2017 marked the seventy-fifth anniversary of Schumpeter’s Capitalism, Socialism and Democracy, a work acknowledged as one of the most insightful books written in the twentieth century. It retains a contemporary quality, and still invites criticisms, new interpretations, and extensions and across disciplines.

This book, in addition to re-examining Schumpeter’s seminal work and undertaking a twenty-first-century update of its main themes, brings together leading social scientists to provide contemporary amendments, extensions – or eventually refutations – of key elements of Schumpeter’s vision and thesis. Issues covered include a new take on creative destruction, the contours of a theory of innovative enterprise, finance and financialisation, a critique of the secular stagnation thesis, Schumpeter’s contributions to a theory of the entrepreneurial state, his conception of socialism and its current relevance for understanding the 'China model' as well as a rekindling of his democracy thesis for our times.

Bringing together leading international contributors, this book provides fresh perspectives on ideas that continue to be hugely relevant to contemporary social sciences and a guide for understanding the current tensions among capitalism, the state and democracy. These chapters will be of interest to economists, social scientists and anyone with an interest in modern capitalism.

chapter 1|18 pages

Introduction – Capitalism, Socialism and Democracy at 75

New interpretations and new dimensions
ByLeonardo Burlamaqui, Rainer Kattel

part I|1 pages

New interpretations

chapter 2|42 pages

Creative destruction as a radical departure

A new paradigm for analysing capitalism
ByLeonardo Burlamaqui

chapter 3|35 pages

Schumpeter and the dynamics of capitalism

The place of Capitalism, Socialism and Democracy
ByFrancisco Louçã

chapter 4|35 pages

Individual, society and order

A Schumpeterian trinity
ByBeniamino Callegari

part II|1 pages

New dimensions

chapter 5|27 pages

(Re)introducing finance into evolutionary economics

Keynes, Schumpeter, Minsky and financial fragility
ByMariana Mazzucato, L. Randall Wray

chapter 6|46 pages

Innovative enterprise and sustainable prosperity

Taking up the Schumpeterian challenge
ByWilliam Lazonick

chapter 7|25 pages

Secular stagnation and creative destruction

Reading Robert Gordon through a Schumpeterian lens
ByFred Block

chapter 8|22 pages

Schumpeter in the twenty-first century

Creative destruction and the global green shift
ByJohn Mathews

chapter 10|32 pages

Bringing the state into Schumpeter’s model

Entrepreneurial states, socialisation of investment, creative-destruction management and China
ByLeonardo Burlamaqui