About the Author

Joseph A. Schumpeter (1883-1950) served as Austria's first finance minister, made and lost a fortune as an investment banker, and taught economics for many years at Harvard. Capitalism, Socialism and Democracy is his best-known work.

Reviews

"Joseph Schumpeter's classic Capitalism, Socialism, and Democracy explains the process of capitalism's 'creative destruction'-a key principle in understanding the logic of globalization." -- Thomas L. Friedman, Foreign Policy"The great economist Joseph Schumpeter highlighted the role of innovation in powering the rise of new industries, the creative destruction of existing ones, and the growth in prosperity of economies." -- Richard Florida, The Atlantic"The 20th century's foremost economist." -- Steve Forbes, Forbes"The most important economist of the twenty-first century might actually turn out to be not Adam Smith or Keynes, but Joseph Schumpeter. One of Schumpeter's most important contributions was the emphasis he placed on the tremendous power of innovation and entrepreneurial initiative to drive growth through a process he famously characterized as 'creative destruction.'." -- Lawrence H. Summers, former Secretary of the Treasury"Schumpeter gave us stunning insights into how the world really works. We are now living, it is said, in the Age of Schumpeter. . . . Schumpeter was a powerful prophet, and he now offers dazzling insights into everything from the rise of Wal-Mart to prosperity's discontents." -- Newsweek"If 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. . . . Capitalism, Socialism, and Democracy is superb." -- J. Bradford DeLong, Chronicle of Higher Education"The most influential economist of the 20th century. . . . The years since this book first appeared have surely proved Schumpeter to be a major prophet." -- Peter Drucker, Fortune"Schumpeter was the most farsighted of twentieth-century economists. His focus on capitalism and creative destruction made him the prophet of globalization." -- The Nation"In his classic work, Capitalism, Socialism and Democracy, Schumpeter described how unexpected innovations destroyed markets and gave rise to new fortunes." -- New York Times"Among the great economists." -- Harper's Magazine"An economic prophet." -- The Economist"The greatest defense of capitalist, European civilization ever penned. . . . Schumpeter did more than anyone to persuade American leaders to preserve the capitalist system" -- American Conservative