The Legacy of Schumpeter: Innovation and Capitalism

This chapter explores the biography and contributions of a notable economist from the late Austrian Empire, emphasizing his impact on the understanding of entrepreneurship and economic growth. It examines the tensions in his views on democracy and capitalism, particularly in the wake of World War I, and highlights the role of entrepreneurs in driving innovation. The discussion further analyzes Schumpeter's ideas on monopolies and bureaucratic capitalism, questioning their implications for future market dynamics.