Capitalism, Socialism, and Democracy | Study Guide

Joseph A. Schumpeter

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Capitalism, Socialism, and Democracy | Chapter Summaries

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Chapter Summaries Chart

Chapter Summary
Part 1, Prologue Joseph A. Schumpeter begins Capitalism, Socialism, and Democracy (1942) by praising the "greatness" of the ideas of Karl... Read More
Part 1, Chapter 1 Schumpeter opens his discussion of "Marx the prophet" by asserting that Marxism is a religion (the same could be argued ... Read More
Part 1, Chapter 2 Schumpeter intends to analyze Marx but notes that doing so is "very objectionable to the faithful." To analyze Marx, Sch... Read More
Part 1, Chapter 3 Schumpeter begins by praising Marx as a "very learned man" in the field of economic theory. He notes that Marx's "master... Read More
Part 1, Chapter 4 Schumpeter considers "the imposing synthesis" of Marx's ideas as a whole. He notes that in Marx, economics and sociology... Read More
Part 2, Prologue Schumpeter offers the blunt statement that he does not think capitalism can survive. He considers this opinion "unintere... Read More
Part 2, Chapter 5 Schumpeter suggests that the "atmosphere of hostility to capitalism" that was present at the time made it difficult to "... Read More
Part 2, Chapter 6 Schumpeter acknowledges a rejoinder, or reply, to his argument in the previous chapter, that projecting the production r... Read More
Part 2, Chapter 7 Continuing where he left off, Schumpeter suggests that the theory of "monopolistic competition" means that reality might... Read More
Part 2, Chapter 8 Schumpeter endeavors to delve deeper into the question of monopoly, introducing and dealing with some criticisms that ma... Read More
Part 2, Chapter 9 Schumpeter asks readers to make up their own minds about whether what he has said in the previous chapter is convincing.... Read More
Part 2, Chapter 10 Schumpeter discusses the "unusual severity and duration" of the Great Depression. He notes also that most economists dis... Read More
Part 2, Chapter 11 Schumpeter turns from economics to sociology and the "socio-psychological superstructure" of capitalism. He discusses pr... Read More
Part 2, Chapter 12 Schumpeter considers the ways in which capitalism will destroy itself: Schumpeter considers a case in which the wa... Read More
Part 2, Chapter 13 Capitalist processes weaken the "protective strata" and "defenses" of capitalist society. Thus rendered defenseless, bou... Read More
Part 2, Chapter 14 Entrepreneurs and capitalists will cease to function. Schumpeter believes this element of capitalist evolution is alread... Read More
Part 3, Chapter 15 Schumpeter boldly proclaims that "of course" socialism can work, so long as the "requisite stage of industrial developme... Read More
Part 3, Chapter 16 Schumpeter inquires whether there is anything wrong with "the pure logic of a socialist economy." If the idea of a socia... Read More
Part 3, Chapter 17 Schumpeter cautions that he has no intention of conducting a "comparative appraisal of the socialist plan." Such an appr... Read More
Part 3, Chapter 18 Schumpeter anticipates an argument from opponents of socialism that the system could work only in hopelessly ideal circu... Read More
Part 3, Chapter 19 Schumpeter considers the difficulties of the transition from capitalism to socialism. He reiterates his belief that capi... Read More
Part 4, Chapter 20 Schumpeter notes, memorably, that it used to be "obvious" that socialists were democrats but that the Russian Revolution... Read More
Part 4, Chapter 21 Schumpeter considers the "classical definition" of democracy, that it is an expression of the "popular will." Schumpeter... Read More
Part 4, Chapter 22 Schumpeter offers the full version of his own definition of democracy: a method that is the institutional arrangement fo... Read More
Part 4, Chapter 23 Schumpeter proceeds to consider the implications of what he has argued so far. In particular he considers whether social... Read More
Part 5, Prologue Schumpeter's brief Part 5 Prologue acknowledges that it is "not for me to write a history of the socialist parties." Ins... Read More
Part 5, Chapter 24 Schumpeter considers the pre-Marxist utopian socialists. He deals specifically with 16th-century philosopher Sir Thomas ... Read More
Part 5, Chapter 25 Schumpeter repeats a story told by Friedrich Engels that Marx adopted the term communist because socialism had "by that ... Read More
Part 5, Chapter 26 Schumpeter begins his period with the creation of the German Social Democratic Party, though he sidesteps to compare a c... Read More
Part 5, Chapter 27 Schumpeter notes that socialists had tried to avert World War I. However, they universally "rallied to their national ca... Read More
Part 5, Chapter 28 From the perspective of 1946, Schumpeter adds an analysis of trends that have developed since the end of World War II. I... Read More
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