Schumpeter’s Capitalism, Socialism and Democracy
A Twenty-First Century Agenda
2017 marked the seventy-fifth anniversary of Schumpeter’s Capitalism, Socialism and Democracy, a work acknowledged as one of the most insightful books written in the twentieth century. It retains a contemporary quality, and still invites criticisms, new interpretations, and extensions and across disciplines.
This book, in addition to re-examining Schumpeter’s seminal work and undertaking a twenty-first-century update of its main themes, brings together leading social scientists to provide contemporary amendments, extensions – or eventually refutations – of key elements of Schumpeter’s vision and thesis. Issues covered include a new take on creative destruction, the contours of a theory of innovative enterprise, finance and financialisation, a critique of the secular stagnation thesis, Schumpeter’s contributions to a theory of the entrepreneurial state, his conception of socialism and its current relevance for understanding the 'China model' as well as a rekindling of his democracy thesis for our times.
Bringing together leading international contributors, this book provides fresh perspectives on ideas that continue to be hugely relevant to contemporary social sciences and a guide for understanding the current tensions among capitalism, the state and democracy. These chapters will be of interest to economists, social scientists and anyone with an interest in modern capitalism.
Table of Contents
- Introduction – Capitalism, Socialism and Democracy at 75: New Interpretations and New Dimensions, Leonardo Burlamaqui & Rainer Kattel
- Creative Destruction as a Radical Departure: A New Paradigm for Analyzing Capitalism, Leonardo Burlamaqui
- Schumpeter and the Dynamics of Capitalism: The Place of Capitalism, Socialism and Democracy, Francisco Louçã
- Individual, Society and Order: A Schumpeterian Trinity, Beniamino Callegari
- (Re) introducing Finance into Evolutionary Economics: Keynes, Schumpeter, Minsky and Financial Fragility, Mariana Mazzucato and L. Randall Wray
- Innovative Enterprise and Sustainable Prosperity: Taking Up the Schumpeterian Challenge, William Lazonick
- Secular Stagnation and Creative Destruction: Reading Robert Gordon through a Schumpeterian Lens, Fred Block
- Schumpeter in the Twenty-First Century: Creative Destruction and the Global Green Shift, John Mathews
- Domination, Weak Judgment and the Dilemmas of Contemporary Schumpeterian Democrats, John Medearis
- Bringing the State into Schumpeter’s Model: Entrepreneurial States, Socialization of Investment, Creative-Destruction Management and China, Leonardo Burlamaqui
PART I: New Interpretations
PART II : New Dimensions
Leonardo Burlamaqui is Professor of Economics at the Department of Economic Evolution, State University of Rio de Janeiro, Research Scholar at the Levy Institute – Bard College (New York), and Adjunct Professor at Graduate Program in Public Policies and Development Strategies at the Federal University at Rio de Janeiro. He is also a member of the International Joseph Schumpeter Society.
Rainer Kattel is Professor of Innovation and Public Governance UCL Institute for Innovation and Public Purpose, UK, and Research Professor at Ragnar Nurkse School of Innovation and Governance, Tallinn University of Technology, Estonia.
"Schumpeter's great book has been a classic since its publication in 1942. But the Great Crash of 2008 has made it even more relevant than before. Capitalism has been called into question and Socialism has gained popularity as a claimed alternative; worrying global developments are now threatening Democracy. This present volume is timely and forward-looking." — Geoffrey Hodgson, Professor in Management, Loughborough University London
"The perspective of the informed lay public on how modern capitalist economies work long has been Schumpeterian. However, today's academic economic discipline recognizes Schumpeter hardly at all. This book makes the case for bringing the Schumpeterian perspective to the center of our discipline's thinking and writing. I could not agree more. And readers who have any doubts about this are highly likely to be persuaded by the books well developed argument." — Richard Nelson, Professor of Economics, Emeritus, Columbia University
"Joseph Schumpeter might have been the most complete economist of the 20th century: linking technology, finance, development, and crises across the history of economic thought. Yet, his popularity peaked in the early 1990s when his metaphor of ‘creative destruction’ explained fast economic growth without inflation. Now Burlamaqui and Kattel have done us all a big favour by bringing together an outstanding group of researchers who have brought Schumpeter’s thoughts back into the core of today’s problems. Their volume is a most useful antidote against neo-classical economic orthodoxy at a time when this is sorely needed!" — Erik S. Reinert, Professor of Technology Governance and Development Strategies, Tallinn University of Technology, Estonia and Chairman of The Other Canon Foundation, Norway