Capitalism, Socialism, and Democracy | Study Guide

Joseph A. Schumpeter

Download a PDF to print or study offline.

Study Guide
Cite This Study Guide

How to Cite This Study Guide

quotation mark graphic
MLA

Bibliography

Course Hero. "Capitalism, Socialism, and Democracy Study Guide." Course Hero. 26 Apr. 2019. Web. 8 Aug. 2020. <https://www.coursehero.com/lit/Capitalism-Socialism-and-Democracy/>.

In text

(Course Hero)

APA

Bibliography

Course Hero. (2019, April 26). Capitalism, Socialism, and Democracy Study Guide. In Course Hero. Retrieved August 8, 2020, from https://www.coursehero.com/lit/Capitalism-Socialism-and-Democracy/

In text

(Course Hero, 2019)

Chicago

Bibliography

Course Hero. "Capitalism, Socialism, and Democracy Study Guide." April 26, 2019. Accessed August 8, 2020. https://www.coursehero.com/lit/Capitalism-Socialism-and-Democracy/.

Footnote

Course Hero, "Capitalism, Socialism, and Democracy Study Guide," April 26, 2019, accessed August 8, 2020, https://www.coursehero.com/lit/Capitalism-Socialism-and-Democracy/.

Capitalism, Socialism, and Democracy | Part 2, Prologue : Can Capitalism Survive? (Prologue) | Summary

Share
Share

Summary

Schumpeter offers the blunt statement that he does not think capitalism can survive. He considers this opinion "uninteresting" because what matters more than the opinion is the facts and arguments that lead him to that opinion. He points out that to do anything other than follow facts and arguments would be "not science but prophecy." He will point to trends, which will lead to definite ends if the trend holds. However, he cautions that he does not mean to conclude anything outside the trends he identifies. He points out that his argument rests not on the failure of capitalism but on its very success. Not only will capitalism's success destroy itself, it will anoint socialism as "the heir apparent." He notes that one may accept or reject his arguments whether one is a socialist or not.

Analysis

Schumpeter's fondness for provocative statements is an expression of his confidence and intellectual honesty. He says plainly what he thinks, and in subsequent sentences, he carefully defines exactly what he means and why he feels confident in saying it. His provocative statements also shock the reader into giving him full attention. This short prologue circumscribes the terms of inquiry Schumpeter will follow later.

Cite This Study Guide

information icon Have study documents to share about Capitalism, Socialism, and Democracy? Upload them to earn free Course Hero access!

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes