ABSTRACT
One of the oddest things about Joseph Schumpeter was his attitude to Marxism, stated most fully in his 1943 classic, Capitalism, Socialism and Democracy. There, he treats the reader to numerous swipes at the "Marxist faithful". What makes Schumpeter so challenging today, such a "Socratic gadfly", is the uncompromising nature of his position: not only is capitalism probably on the way out, but the most logical form of replacement is probably central planning. This chapter focuses on three parts: Schumpeter's criticisms of Marx; the viability of central planning; the superiority of the "socialist blueprint". The discussion on criticism on Marx concerns two areas: Surplus Value and the Labour Theory of Value; and Overproduction/Underconsumption. Similarly, the discussion on the superiority of the "socialist blueprint" covers three sub-topics: Boosting of Productive Forces, Redistribution of Wealth, and Economic Crises and Business Cycles.
