Joseph A Schumpeter
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Schumpeter's Capitalism, Socialism, and Democracy is perhaps the most important and influential book on the subject ever written. This volume is the result of an effort to weld into a readable form the bulk of almost forty years' thought, observation and research on the subject of socialism. The problem of democracy forced its way into the place it now occupies in this volume because it proved impossible to state my views on the relation between the...
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"Can capitalism survive? No. I do not think it can." Thus opens Schumpeter's prologue to a section of his 1947 book, Capitalism, Socialism and Democracy. One might think, on the basis of the quote, that Schumpeter was a Marxist. But the analysis that led Schumpeter to his conclusion differed totally from Karl Marx's. Marx believed that capitalism would be destroyed by its enemies (the proletariat), whom capitalism had purportedly exploited, and he...