Can Capitalism Survive? Creative Destruction and the Future of the Global Economy

by Joseph A. Schumpeter

“Schumpeter was the most farsighted of twentieth-century economists. His focus on capitalism and creative destruction made him the prophet of globalization.” —  The Nation In this new addition to the Harper Perennial Modern Thought series, preeminent economist Joseph Schumpeter, author of Capitalism, Socialism, and Democracy , offers his celebrated answer to question everyone is now asking: Can Capitalism Survive? His answer: “No. I do not think it can.” Learn his fascinating reason why in this book of philosophy, considered by many economists to be the finest analysis of capitalism ever written.

Genres: Economics, Politics, Nonfiction, Sociology, Philosophy, Social Issues

208 pages, Paperback

First published January 1, 1942

About the author

People know Moravian-born Joseph Alois Schumpeter, an American, for his theories of socioeconomic evolution and the development of capitalism.

This political scientist briefly served as finance minister of Austria in 1919. Of the 20th century, the most influential Schumpeter popularized the term "creative destruction."

https://en.wikipedia.org/wiki/Joseph_...

Reviews

[Don Lim · Rating 4 out of 5]

A fan of paradoxes, Schumpeter argued that the destruction of capitalism will come not from the inherent weaknesses of the system but rather from its greatest strengths. The driving force of capitalism is the entrepreneurial spirit and through channeling that spirit: innovation. By creating a new method of production, a new product, or another improvement to our daily lives, entrepreneurs must destroy the pre-existing companies which produced what is now outdated products--or what Schumpeter termed "creative destruction." The common consumer, taking innovation for granted, does not celebrate the innovation, for he or she does not completely understand the process.

The capitalist system has created mass communication for the anti-capitalistic mentality to persist and grow. Intellectuals see entrepreneurs and CEOs earn enormous amounts of money and profits. Being intellectuals, they do not want to comprehend how someone they believe to be less intelligent and doing what they view as menial tasks should be financially rewarded higher than they; it is unjust.

Capitalism, Schumpeter believes, has created the products and resentment towards that very system. Overall, this book has an interesting take on the downfall of the capitalistic system. Other predictions relied on the inherent weaknesses of capitalism, while Schumpeter, a clear appreciator and a lover of capitalism, sees its downfall through its inherent strengths.

[Michael Gallagher]

Schumpeter’s inability to craft a coherent sentence kneecaps all the really timeless ideas about monopolies going on here; better off reading secondary literature or an overview

[Darren Glazier · Rating 1 out of 5]

Liberal socialist garbage.

[Sarah McPherson · Rating 4 out of 5]

A germane question, especially in the aftermath of the 2008 global rout. Schumpeter argues that there are seeds of creation in economic collapse, which tells us that perhaps new industries are emerging from the economic meltdown of the crisis. A tour de force.

[Mikko Arevuo · Rating 2 out of 5]

A shortened version of 'Capitalism, Socialism and Democracy."