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Can Capitalism Survive? Paperback – February 2, 2011

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Can Capitalism Survive? + Capitalism, Socialism, and Democracy: Third Edition + The Road to Serfdom: Text and Documents--The Definitive Edition (The Collected Works of F. A. Hayek, Volume 2)
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Product Details

  • Paperback: 108 pages
  • Publisher: Martino Fine Books (February 2, 2011)
  • Language: English
  • ISBN-10: 1891396765
  • ISBN-13: 978-1891396762
  • Product Dimensions: 6 x 0.3 x 9 inches
  • Shipping Weight: 5.6 ounces (View shipping rates and policies)
  • Average Customer Review: 3.3 out of 5 stars  See all reviews (3 customer reviews)
  • Amazon Best Sellers Rank: #2,129,412 in Books (See Top 100 in Books)

Editorial Reviews


“The 20th century’s foremost economist.” (Steve Forbes, Forbes)

“The most influential economist of the 20th century.” (Peter Drucker, Fortune)

“The great economist Joseph Schumpeter highlighted the role of innovation in powering the rise of new industries, the creative destruction of existing ones, and the growth in prosperity of economies.” (Richard Florida, Atlantic)

“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)

“The greatest defense of capitalist, European civilization ever penned. . . . Schumpeter did more than anyone to persuade American leaders to preserve the capitalist system” (American Conservative)

“Schumpeter may well be the most important economist of the 21st century.” (J. Bradford DeLong, Chronicle of Higher Education)

“Schumpeter was the most farsighted of twentieth-century economists. His focus on capitalism and creative destruction made him the prophet of globalization.” (The Nation) --This text refers to an alternate Paperback edition.

From the Back Cover

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.

--This text refers to an alternate Paperback edition.

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Most Helpful Customer Reviews

1 of 1 people found the following review helpful By W. J. Streeter on September 9, 2013
Format: Paperback
Can Capitalism Survive? is NOT and answer to critics of the 1942 Capitalism, Socialism and Democracy. It is simply a later edition with a new name! I rate Schumpeter's Capitalism, Socialism and Democracy as one of the most important, insightful books on economics, but this later edition is misrepresented here as a subsequent answer to the original work.
Schumpeter argued that the painful consequenses of creative destruction would lead societies to move toward socialism. Many now argue that the experiences with totalitarian communism in eastern Europe and Asia have demonstrated that Schumpeter was wrong. But they are overlooking the democratic socialist movement in western Europe. Current economic realities are forcing a retreat from 1980's socialism in Europe, but the result is still a form of socialism that validates Schumpeter's brillient arguement.
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Even though schumpeters work was done 80 years ago it is living right up today as we contemplate where to go with a screwed up economic and social society. Many of the problems faced today were considered in this superb ecomic work. The introduction by Tom Bottomore lays the framework for this immortal exposé about Marxism ,capitalism, and Socialim by Schumpeter, it is living discussion about we are facing today
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5 of 14 people found the following review helpful By M. Brown on July 18, 2010
Format: Paperback Verified Purchase
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.
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