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Full facsimile of the original edition, not reproduced with Optical Recognition Software. Originally Published as Part I of Capitalism, Socialism and Democracy  1947].  Can capitalism survive? No. I do not think it can. Thus opens Schumpeter's prologue to a section of his 1947 book, Capitalism, Socialism and Democracy. One might think, on the basis of the quote, that Schumpeter was a Marxist. But the analysis that led Schumpeter to his conclusion differed totally from Karl Marx's. Marx believed that capitalism would be destroyed by its enemies (the proletariat), whom capitalism had purportedly exploited, and he relished the prospect. Schumpeter believed that capitalism would be destroyed by its successes, that it would spawn a large intellectual class that made its living by attacking the very bourgeois system of private property and freedom so necessary for the intellectual class's existence. And unlike Marx, Schumpeter did not relish the destruction of capitalism. 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Cited daily in the national media as key to understanding the recent economic events, Schumpeter's analysis is considered by many to be the finest dissection of capitalism ever written. Now, Harper Perennial publishes this famous section of \u003ci\u003eCapitalism, Socialism, and Democracy\u003c\/i\u003e as a stand alone book for the first time.\u003c\/p\u003e \u003cp\u003eIn these pages Schumpeter introduced to the world the concept of \"Creative Destruction.\" This famous theory states that in capitalist economies new innovations, when first introduced, erode the position of established firms, while providing new and previously unforeseen avenues of economic growth. For example, think of the music industry in our lifetime: Mp3s (by extension, iPods) have replaced CDs, which in turn replaced cassettes and records in the 1980s. Schumpeter also controversially argued that capitalist societies hold the seeds of their own destruction in their very foundations. 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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 first publication in 1943. 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Friedman, \u003cem\u003eForeign Policy\u003c\/em\u003e\u003c\/strong\u003e\u003c\/p\u003e\u003cp\u003eIn this definitive third and final edition (1950) of his prophetic masterwork, Joseph A. Schumpeter introduced the world to the concept of creative destruction, which forever altered how global economics is approached and perceived. Now featuring a new introduction by Pulitzer Prize-winning Schumpeter biographer Thomas K. McCraw, \u003cem\u003eCapitalism, Socialism and Democracy\u003c\/em\u003e is essential read-ing for anyone who seeks to understand where the world economy is headed.\u003c\/p\u003e\u003cp\u003eIf Keynes was the most important economist of the 20th century, then Schumpeter may well be the most important of the 21st. . . . . his economic understanding was brilliant . . . he tried to set long-term economic growth--entrepreneurship and enterprise--at the top of the discipline's agenda. . . . \u003cem\u003eCapitalism, Socialism, and Democracy\u003c\/em\u003e is superb. -- J. 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We reprint the first edition published in 1939 in two volumes. In Business Cycles Schumpeter focuses powerfully on the historical role of technological innovation in accounting for the high degree of instability in capitalists societies. He aims to analyze empirically the actual process of economic development using historical and statistical material based on the theoretical framework he developed in earlier writings. He tried to integrate theory and history primarily by means of statistics. It is because he adopted the method of filling in the statistical contours with detailed industrial history that Business Cycles comprises two large volumes. A Classic work.\u003c\/p\u003e","brand":"WoB","offers":[{"title":"- \/ - \/ -","offer_id":51046028738833,"sku":"","price":0.0,"currency_code":"GBP","in_stock":true},{"title":"US \/ NEW \/ INGRAM","offer_id":51046032212241,"sku":"NIN9781684220649","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"US \/ VERY_GOOD \/ SBYB","offer_id":53571472130321,"sku":"CIN1684220645VG","price":0.0,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/1684220645.jpg?v=1750765214"},{"product_id":"business-cycles-volume-two-book-joseph-a-schumpeter-9781684220656","title":"Business Cycles [Volume Two]","description":"\u003cp\u003e2017 Reprint of 1939 First Edition. Volume One Only. Volume Two published separately by Martino Fine Books ISBN 978-1-68422-065-6. Full facsimile of the original edition, not reproduced with Optical Recognition Software. 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Initially considering them unworthy for publication he relented in the face of public demand since the journals in which they originally appeared were difficult to obtain.\nThe new introduction places this work in its contemporary context and highlights its importance for students unfamiliar with the original.","brand":"WoB","offers":[{"title":"US \/ NEW \/ INGRAM","offer_id":51226192380177,"sku":"NIN9780415110785","price":0.0,"currency_code":"GBP","in_stock":false},{"title":"GB \/ NEW \/ INGRAM","offer_id":52521559392529,"sku":"NLS9780415110785","price":0.0,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0784\/4072\/6801\/files\/0415110785.jpg?v=1786279052"},{"product_id":"the-theory-of-economic-development-harvard-economic-studies-xlvi-rare-book-joseph-a-schumpeter-1726052335lee","title":"The Theory of Economic Development: Harvard Economic Studies XLVI","description":"1949. Third printing. 255 pages. No dust jacket. 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