Capitalism, Socialism and Democracy remains one of the greatest
works of social theory written this century. When it first appeared
the New English Weekly predicted that `for the next five to ten
years it will cetainly remain a work with which no one who
professes any degree of information on sociology or economics can
afford to be unacquainted.' Fifty years on, this prediction seems a
little understated. Why has the work endured so well? Schumpeter's
contention that the seeds of capitalism's decline were internal,
and his equal and opposite hostility to centralist socialism have
perplexed, engaged and infuriated readers since the book's
publication. By refusing to become an advocate for either position
Schumpeter was able both to make his own great and original
contribution and to clear the way for a more balanced consideration
of the most important social movements of his and our time.
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