Schumpeter defined democracy as the method by which people elect representatives in competitive elections to carry out their will.
The author draws conclusions on what a socialist-democratic regime may entail that will prove shocking to the orthodox and stimulating to the unorthodox. But on the other hand, they are not incompatible socialism can be run on democratic principles. He observes that there is no necessary relation between socialism and democracy one can exist without the other. Pointing out that socialism may mean many things, Professor Schumpeter constructs a blueprint of the kind of socialism that would work and would not d would not compare unfavorably with fettered capitalism. The author establishes the thesis that a socialist form of society will inevitably emerge from an equally inevitable decomposition of capitalist society. Specifically, the success of capitalism would lead to corporatism and to values hostile to capitalism, especially among intellectuals. While Marx predicted that capitalism would be overthrown by a violent proletarian revolution, which actually occurred in the least capitalist countries, Schumpeter believed that capitalism would weaken by itself and collapse. Schumpeter's most popular book is probably Capitalism, Socialism and Democracy. Schumpeter's work on the role of innovation and entrepreneurship can be seen as a continuation of ideas originated by the Historical School. The source of Schumpeter's dynamic, change-oriented, and innovation-based economics was the Historical school of economics. Schumpeter was one of the most influential economists of the early 20th century, and popularized the term "creative destruction", that was coined by Werner Sombart. In 1932, he emigrated to the United States to become a professor at Harvard University, where he remained until the end of his career, and in 1939 obtained American citizenship. He was born in Moravia, and briefly served as Finance Minister of German-Austria in 1919.
Joseph Alois Schumpeter (FebruJanuary 8, 1950) was an Austrian political economist. This revised/second edition contains new material appraising the social changes wrought by the war. Chapters include The Marxian Doctrine Can Capitalism Survive? Can Socialism Work? Socialism and Democracy and A Historical Sketch of Socialist Parties. Includes Preface to the Second Edition Preface Prologue, and Index.
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