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Capitalism and democracy at a crossroads: the civilizational dimension

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  • Ozveren, Eyup

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

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.

Suggested Citation

  • Ozveren, Eyup, 2000. "Capitalism and democracy at a crossroads: the civilizational dimension," Journal of Evolutionary Economics, Springer, vol. 10(1), pages 49-65.
  • Handle: RePEc:spr:joevec:v:10:y:2000:i:1:p:49-65
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    Keywords

    Schumpeterian analysis - Capitalism - Democracy - Institutions - Globalization;

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
    • P17 - Economic Systems - - Capitalist Systems - - - Performance and Prospects

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