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Capitalism, Socialism and Democracy
In this definitive third and final edition (1950) of his masterwork, Joseph A. Schumpeter introduced the world to the concept of "creative destruction," which forever altered how global economics is approached and perceived. Now featuring a new introduction by Schumpeter biographer Thomas K. McCraw, "Capitalism, Socialism and Democracy" is essential re
...morePaperback, 431 pages
Published
November 1st 2008
by Harper Perennial
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This is a classic of economics and of entrepreneurship that lots of people have read in their undergraduate economics or business classes. It is worth reading to get the full perspective of Schumpeter's view of how the economy works. This is perhaps the most articulate statement on the role of of "creative destruction" and innovation as critical to the success of capitalism. It is also also very cynical of Marxist approaches to economics. Strangely enough, the section on socialism ...more
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In the end it will be seen that the greatest enemy of capitalism was always democracy, i.e. the will of the people. Once the people turn anti-capitalistic, under the influence of a disaffected intelligencia, there is absolutely nothing that can stand against them. Schumpeter at one and the same time believes that Capitalism is the most adequate description of economic reality and that it is doomed. How is this possible? - But it is exactly as the Savior of the Christians said s...more
In the end it will be seen that the greatest enemy of capitalism was always democracy, i.e. the will of the people. Once the people turn anti-capitalistic, under the influence of a disaffected intelligencia, there is absolutely nothing that can stand against them. Schumpeter at one and the same time believes that Capitalism is the most adequate description of economic reality and that it is doomed. How is this possible? - But it is exactly as the Savior of the Christians said s...more
Nick Black
marked it as to-read
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review of another edition
Recommended to Nick by:
Bryan Cantrill
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I found Schumpeter referenced in Cantrill's The Inculcation of Systems Thinking, a brilliant presentation at Brown (Cantrill's blog at Sun, "The Observation Deck", is awesome). He seems worth reading.
It shows how democracy is a vast conspiracy, elections are fraudulent, individual votes are useless, and human nature is corrupt.
Schumpeter's case is that capitalism would be undone by its successes.
The writing style and clarity of idea and presentation is good.
The writing style and clarity of idea and presentation is good.
I fear this could be tough going, but I would like to understand more about economic systems.
Uh, yeah. This guy sounds awesome and I'm sure he would have been fascinating to listen to, but I cannot summon the intellectual wherewithal to concentrate on the rights and wrongs of Marx.
Uh, yeah. This guy sounds awesome and I'm sure he would have been fascinating to listen to, but I cannot summon the intellectual wherewithal to concentrate on the rights and wrongs of Marx.
Craig J.
added it
"Capitalism, Socialism, and Democracy by Joseph A. Schumpeter (2008)"
The section on Marx and the section on capitalism are terrific.
First two thirds of the book is awesome, then he goes a little nuts.
An amazing book. If after reading this you continue to sport the fashionable liberal mindset (which seems to be all-too-common among those confident individuals in possession or in progress of an undergraduate degree) then it appears that you'll need some sound reasoning on a practical level in support. Anyways, the book offers some convincing arguments and grounded insight and requires a backward and forward reading so to be sufficiently understood--which I'm far from.
Very technical, very informative. Used this for my final thesis.
Excellent. An Austrian economist I can read and agree with most of the time. One of the best analysts since Weber.
The man can turn a phrase. Very enjoyable, though the economics content is rather minimal beyond Chapter 8. After wrestling with the question over the past few months, I have to disagree with McCraw's thesis that this was a satire. And with that, the logic on the end of capitalism seems weak. Most of my colleagues loved reading this, but certainly not all.
If pulled into its separate pieces this book would easily be a five star book. Some of the chapters are so fascinating with their insight I could not put it down while others seemed to be only rambling. My favorite parts of this book is its discussion of democracy. It takes you through different theories and tendencies of democracy.
An enormously powerful and influential book. It really rewards close reading, which, alas, I didn't really give it. The much-noted idea of creative destruction is only one of the insights here; but the way in which Marxist theorists have failed to grapple with it suggests that it's noted for a reason.
This academic review of societal theory proposes the notion of “Creative Destruction” as how capitalism perpetually grows and moves forward. It also gives an overview of Marxism along with many other perspectives on Democracy and if it can be a lasting structure for a nation.
I have barely cracked the surface of what this book entails. Part 1 of the book covers Schumpeter's personal interpretation and critique of Karl Marx and his theories. More to come....
Deals with an important question: can we have democratic socialism?
Be innovative or you will be perished! Kitu?
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“Geniuses and prophets do not usually excel in professional learning, and their originality, if any, is often due precisely to the fact that they do not.”
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5 people liked it
“Please do not think that I am accusing socialists of insincerity or that I wish to hold them up to scorn either as bad democrats or as unprincipled schemers and opportunists. I fully believe, in spite of the childish Machiavellism in which some of their prophets indulge, that fundamentally most of them always have been as sincere in their professions as any other men. Besides, I do not believe in insincerity in social strife, for people always come to think what they want to think and what they incessantly profess. As regards democracy, socialist parties are presumably no more opportunists than are any others; they simply espouse democracy if, as, and when it serves their ideals and interests and not otherwise. Lest readers should be shocked and think so immoral a view worthy only of the most callous of political practitioners, ...”
—
2 people liked it
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