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Joseph Schumpeter's Concession on the Viability of Socialism
Despite being a staunch opponent of socialism, economist Joseph Schumpeter acknowledged that, in principle, it could function as a viable economic system. He famously stated that there was 'nothing wrong with the pure theory of socialism,' separating its theoretical possibility from his personal preference for capitalism. [1, 6]
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The Economy 1.0 @ CORE Econ
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Schumpeter's Concerns About the 'March into Socialism'
Personal Anecdotes from Joseph Schumpeter's Life
Source: 'Science and Ideology' (Schumpeter, 1949)
Source: 'Ten Great Economists' (Schumpeter, 1997)
Source: 'Capitalism, Socialism, and Democracy' (Schumpeter, 1962)
Schumpeter's Theory of the Entrepreneur as the Engine of Capitalist Dynamism
Related
Creative Destruction Definition
Evolutionary Economics
Schumpeter's Concerns About the 'March into Socialism'
Personal Anecdotes from Joseph Schumpeter's Life
Source: 'Science and Ideology' (Schumpeter, 1949)
Source: 'Ten Great Economists' (Schumpeter, 1997)
Source: 'Capitalism, Socialism, and Democracy' (Schumpeter, 1962)
Schumpeter's Theory of the Entrepreneur as the Engine of Capitalist Dynamism