Which book did Schumpeter write in 1942?
The Wealth of Nations
Capitalism, Socialism and Democracy
The General Theory
Das Kapital
Answer
Capitalism, Socialism and Democracy, published in 1942, is a seminal work by Austrian economist Joseph Schumpeter. It analyzes the historical evolution of capitalism and socialism, arguing that capitalism is a dynamic system that constantly undergoes creative destruction, while socialism is a static system that ultimately leads to stagnation. Schumpeter also discusses the role of democracy in capitalism, arguing that it is essential for the long-term survival of the system.
Schumpeterian Secrets: Unveiling the Mind of an Economic Pioneer
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