Schumpeter and the end of Western Capitalism

  title={Schumpeter and the end of Western Capitalism},
  author={William Henry Giles Kingston},
  journal={Journal of Evolutionary Economics},
  • W. Kingston
  • Published 1 July 2014
  • Economics, History
  • Journal of Evolutionary Economics
Schumpeter’s forecast in his Capitalism, Socialism and Democracy (1942) that ‘a socialist form of society will inevitably emerge from an equally inevitable decomposition of capitalist society’ did great damage to his reputation. This was especially so after the fall of the Berlin wall, when the spectre of Communism seemed to have been finally exorcised. The current financial crisis, however, has vindicated him. For Schumpeter, capitalism rightly meant, not just individual property rights, but… 
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