Capitalism, Socialism, and Democracy by Schumpeter, Joseph A - 1947

New York, N.Y.: Harper & Brothers Publishers, 1947. Second Edition (Revised edition), Presumed first printing thus. Hardcover. Good/Fair (small chips to dust jacket edges). xiv, 411, [5] pages. Includes Preface to the Second Edition; Preface; Prologue, and Index. Chapters include The Marxian Doctrine; Can Capitalism Survive?; Can Socialism Work? Socialism and Democracy; and A Historical Sketch of Socialist Parties. This revised/second edition contains new material appraising the social changes wrought by the war. Joseph Alois Schumpeter (February 8, 1883 - January 8, 1950)[3] was an Austrian political economist. He was born in Moravia, and briefly served as Finance Minister of German-Austria in 1919. In 1932, he emigrated to the United States to become a professor at Harvard University, where he remained until the end of his career, and in 1939 obtained American citizenship. Schumpeter was one of the most influential economists of the early 20th century, and popularized the term "creative destruction", that was coined by Werner Sombart. The source of Schumpeter's dynamic, change-oriented, and innovation-based economics was the Historical school of economics. Schumpeter's work on the role of innovation and entrepreneurship can be seen as a continuation of ideas originated by the Historical School. Schumpeter's most popular book is probably Capitalism, Socialism and Democracy. While Marx predicted that capitalism would be overthrown by a violent proletarian revolution, which actually occurred in the least capitalist countries, Schumpeter believed that capitalism would weaken by itself and collapse. Specifically, the success of capitalism would lead to corporatism and to values hostile to capitalism, especially among intellectuals. The author establishes the thesis that a socialist form of society will inevitably emerge from an equally inevitable decomposition of capitalist society. Pointing out that socialism may mean many things, Professor Schumpeter constructs a blueprint of the kind of socialism that would work and would not d would not compare unfavorably with fettered capitalism. He observes that there is no necessary relation between socialism and democracy; one can exist without the other. But on the other hand, they are not incompatible; socialism can be run on democratic principles. The author draws conclusions on what a socialist-democratic regime may entail that will prove shocking to the orthodox and stimulating to the unorthodox. Schumpeter defined democracy as the method by which people elect representatives in competitive elections to carry out their will.[31] This definition has been described as simple, elegant and parsimonious, making it clearer to distinguish political systems that either fulfill or fail these characteristics. A Kirkus review reported: Perhaps the best way to sum up the effect this book had on me is to say:- (1) if I were recommending only one book to sum up the place of Socialism in the world of today and tomorrow, this is the book I should choose; (2) that -- when and if time permits -- this is the book I shall go back to for further study, as it has historical value, and a sane, balanced approach to the case of Capitalism vs Socialism. He feels that Socialism is, through Capitalism's own activities, bound to come, in some form, but proves that Democracy and Socialism are not mutually exclusive. Solid but rewarding reading.