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Can Capitalism Survive?: Creative Destruction and the Future of the Global Economy

2017-09-01 
Considered by many economists to be the finest analysis of capitalism ever written, Can Capitalism
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Can Capitalism Survive?: Creative Destruction and the Future of the Global Economy

Considered by many economists to be the finest analysis of capitalism ever written, Can Capitalism Survive? introduces Joseph A. Schumpeter's theory of "creative destruction," stating that in capitalist economies new innovations erode the position of established firms while also providing new and previously unforeseen avenues of economic growth. Today the effects of such advancements as Mp3s—replacing CDs, which in turn had replaced cassettes and vinyl records—have proven his ideas correct. Prophetically arguing that capitalist societies are also subject to "perennial gales" of destruction that wipe away fortunes, this great economist revealed the vast, often chaotic economic landscape of world capitalism. First published in Schumpeter's classic Capitalism, Socialism and Democracy, here is an invaluable guide the global economy.

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“Schumpeter gave us stunning insights into how the world really works. We are now living, it is said, in the Age of Schumpeter. . . . Schumpeter was a powerful prophet, and he now offers dazzling insights into everything from the rise of Wal-Mart to prosperity’s discontents.” (Robert J. Samuelson, Newsweek )

作者简介

Joseph A. Schumpeter (1883-1950) served as Austria's first finance minister, made and lost a fortune as an investment banker, and taught economics for many years at Harvard. Capitalism, Socialism and Democracy is his best-known work.

网友对Can Capitalism Survive?: Creative Destruction and the Future of the Global Economy的评论

书有点难度,不过细细读起来还是有收获的

May be one of my favorite reads ever. I highly recommend this book to anyone interested in economics or capitalism as a whole.

Joseph Schumpeter's 'Can Capitalism Survive?' presents a detailed theory of his projection for the future of capitalism, while extrapolating on the reasons for and against its coming demise.

His observations about the superstructure of the capitalist economy are incredibly astute, in ways that other economists of the Austrian school would fail to perceive- it's historical significance, and, most importantly, it's ramifications on the development of society over the past two-hundred years.
Moreover, he humbly acknowledges, in ways other free-marketeers do not, a number of its negative consequences on social development- particularly in regard to family-structure, faith and basic humanistic compassion.

And yet, throughout the work there are a number of pressing contradictions in his logic- particularly in his failure to reconcile the historical development of capitalism vis-a-vis previous systems of social order.
He, like most economists, also attempts to repudiate any moral arguments in the battle between capitalism v. socialism (ones that he suggests would inherently favor socialism)-- while simultaneously defending an individualist utilitarianism throughout the entire work.
His position? The long-range, the broad-picture of economic development is what we must fixate upon, rather than the current condition when discussing the merits of unfettered capitalism. Here he introduces his theory of 'creative destruction', arguing that the growth of technology is spurred on by a perpetual cycle of destruction and creation of existing structures, which is constantly leading innovation. With this he staunchly defends the technological and material progress of the past two centuries as indebted solely to capitalism. He attributes all the positives of modernity to capitalism--embodied rationality-- while arguing that the rationality of socialism, and recognition of failures within capitalism, as short-sighted. In short, he has his cake and eats it too.

Schumpeter's 'Can Capitalism Survive?' is as much a treatise in defense of capitalism as it as a lamentation for its potential destruction. While it may be dated (completed and published in 1942), it continues to provide a number of solid arguments for those in favor of its continuation, even if his underlying ideology blinds him in recognizing some pressing logical shortcomings.

At times, Schumpeter sounds more like a philosopher than an economist. This book seems to be very focused on accomplishing its goals.

First, the author attempts to correct the wrong reasons for capitalism's failure. This is primarily a response to criticisms about price rigidity as well as the Marshall-Cournot theories on monopoly. Regarding the Marshall-Cournot theories, Schumpeter explains that pure-competition, as opposed to monopolistic-competition, has both advantages and disadvantages to the consumer. While monopolistic-competition may allow for some ability to bend production to the will of the profiteer, it also allows for economies of scale and the capacity to withstand supply/demand shocks (promoting stability to fight supply shortfalls especially).

Next, the author addresses both the theory of the conservation of capital and the theory of vanishing investment opportunity. The author's correct understanding of corporate finance and project profitability measurement makes it easy to see why the conservation of capital theory may at worst lag progress, and at best be irrelevant. While the theory of vanishing investment opportunity is refuted in the short-term, his thesis seems to not fully reject it. At some point, the author states, needs may be so satisfied (technologically I assume) that entrepreneurship ceases to exist (due to competitive investment driving interest and return on capital to zero as investment outlets disappear). Thus, the primary tools which allow the bourgeois class to maintain class separation disappear. The author does state that when this would occur is currently "incalculable." Further, and one of my reasons for 4 stars instead of 5, the author does not critically examine a corporate world with no entrepreneurship. Do companies all approach pure-competition or monopoly? If each has advantages, surely an industry has no definitive "end" where competition may no longer be warranted.

The last point I'd like to draw attention to is the author's linking of rationalism to capitalism. This was an extremely attractive proposition, and one which I can't disagree with. However, the author continues his line of thought until coming to the breakdown of capitalist society from its own "rational" actions of its actors. While I may have 75 more years of history from which to examine, it is difficult for me to agree with the cultural changes capitalism will encourage. People still care about families, and even total strangers. Profit guides, but compassion has not disappeared. The greed that exists can exist in any economic system. While I agree that a socialist system removes the tools which allow greed an outlet, this very greed often has just as many (if not more) positive effects on consumers than negative. The author provides ingenious explanations of cultural changes due to capitalism's transition from feudalism, but not with regard to capitalism's future transition to socialism.

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