Capitalism, Socialism, and Democracy

Schumpeter's contention in this text 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 in the 1940s. By refusing to become an advocate for either position Schumpeter was able both to make his own original contribution and to clear the way for a more balanced consideration of one of the most important social movements of the 20th century.