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Was Schumpeter a Marxist?

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  • Nathan Rosenberg

Abstract

This article explores the degree to which Joseph Schumpeter may be regarded as a follower of Karl Marx. It argues that Schumpeter and Marx shared a common vision, including agreement on the growth in the size of the firm and in industrial concentration, the inherent instability of capitalism and the inevitability of "crises", and the eventual destruction of capitalist institutions and the arrival of a socialist form of economic organization as a result of the working out of the internal logic of capitalist evolution. Schumpeter's main qualification is his insistence upon the importance of temporal lags, i.e., social forms that persist after they have lost their economic rationale, and he suggests that the essence of capitalism lies in the inevitable tendency of that system to depart from equilibrium. The article emphasizes the continuing importance of economic history for economics. Copyright 2011 The Author 2011. Published by Oxford University Press on behalf of Associazione ICC. All rights reserved., Oxford University Press.

Suggested Citation

  • Nathan Rosenberg, 2011. "Was Schumpeter a Marxist?," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 20(4), pages 1215-1222, August.
    • Handle: RePEc:oup:indcch:v:20:y:2011:i:4:p:1215-1222
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    File URL: http://hdl.handle.net/10.1093/icc/dtr037
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    Cited by:

    1. Theo Papaioannou, 2023. "What kind of innovation state matters for social justice? Learning from Poulantzas and going beyond," Review of Evolutionary Political Economy, Springer, vol. 4(2), pages 299-320, July.
    2. Lingyue Li & Xiaohu Zhang, 2020. "Spatial Evolution and Critical Factors of Urban Innovation: Evidence from Shanghai, China," Sustainability, MDPI, vol. 12(3), pages 1-19, January.
    3. Heinz Kurz, 2012. "Schumpeter’s new combinations," Journal of Evolutionary Economics, Springer, vol. 22(5), pages 871-899, November.
    4. Archibugi, Daniele, 2017. "Blade Runner economics: Will innovation lead the economic recovery?," Research Policy, Elsevier, vol. 46(3), pages 535-543.

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