In the decades since its publication in 1942, Capitalism, Socialism and Democracy has exerted growing influence in economics and many other fields. Although Joseph Schumpeter’s treatise is a product of its times, its rigorous critique of Marxism, its identification of “creative destruction” as a key trait of capitalism, its satirical description of socialism, and its explanatory theory of democracy make the book highly relevant for our times as well.

Andrew J. Logan is an undergraduate student in the Department of Economics at Wake Forest University.
Economic PolicyEconomistsEconomyPhilosophy and Religion
Other Independent Review articles by John T. Dalton
Fall 2015 How Adam Smith Can Change Your Life: An Unexpected Guide to Human Nature and Happiness