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Capitalism and democracy at a crossroads: the civilizational dimension

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  • Ey, p , zveren

    ()
    (Department of Economics, Middle East Technical University, 06531 Ankara, Turkey)

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    Abstract

    This paper evaluates Schumpeter's grand vision as reflected in his Capitalism, Socialism and Democracy, and elaborates it in conjunction with the so-called "globalization" trends characteristic of the wake of the twenty-first century. In addition to the evolutionary nature of his methodology, the institutionalist dimension of Schumpeter's definitions are brought to light. A case is made for a fundamental process of "uncreative destruction" as far as the institutional setup of the economy is concerned. The contention of this paper is that there is ample support in Schumpeterian analysis for a counterpoint to the liberal thesis that envisages the worldwide spread of individualism, market economies, and democratic forms of government.

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    Bibliographic Info

    Article provided by Springer in its journal Journal of Evolutionary Economics.

    Volume (Year): 10 (2000)
    Issue (Month): 1 ()
    Pages: 49-65

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    Handle: RePEc:spr:joevec:v:10:y:2000:i:1:p:49-65

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    Related research

    Keywords: Schumpeterian analysis - Capitalism - Democracy - Institutions - Globalization;

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