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Capitalism and Democracy in the 21st Century

Proceedings of the International Joseph A. Schumpeter Society Conference, Vienna 1998 “Capitalism and Socialism in the 21st Century”

  • Conference proceedings
  • © 2001

Overview

Editors:
  1. Dennis C. Mueller

    1. Institut für Wirtschaftswissenschaften, Universität Wien, Wien, Austria

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  2. Uwe Cantner

    1. Wirtschaftswissenschaftliche Fakultät, Lehrstuhl für VWL/Mikroökonomik, Friedrich-Schiller-Universität Jena, Jena, Germany

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Table of contents (19 papers)

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About this book

Joseph Schumpeter oscillated in his view about the type of economic system that was most conducive to growth. In his 1911 treatise, Schumpeter argued that a more decentralized and turbulent industry structure where the pro­ cess of creative destruction was triggered by vigorous entrepreneurial ac­ tivity was the engine of economic growth. But by 1942 Schumpeter had modified his theory, arguing instead that a more centralized and stable industry structure was more conducive to growth. According to Schum­ peter (1942, p. 132), under the managed economy there was little room for entrepreneurship because, "Innovation itself is being reduced to routine. Technological progress is increasingly becoming the business of teams of trained specialists who turn out what is required to make it work in pre­ dictable ways" (p. 132). Schumpeter (1942) reversed his earlier view by arguing that the integration of knowledge creation and appropriation be­ stowed an inherent innovative advantage upon giant corporations, "Since capitalist enterprise, by its very achievements, tends to automize progress, we conclude that it tends to make itself superfluous - to break to pieces under the pressure of its own success.

Editors and Affiliations

  • Institut für Wirtschaftswissenschaften, Universität Wien, Wien, Austria

    Dennis C. Mueller

  • Wirtschaftswissenschaftliche Fakultät, Lehrstuhl für VWL/Mikroökonomik, Friedrich-Schiller-Universität Jena, Jena, Germany

    Uwe Cantner

Bibliographic Information

  • Book Title: Capitalism and Democracy in the 21st Century

  • Book Subtitle: Proceedings of the International Joseph A. Schumpeter Society Conference, Vienna 1998 “Capitalism and Socialism in the 21st Century”

  • Editors: Dennis C. Mueller, Uwe Cantner

  • DOI: https://doi.org/10.1007/978-3-662-11287-8

  • Publisher: Physica Heidelberg

  • eBook Packages: Springer Book Archive

  • Copyright Information: Springer-Verlag Berlin Heidelberg 2001

  • Hardcover ISBN: 978-3-7908-1350-0Published: 16 November 2000

  • Softcover ISBN: 978-3-7908-2480-3Published: 19 October 2010

  • eBook ISBN: 978-3-662-11287-8Published: 09 March 2013

  • Edition Number: 1

  • Number of Pages: VI, 378

  • Additional Information: Special edition of Journal Evolutionary Economics, Vol. 10, No. 1-3, 2000

  • Topics: Economic Theory/Quantitative Economics/Mathematical Methods, Political Science, Economics, general

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