What did Schumpeter think about socialism?
It is inevitable
It is impossible
It is harmful
It is perfect
Answer
Schumpeter believed that socialism was an inevitable outcome of capitalism's inherent contradictions. He argued that the concentration of wealth and power in the hands of a few capitalists would eventually lead to a socialist revolution. However, he did not believe that socialism would be a successful system in the long run. He predicted that it would eventually collapse due to its own inefficiencies and contradictions.
Schumpeterian Secrets: Unveiling the Mind of an Economic Pioneer
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