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Where Schumpeter was nearly right - the Swedish model and Capitalism, Socialism and Democracy

  • Ulf Jakobsson

    ()

    (IUI, the Research Institute of Industrial Economics, P.O. Box 5501, 114 85 Stockholm, Sweden)

  • Magnus Henrekson

    ()

    (Department of Economics, Stockholm School of Economics, P.O. Box 6501,113 83 Stockholm, Sweden)

In Capitalism, Socialism and Democracy Joseph A. Schumpeter concluded that socialism would eventually displace capitalism in Western democracies. This would come about as a result of the superior performance of capitalism. We extract six "stylized" propositions that are essential elements of Schumpeter's prediction about the fate of capitalism. These propositions are confronted with the development of the Swedish economy. The three main results of the analysis are:

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

Volume (Year): 11 (2001)
Issue (Month): 3 ()
Pages: 331-358

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Handle: RePEc:spr:joevec:v:11:y:2001:i:3:p:331-358
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