently work to undermine the systems of private property and private contracting that underpin the economic system of capitalism.
Joseph Schumpeter is known to American political scientists as the originator of an elite conception of democracy as a political "method," a conception found in his Capitalism, Socialism and Democracy (1942). But I show in this paper that in Schumpeter's study of the development of liberal capitalist
Jun 14, 2012 · Schumpeter was a strong supporter of capitalism but, after long study, reluctantly concluded that society could eventually replace it with a kind of socialism—or corporatism. His warning is apt for today’s America.
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Jun 30, 2022 · His basic conclusion was, “No, I do not think it can” (p. 61). He was (forlornly) confident that a workable socialism would replace the market-based society. Now, eight decades after he drew this conclusion, what can we say about the future of capitalism, or, perhaps, better phrased, the free-market, liberal economic system?
