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A Vision for a Dynamic World: Reading Capitalism, Socialism and Democracy for Today

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  • Dalton, John
  • Logan, Andrew

Abstract

This paper was written for a symposium on "Reconsidering the Classics." Rereading Joseph Schumpeter's Capitalism, Socialism and Democracy (CSD) for today, we argue Schumpeter's vision for a dynamic world remains essential for understanding the world. We begin the paper by briefly describing some background on Schumpeter and the context in which CSD was written. Then, we summarize the book, which Schumpeter divided into five separate parts on Marx, capitalism, socialism, democracy, and a history of socialist parties. Throughout our summary, we highlight the key arguments and touch on many ideas in the book, such as Schumpeter's description of socialism and his theory of democracy. Instead of tackling all these ideas in depth, we discuss the book's usefulness for readers today by focusing on Schumpeter's Big Idea--"creative destruction." We conclude by discussing how influential CSD has been, and continues to be, in the social sciences and then provide suggestions for those interested in reading CSD today.

Suggested Citation

  • Dalton, John & Logan, Andrew, 2019. "A Vision for a Dynamic World: Reading Capitalism, Socialism and Democracy for Today," MPRA Paper 95012, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:95012
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    References listed on IDEAS

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    1. Diamond, Arthur M., 2009. "Schumpeter Vs. Keynes: “In The Long Run Not All Of Us Are Dead”," Journal of the History of Economic Thought, Cambridge University Press, vol. 31(4), pages 531-541, December.
    2. Barbara J. Phipps & Robert J. Strom & William J. Baumol, 2012. "Principles of Economics Without the Prince of Denmark," The Journal of Economic Education, Taylor & Francis Journals, vol. 43(1), pages 58-71, January.
    3. McCloskey, Deirdre Nansen, 2006. "The Bourgeois Virtues," University of Chicago Press Economics Books, University of Chicago Press, number 9780226556635, December.
    4. Arthur M. Diamond Jr., 2007. "The Neglect of Creative Destruction in Micro-Principles Texts," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 15(1), pages 197-210.
    5. John T. Dalton & Andrew J. Logan, 0. "Teaching and learning Schumpeter: A dialogue between professor and student," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 0, pages 1-22.
    6. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
    7. James Gwartney, 2012. "What Should We Be Teaching in Basic Economics Courses?," The Journal of Economic Education, Taylor & Francis Journals, vol. 43(3), pages 300-307, July.
    8. John T. Dalton & Andrew J. Logan, 2022. "Teaching and learning Schumpeter: A dialogue between professor and student," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 35(2), pages 235-256, June.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Joseph Schumpeter; Capitalism; Socialism and Democracy; Innovation; Entrepreneurship; Creative Destruction;
    All these keywords.

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • P0 - Political Economy and Comparative Economic Systems - - General

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