In this classic and prescient book, Joseph A. Schumpeter introduced the world to the concept of "creative destruction," which forever altered how global economics is approached and perceived. Capitalism, Socialism and Democracy is essential reading for anyone who seeks to understand where the world economy is headed.
"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
"[Schumpeter] gave us stunning insights into how the world really works. We are now living, it is said, in the Age of Schumpeter. . . . A half century ago, he published his classic Capitalism, Socialism and Democracy: a book admired by economists . . . Schumpeter was a powerful prophet, and he now offers dazzling insights into everything from the rise of Wal-Mart to prosperity's discontents. He is best known for his evocative phrase "creative destruction." Schumpeter saw capitalism as a system that produces material progress--rising living standards, more creature comforts--through the turmoil of new technologies and business methods. The "entrepreneur," a man of great vision and energy (in his day, there were few women in business), was the driving force of change. Sam Walton and Wal-Mart fit his theory perfectly. Indeed, Schumpeter's idea of chaotic capitalism seems everywhere confirmed."--Robert J. Samuelson, Newsweek