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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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Source: 'Science and Ideology' (Schumpeter, 1949)
Source: 'Ten Great Economists' (Schumpeter, 1997)
Source: 'Capitalism, Socialism, and Democracy' (Schumpeter, 1962)
Joseph Schumpeter's Concession on the Viability of Socialism
Schumpeter's Theory of the Entrepreneur as the Engine of Capitalist Dynamism