In its summer issue Regulation (Rubric “From the Past”), I review Joseph Schumpeter’s most famous book, Capitalism, socialism and democracyFirst published in 1950:
In the book, Schumpeter argued that capitalism would naturally develop into socialism, that socialism could work, and that it was not logically incompatible with democracy. I will argue against these three claims.
This celebrated book is well known for its defense of “creative destruction”, but it also provides a wonderful argument in defense of socialism. I write:
No reservations [Schumpeter] Has the inherent benefits of socialism been overcome? Why didn’t he see? In the introduction to the 2008 edition of the book, Harvard business historian Thomas K. One hypothesis echoed by McCrae is that Schumpeter’s praise for socialism was ironic. He had to disguise his conservative views, lest his socialist readers take them down. In this scene, apparently shared by other scholars, we have to read the satire within the line.
A misleading argument I am reporting (excerpt from Schumpeter):
If income inequality is not considered acceptable under socialism, high-level bureaucrats can be “compensated not only by honor, but also by using government accommodation at government expense, allowances for ‘official’ hospitality, using the admiralty and other yachts,” and so on. Okay, maybe we can find some jokes there!
McCormack wrote (and I left this part exclusively for my EconLog readers) that the famous Harvard economics professor, Dr.
He was known for his good cheer, polished manner and naughty intellect. He often said that he wanted to be the greatest economist, lover and horseman in the world. Then came the punch line: things weren’t going well with the horses.
You will see if you read my article (scroll down after following the link) I can’t finish Capitalism, socialism and democracy:
Perhaps, above all, it is a long, destructive satire against socialism.