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Schumpeter’s Fatalistic View of Capitalism: How His “Essential” Process of Creative Destruction Survived

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  • James E. McClure

    (Ball State University)

  • David Chandler Thomas

    (Ball State University)

Abstract

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Suggested Citation

  • James E. McClure & David Chandler Thomas, 2021. "Schumpeter’s Fatalistic View of Capitalism: How His “Essential” Process of Creative Destruction Survived," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 36(Summer 20), pages 77-101.
    • Handle: RePEc:jpe:journl:1775
    as

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    References listed on IDEAS

    as
    1. Arnold Heertje, 2006. "Schumpeter on the Economics of Innovation and the Development of Capitalism," Books, Edward Elgar Publishing, number 3891.
    2. Schumpeter, Joseph A., 1947. "The Creative Response in Economic History," The Journal of Economic History, Cambridge University Press, vol. 7(2), pages 149-159, November.
    3. Hayek, F. A., 2012. "Hayek on Hayek," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226321202 edited by Kresge, Stephen & Wenar, Leif, October.
    4. McClure, James E. & Thomas, David Chandler & Spector, Lee C., 2021. "A Retrospective Look At “The Hayek Story”: Roundaboutness, Sticky Consumption, And Sequestered Capital," Journal of the History of Economic Thought, Cambridge University Press, vol. 43(1), pages 83-102, March.
    5. Foss,Nicolai J. & Klein,Peter G., 2012. "Organizing Entrepreneurial Judgment," Cambridge Books, Cambridge University Press, number 9780521697262, October.
    6. McClure, James E. & Thomas, David Chandler, 2017. "Explaining the timing of tulipmania's boom and bust: historical context, sequestered capital and market signals," Financial History Review, Cambridge University Press, vol. 24(2), pages 121-141, August.
    7. Harry Markowitz, 1952. "Portfolio Selection," Journal of Finance, American Finance Association, vol. 7(1), pages 77-91, March.
    8. Kenney, Martin, 1986. "Schumpeterian innovation and entrepreneurs in capitalism: A case study of the U.S. biotechnology industry," Research Policy, Elsevier, vol. 15(1), pages 21-31, February.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Seth W. Norton, 2021. "Frank Knight on Business Strategy," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 36(Winter 20), pages 45-62.

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    More about this item

    Keywords

    Joseph Schumpeter; creative destruction; capitalism; F. A. Hayek; venture capital; Frank Knight;
    All these keywords.

    JEL classification:

    • B26 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Financial Economics
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian

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