Capitalism and democracy at a crossroads: the civilizational dimension

Date

1998-06-01

Author

Ozveren, E

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This paper evaluates Schumpeter's grand vision as reflected in his Capitalism, Socialism and Democracy, and elaborates it in conjunction with the so-called "globalization" trends characteristic of the wake of the twenty-first century. In addition to the evolutionary nature of his methodology, the institutionalist dimension of Schumpeter's definitions are brought to light. A case is made for a fundamental process of "uncreative destruction" as far as the institutional setup of the economy is concerned. The contention of this paper is that there is ample support in Schumpeterian analysis for a counterpoint to the liberal thesis that envisages the worldwide spread of individualism, market economies, and democratic forms of government.

Subject Keywords

Schumpeterian Analysis, Capitalism, Democracy, Institutions, Globalization

URI

https://hdl.handle.net/11511/63613

Collections

Department of Economics, Conference / Seminar