Schumpeter praises the ambition of Marx’s economic interpretation of history. He argues that they can be divided into prophetic and religious, sociological and economic. In Part 1, Schumpeter gives an overview and assessment of Marx’s beliefs. 1943.Ĭapitalism, Socialism and Democracy is divided into 28 chapters and five parts, each covering a core idea.
This guide uses the following edition of the text: Capitalism, Socialism and Democracy. Lastly, Schumpeter argues that socialism is compatible with democracy. A socialist economy can be more efficient than capitalism by eliminating destructive trade cycles, provided it comes into being when capitalism has sufficiently matured. Schumpeter argues that socialism can be effective.
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