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A Common Misunderstanding about Capitalism and Communism Through the Eyes of Innovation

Author

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  • Dirk-Hinnerk Fischer

    (Ragnar Nurske School of Innovation and Governance Tallinn University of Technology, Estonia)

  • Hovhannes Yeritsyan

    (Department of Agricultural Economics, Texas A&M University, USA)

Abstract

This paper argues that theories of communism and capitalism should not be considered as opposites or alternatives, but rather systems that satisfy different stages of humanity's technological development. The argument derives from Maslow's hierarchy of needs, and a focus on the role of innovation within systems. Some argue that capitalism focuses on the lower, and communism on the higher, layers of the hierarchy – which lays the basis for their inability to compete in different periods.

Suggested Citation

  • Dirk-Hinnerk Fischer & Hovhannes Yeritsyan, 2018. "A Common Misunderstanding about Capitalism and Communism Through the Eyes of Innovation," Economic Thought, World Economics Association, vol. 7(2), pages 1-14, November.
    • Handle: RePEc:wea:econth:v:7:y:2018:i:2:p:1
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    References listed on IDEAS

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