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Capitalism, Socialism and Democracy (Unwin Univ. Bks.)

By: Joseph A Schumpeter
Binding: Paperback
Publisher: Allen & U
ISBN: 0043350224
ISBN-13: 9780043350225
Released: 20 Nov 2008
RRP: £3.50
Average Rating:

Customer Reviews

Wrong conclusion, but all the same ... - By: Belén, 20 Sep 2005
In this book, first published in 1942, Joseph A. Schumpeter reached the conclusion that capitalism wouldn't be able to survive, due to diverse characteristics that were intrinsic to it. For example, he thought that monopolistic practices would only increase with time, thus damaging the capitalist process & not alllowing it to function smoothly.

Obviously, by now we have realized that his conclusion was inexact, but that doesn't mean that we should overlook *Capitalism, Socialism, & Democracy*. Schumpeter's analysis of capitalism & socialism, his concept of *creative destruction* & his economic definition of democracy are only some of the things included in this book that should be taken into account. Perhaps reality didn't end up matching the premises the author adhered to, but alll the same we are likely to learn a lot from the valid points he makes along the way.

Schumpeter's draws the arguments to support his ideas from different fields: Economy, Sociology, History, & even (sometimes) Psychology. Because of that his premises don't tend to be unidimensional, but rather take into account the different facets of reality. As a result, this book is much more interesting to read, even though it might seem somehow difficult at first to many readers.

The interesting ideas in *Capitalism, Socialism, & Democracy* are many, & I can't tell you about alll of them without making this review impossibly long. Despite that, I can tell you at least something regarding the notions that I consider more interesting, for example the well-explained notion that *creative destruction* is the essence of capitalism. Also, I think that it is worthwhile to highlight Schumpeter's economic definition of the democratic method, as an *institutional arrangement for arriving at political decisions in which individuals acquire the power to decide by means of a competitive struggle for the people's vote*.

On the whole, I think you will enormously appreciate this landmark book, if you enjoy a good & careful analysis & aren't easily scared by books that at first glance seem too difficult. Provided you persist, you will realize that this book is as easy to tackle as many others... The only difference is that after reading *Capitalism, Socialism, & Democracy* you will know a lot more, something that not so many other books can offer :)

Belen Alcat

Packed with Knowledge ! - By: Rolf Dobelli, 21 Mar 2005
Economist Joseph A. Schumpeter's keen intellect makes some of today's scholarship sound like the spouting of ideology on talk shows. Some consider him the greatest economist of the twentieth century. Only an intellect of his towering stature would be able to present a case that while Marx was wrong about how capitalism would collapse, he was probably correct that it eventuallly would. Schumpeter also contends that socialism may eclipse free-market economies, news he feels society should greet with angst. He believed that capitalism's doom would proceed not from a revolution by an angry proletariat, but rather as a result of successes that would give rise to a class of elites who would graduallly institute systems of central control. Fully understanding this complex, although non-mathematical, treatise may require some background; it is not a book for the novice. While this 1942 classic may seem dated in spots, those who conclude that it is time to tap dance on socialism's grave should consider that Schumpeter expected socialism's dominance to take a century or more. We recommend this classic to anyone seeking a deeper understanding of the historic, economic case for the rise of socialism.
Classic explanation of how democracy and kapitalism works! - By: , 02 Jan 1999
This was the first book I read when I did my study political sience in the Netherlands. Schumpeter writes a brilliant explanation how politics works. The elites competes with each other for the votes of the public. He compares the economic market with the political market & analysis the trends with amazing relevance for our current system. Further his analysis of Kapitalism is so interesting & thought provocing. He states that Kaptialism is the most efficient & effective system of production but that it will go under by the lack of political, emotional & moral support of the masses once it is incredible succesfull. Now that Capitalism has won everywhere on this earth it is interesting if his theory will come to life. Very readable & billiant book.