By refusing to become an advocate for either position Schumpeter was able both to make his own great and original contribution and to clear the way for a more balanced consideration of the most important social movements of his and our time. But he does not consider this a debit item. As Schumpeter points out elsewhere, monopolies are the indispensable forerun- ner of a peaceful socialist revolution. Why has the work endured so well? 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 publication. SCHUMPETER ON CAPITALISM 35I monopolies may destroy democratic free- dom, while successful control of monopolies threatens an overgrowth of governmental power. When it first appeared the New English Weekly predicted that `for the next five to ten years it will cetainly remain a work with which no one who professes any degree of information on sociology or economics can afford to be unacquainted.' Fifty years on, this prediction seems a little understated. Samuelson, Newsweek )Ĭapitalism, Socialism and Democracy remains one of the greatest works of social theory written this century. Schumpeter was a powerful prophet, and he now offers dazzling insights into everything from the rise of Wal-Mart to prosperity's discontents." (Robert J. We are now living, it is said, in the Age of Schumpeter. "Schumpeter gave us stunning insights into how the world really works.
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