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Capitalism and Democracy in the 21st Century - Proceedings of the International Joseph A. Schumpeter Society Conference, Vienna 1998 "Capitalism and Socialism in the 21st Century" (Paperback, Softcover reprint of hardcover 1st ed. 2001)
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Capitalism and Democracy in the 21st Century - Proceedings of the International Joseph A. Schumpeter Society Conference, Vienna 1998 "Capitalism and Socialism in the 21st Century" (Paperback, Softcover reprint of hardcover 1st ed. 2001)
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Joseph Schumpeter oscillated in his view about the type of economic
system that was most conducive to growth. In his 1911 treatise,
Schumpeter argued that a more decentralized and turbulent industry
structure where the pro cess of creative destruction was triggered
by vigorous entrepreneurial ac tivity was the engine of economic
growth. But by 1942 Schumpeter had modified his theory, arguing
instead that a more centralized and stable industry structure was
more conducive to growth. According to Schum peter (1942, p. 132),
under the managed economy there was little room for
entrepreneurship because, "Innovation itself is being reduced to
routine. Technological progress is increasingly becoming the
business of teams of trained specialists who turn out what is
required to make it work in pre dictable ways" (p. 132). Schumpeter
(1942) reversed his earlier view by arguing that the integration of
knowledge creation and appropriation be stowed an inherent
innovative advantage upon giant corporations, "Since capitalist
enterprise, by its very achievements, tends to automize progress,
we conclude that it tends to make itself superfluous - to break to
pieces under the pressure of its own success."
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