Schumpeters Capitalism, Socialism and Democracy

"Schumpeter's great book has been a classic since its publication in 1942. But the Great Crash of 2008 has made it even more relevant than before. Capitalism has been called into question and Socialism has gained popularity as a claimed alternative; worrying global developments are now threatening Democracy. This present volume is timely and forward-looking." Geoffrey Hodgson, Professor in Management, Loughborough University London "The perspective of the informed lay public on how modern capitalist economies work long has been Schumpeterian. However, today's academic economic discipline recognizes Schumpeter hardly at all. This book makes the case for bringing the Schumpeterian perspective to the center of our discipline's thinking and writing. I could not agree more. And readers who have any doubts about this are highly likely to be persuaded by the books well developed argument." Richard Nelson, Professor of Economics, Emeritus, Columbia University "Joseph Schumpeter might have been the most complete economist of the 20th century: linking technology, finance, development, and crises across the history of economic thought. Yet, his popularity peaked in the early 1990s when his metaphor of creative destruction explained fast economic growth without inflation. Now Burlamaqui and Kattel have done us all a big favour by bringing together an outstanding group of researchers who have brought Schumpeters thoughts back into the core of todays problems. Their volume is a most useful antidote against neo-classical economic orthodoxy at a time when this is sorely needed!" Erik S. Reinert, Professor of Technology Governance and Development Strategies, Tallinn University of Technology, Estonia and Chairman of The Other Canon Foundation, Norway

Leonardo Burlamaqui is Professor of Economics at the Department of Economic Evolution, State University of Rio de Janeiro, Research Scholar at the Levy Institute Bard College (New York), and Adjunct Professor at Graduate Program in Public Policies and Development Strategies at the Federal University at Rio de Janeiro. He is also a member of the International Joseph Schumpeter Society. Rainer Kattel is Professor of Innovation and Public Governance UCL Institute for Innovation and Public Purpose, UK, and Research Professor at Ragnar Nurkse School of Innovation and Governance, Tallinn University of Technology, Estonia.

Introduction Capitalism, Socialism and Democracy at 75: New Interpretations and New Dimensions, Leonardo Burlamaqui & Rainer Kattel PART I: New Interpretations Creative Destruction as a Radical Departure: A New Paradigm for Analyzing Capitalism, Leonardo Burlamaqui Schumpeter and the Dynamics of Capitalism: The Place of Capitalism, Socialism and Democracy, Francisco Lou Individual, Society and Order: A Schumpeterian Trinity, Beniamino Callegari PART II : New Dimensions (Re) introducing Finance into Evolutionary Economics: Keynes, Schumpeter, Minsky and Financial Fragility, Mariana Mazzucato and L. Randall Wray Innovative Enterprise and Sustainable Prosperity: Taking Up the Schumpeterian Challenge, William Lazonick Secular Stagnation and Creative Destruction: Reading Robert Gordon through a Schumpeterian Lens, Fred Block Schumpeter in the Twenty-First Century: Creative Destruction and the Global Green Shift, John Mathews Domination, Weak Judgment and the Dilemmas of Contemporary Schumpeterian Democrats, John Medearis Bringing the State into Schumpeters Model: Entrepreneurial States, Socialization of Investment, Creative-Destruction Management and China, Leonardo Burlamaqui