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"joseph schumpeter"
joseph schumpeter
Novelett Roberts
'Can capitalism survive? No, I don't think it can.' This quote opens the prologue to a section of Joseph Alois Schumpeters book 'Capitalism, Socialism, and Democracy.'(1) On the basis of this one may assume that Joseph Alois Schumpeter was a Marxist*, Schumpeters reasoning differed very much from Karl Marx's. Schumpeter believed that capitalism would destroy its successes whereas Karl Marx believed that capitalism would be destroyed by its enemies (the proletariat). (2)

Schumpeter did not relish the destruction of capitalism. Schumpeter, however, did believe that capitalism would spawn a large intellectual class. He believed that this class would make its living by attacking the very bourgeois system of private property and freedom. Which in contrary would be necessary for this intellectual class's existence.

*A political theory-Marxism, which came as the thinkings of Karl Marx.

Karl Marx was a German living in London; he was trained in the Hegelian philosophy. He produced an exceedingly complex theory consisting of at least three interrelated elements: a theory of economics, a theory of social class, and a theory of history. Karl Marx argued that things happen not by accident; everything has a cause. He argued that there would be a depression so big that that the capitalist system will collapse. (3)

Schumpeter viewed capitalism as a dynamic engine of progress. In his view, mature economic systems find a regular and stable routine of supply, demand, and exchange; Schumpeter called this the "circular flow". (4) Schumpeter believed that capitalism by nature is a form or method of economic change and never is nor ever can be stationary. This evolutionary character of capitalism was first outlined during the fall of 1911 when he wrote his 'Theory of Economic Evolution.' In Schumpeters 'Theory of Economic Evolution' he wrote his theory of entrepreneurship. He believed that capitalism sparked entrepreneurship. Schumpeter pointed out...

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