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Considered by many economists to be the finest analysis of capitalism ever written, Can Capitalism Survive? introduces Joseph A. Schumpeter's theory of "creative destruction," stating that in capitalist economies new innovations erode the position of established firms while also providing new and previously unforeseen avenues of economic growth. Today the effects of such advancements as Mp3s—replacing CDs, which in turn had replaced cassettes and vinyl records—have proven his ideas correct. Prophetically arguing that capitalist societies are also subject to "perennial gales" of destruction that wipe away fortunes, this great economist revealed the vast, often chaotic economic landscape of world capitalism. First published in Schumpeter's classic Capitalism, Socialism and Democracy, here is an invaluable guide the global economy.
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.
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