Download Joseph Schumpeter and Dynamic Economical Change AudioBook Free
Joseph Schumpeter (1883-1950) viewed capitalism as a dynamic engine of progress. In his view, mature financial systems find a regular and stable routine of supply, demand, and exchange; Schumpeter called this the “circular flow.” Entrepreneurs interrupt this circular flow with new ideas and visions about the financial future, recombining existing resources to produce new and much more valuable products and services. Schumpeter called capitalism a process of “creative destruction” since it overthrows old routines and methods of production. But he recognized that process is unstable, and therefore unsettling, for many who have become accustomed to established ways. Schumpeter predicted growing political opposition to capitalism and a corresponding growth in socialism in the twentieth century.
