Status
Available
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Publication
Harper Perennial (1962), Edition: 3rd, 431 pages
Description
Capitalism, Socialism and Democracy remains one of the greatest works of social theory written this century. When it first appeared the New English Weekly predicted that `for the next five to ten years it will cetainly remain a work with which no one who professes any degree of information on sociology or economics can afford to be unacquainted.' Fifty years on, this prediction seems a little understated. Why has the work endured so well? Schumpeter's contention that the seeds of capitalism's decline were internal, and his equal and opposite hostility to centralist socialism have perplexed, engaged and infuriated readers since the book's publication. By refusing to become an advocate for either position Schumpeter was able both to make his own great and original contribution and to clear the way for a more balanced consideration of the most important social movements of his and our time.… (more)
User reviews
LibraryThing member lukeasrodgers
A book worth highly worth reading not just for its popularization of the concept of "creative destruction" but because of the insight it provides into the state of attitudes towards capitalism at the time of writing; its surprisingly quite fair treatment of Marx, and its concomitant criticisms of
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certain doctrines of free market capitalism; its interesting views on monopoly and the value of big business; and lastly, for its views on democracy and its compatibility with socialism (however much one may disagree with his very pared-down picture of democracy). Show Less
LibraryThing member thcson
This is one strange book. It's in part a great work by a first rate mind brimming with wise insights in economics, political theory, history and sociology. But other parts of the book made me shake my head and wonder why they have been included at all. I have to admit, I did not read this book all
To begin with, some of the arguments about the demise of capitalism (part 2) and the inevitable rise of socialism (part 3) are so absurd, even when discounted to 1942, that I must assume that Schumpeter was jesting. For example (pages 193-199), he writes that socialism is superior to capitalism because it will experience no cyclical ups and downs, because improvements can be spread by decree, because the division between private and public will no longer exist and because useless vocations such as lawyers will no longer be needed.
Indeed, the introduction (not written by Schumpeter) states that Schumpeter's argument drifts into irony and satire. It's a mystery to me what message he sought to convey satirically, but it's entertaining nevertheless. But by far the most interesting part of the book to me was part 4. It contains Shumpeter's insightful theory of democracy, which came to be quite influential in the 20th century through successors such as Robert Dahl. In my opinion this book deserves to be studied primarily for its political theory, not so much for its satirical analysis of capitalism.
The remaining parts of the book are Part 1, which is about Marx, and part 5 which is a history of socialist parties. I presume that Schumpeter's intention was to illustrate his theories with a study of recent political history. But to me part 5 seemed quite uninteresting and totally irrelevant in relation to the preceding parts of the work. The final 50 pages of the book (2008 Harper edition) contain some kind of a running commentary on postwar international politics, which I pretty much skipped. As I said, it's a strange, even incoherent book, but for the most part an intellectual ride worth taking.
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the way to the end.To begin with, some of the arguments about the demise of capitalism (part 2) and the inevitable rise of socialism (part 3) are so absurd, even when discounted to 1942, that I must assume that Schumpeter was jesting. For example (pages 193-199), he writes that socialism is superior to capitalism because it will experience no cyclical ups and downs, because improvements can be spread by decree, because the division between private and public will no longer exist and because useless vocations such as lawyers will no longer be needed.
Indeed, the introduction (not written by Schumpeter) states that Schumpeter's argument drifts into irony and satire. It's a mystery to me what message he sought to convey satirically, but it's entertaining nevertheless. But by far the most interesting part of the book to me was part 4. It contains Shumpeter's insightful theory of democracy, which came to be quite influential in the 20th century through successors such as Robert Dahl. In my opinion this book deserves to be studied primarily for its political theory, not so much for its satirical analysis of capitalism.
The remaining parts of the book are Part 1, which is about Marx, and part 5 which is a history of socialist parties. I presume that Schumpeter's intention was to illustrate his theories with a study of recent political history. But to me part 5 seemed quite uninteresting and totally irrelevant in relation to the preceding parts of the work. The final 50 pages of the book (2008 Harper edition) contain some kind of a running commentary on postwar international politics, which I pretty much skipped. As I said, it's a strange, even incoherent book, but for the most part an intellectual ride worth taking.
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LibraryThing member rcsj
An important work, even now. Schumpeter describes all of the strengths of Capitalism, but also subjects it to careful criticism. That which makes Capitalism so effective - creative destruction - could also be the source of its own demise.
LibraryThing member aitastaes
One of the most famous, debated and important books on social theory, social sciences and economics. The success of capitalism will lead to a form of corporatism in which the intellectual and social climate needed to allow entrepreneurship to thrive will not exist, leading to capitalism being
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replaced by socialism. There will not be a revolution, simply a collapse from within Show Less
LibraryThing member Dilip-Kumar
This has long been one of the must-read books on my list, but it has taken me a long time to getting round to it. Half-way through it, my main sense is of an exasperating, even frustrating work. The style is mostly lofty, making it difficult to grasp what he is getting at; sometimes bombastic,
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often dogmatic: the author knows best. Frequently, he sets up straw men to strike down. He describes rival theories in great detail, so that sometimes it is difficult to see whether he is trying to be more than scrupulously fair, praising them, or whether he is actually caricaturing them in order the better to demolish them. Sometimes, he takes back all his dire predictions in the last paragraph or two, which means he is hedging his bets both ways. He is best known for his theory of creative destruction in the capitalist economy, as new technologies and businesses supplant old ones. Contemporary policy makers seem to be highly enamoured of this, but repose a blind faith in the destruction part without sufficient attention to the creative part: it seems our governments are reposing blind faith in the power of "shaking up the status quo", in the "game-changer" or "killer" new technology or institutional set-up, in the "siver bullet" to solve all problems, in "chaos theory" or the "shake up the parts in a box and come out with a jumbo-jet" strategy. Obviously the real economy does not oblige. However, the author is better in describing the sociology of the modern world, the change in attitudes to family and children, the growth of self-centered individualism, etc. He is good when he drops his lofty, lecturing tone for a more human and down-to-earth approach. Show Less
Awards
Language
Original language
English
Original publication date
1942
Physical description
431 p.; 5.31 inches
ISBN
9780061330087
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