Schumpeter on Democracy
Talking Politics: HISTORY OF IDEAS
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Capitalism and Creative Destruction
Shumpeter coined the phrase creative destruction to describe how capitalism drives innovation and is driven by innovation. The things that marxists or socialists saw as evidence of capitalist failure were, for shumpeter, the moments of capitalist success. For shumpete, capitalism was going to be undone, not by its failures, but by its successes. It was too successful for its own good.
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