Explores the relation between a socialist view of society and the democratic method of government; argues that socialism is probably inevitable, for political rather than economic reasons. The book developes five principal themes, presented in five parts. Part I, "The Marxian Doctrine," attests to Schumpeter's belief in the importance of Karl Marx's thought, and discusses Marx in the roles of prophet, sociologist, economist, and teacher. His strength lay in synthesis of history, economics, and politics into a vision and system (which Schumpeter admires) that that can be used for solving problems and contributing to knowledge and insight; the value of Marx's theories and conclusions are found wanting. Part II "Can Capitalism Survive?" shows that a socialist form of society will inevitably emerge from the inevitable decomposition of capitalist society. Essential to capitalism is the process of "creative destruction," which constantly revolutionizes the system from within; this revolutionary transformation of capitalism, which spells its doom, results from its success--not, as Marx argued, from its failure. In Schumpeter's view of capitalism, monopolistic policies promote stability and increase efficiency; unemployment and business cycles accompany economic growth; and without political interference, output would increase and standard of living increase. The entrepreneurial function, which revolutionizes production by exploiting innovation, becomes routine and obsolete due to technical development and rise of big firms; the entrepreneur becomes a bureaucrat. Without innovating enterprise, profit will vanish or become unimportant. Capitalism's success undermines the social conditions that protect it. Capitalism will not survive because public opinion will not support it: the bourgeoisie is not equipped for politics; corporate evolution and decline of the family have reduced the bourgeois sense of property and incentives; destruction of monarchy and aristocracy have deprived the bourgeois of its protectors; and disenchanted intellectuals inflame discontent with free enterprise. Establishment of socialism can be expected. Part III, "Can Socialism Work?" answers, "Of course it can." Socialism for Schumpeter is centralized control over the means of production. Necessary for the success of socialism is reaching the requisite stage of industrial development and resolution of transitional problems. The assessment of a socialist society should be based less on economic efficiency than on the quality of the bureaucratic apparatus operating the system. Socialism may likely be as successful in satisfying consumers, promoting economic progress, and enforcing discipline and efficiency. Part IV, "Socialism and Democracy" argues one can have autocratic, theocratic, or democratic socialism. Socialism's economic problem should only be discussed referring to the given state of the social environment and historical situation. Schumpeter alternatively defines democracy as people's selection of a government. Socialism may be democratic if certain conditions are met: politics must be culturally valued, range of political decisions must be fairly narrow, a well-trained bureaucracy exists, and the public exercises democratic self control. Part V, "Historical Sketch of Socialist Parties" analyzes the history of the most important socialist parties in England, Sweden, U.S., France, Germany, and Austria, emphasizing how they tried to live within the structure of a Marxist system and to remain alive and grow politically. Socialism, though, is likely to present fascist features. (TNM).

Not to repeat past mistakes: the sudden resurgence of a sympathetic interest in social democracy is a response to the urgent need to draw lessons from the history of the socialist movement. After several decades of analyses worthy of an ostrich, some rudimentary facts are being finally admitted. Social democracy has been the prevalent manner of organization of workers under democratic capitalism. Reformist parties have enjoyed the support of workers.

2017 marked the seventy-fifth anniversary of Schumpeter’s Capitalism, Socialism and Democracy, a work acknowledged as one of the most insightful books written in the twentieth century. It retains a contemporary quality, and still invites criticisms, new interpretations, and extensions and across disciplines. This book, in addition to re-examining Schumpeter’s seminal work and undertaking a twenty-first-century update of its main themes, brings together leading social scientists to provide contemporary amendments, extensions – or eventually refutations – of key elements of Schumpeter’s vision and thesis. Issues covered include a new take on creative destruction, the contours of a theory of innovative enterprise, finance and financialisation, a critique of the secular stagnation thesis, Schumpeter’s contributions to a theory of the entrepreneurial state, his conception of socialism and its current relevance for understanding the 'China model' as well as a rekindling of his democracy thesis for our times. Bringing together leading international contributors, this book provides fresh perspectives on ideas that continue to be hugely relevant to contemporary social sciences and a guide for understanding the current tensions among capitalism, the state and democracy. These chapters will be of interest to economists, social scientists and anyone with an interest in modern capitalism.

A pragmatic vision of how democratic socialism can overcome the economic, workplace, political, environmental, social, and international crises that we face today.

"Capitalism, Socialism, and Democracy Revisited is must reading for anyone who considers him- or herself a political economist, and it should also appeal to those probing the uncertainties of contemporary democratization." -- Philippe C. Schmitter, Stanford University.

What, and who, are we working for? A thoughtful assessment on our current society from “probably America’s most prominent Marxist economist” (The New York Times). Capitalism as a system has spawned deepening economic crisis alongside its bought-and-paid-for political establishment. Neither serves the needs of our society. Whether it is secure, well-paid, and meaningful jobs or a sustainable relationship with the natural environment that we depend on, our society is not delivering the results people need and deserve. One key cause for this intolerable state of affairs is the lack of genuine democracy in our economy as well as in our politics. The solution requires the institution of genuine economic democracy, starting with workers managing their own workplaces, as the basis for a genuine political democracy. Here Richard D. Wolff lays out a hopeful and concrete vision of how to make that possible, addressing the many people who have concluded economic inequality and politics as usual can no longer be tolerated and are looking for a concrete program of action. “Wolff’s constructive and innovative ideas suggest new and promising foundations for much more authentic democracy and sustainable and equitable development, ideas that can be implemented directly and carried forward. A very valuable contribution in troubled times.” —Noam Chomsky, leading public intellectual and author of Hope and Prospects

'The translation of these essays is a testimony to Professor Schumpeter's power in the analysis of economic thinking' The Financial Times. This classic book is divided into four sections. The first gives a broad survey of economic thought from the days of Aristotle to the beginnings of modern times, and the second traces the development of the conception of the circular flow of economic forces. The third and fourth sections cover the main theorems of the classical economists and describe the genesis of the school of marginal utility.