![]() This is the first book-length study of Schumpeter's influential theory of democracy. He gives careful attention to the various elements of Schumpeter's life, focusing, naturally, on his work.McCraw's biography is a major step toward Schumpeter's restoration in the pantheon of modern economists. It's never easy to make economics come alive on the page, particularly for readers not steeped in the discipline, but McGraw does his best to balance rigor and accessibility. Precisely because he viewed democracy as a potent transformative social force, he labored strenuously to theorize a form of society in which elites could restrain the pace and nature of democratic change.Īs Thomas McGraw's comprehensive and well-written biography convincingly shows, Schumpeter succeeded in becoming the "prophet of innovation" by pioneering the vision of a superproductive world of continuing competitive struggle in a nexus of more or less open financial and economic markets. The transformative perspective highlighted the radicalizing, dynamic effects of movements that attempt to realize democratic values and act upon democratic ideologies, while the better-known elite model depicted democracy in static terms and as institutionally stable.ĭespite the sharp contrasts, both perspectives were part of Schumpeter's complex and deeply conservative response to political change in his lifetime. The neglected transformative view, which this book expounds, stressed the importance of democratic beliefs and ideology, whereas the elite conception minimized their significance. The contrasts between the two perspectives are striking. Deploring this prospect, he theorized elite-dominated forms of society in which democratic change could be reined in. Schumpeter's theory of democracy as a competition among elites has influenced several generations of political scientists, but this book is the first to show that Schumpeter also conceived of democracy as a powerful transformative tendency leading toward the establishment of democratic socialism. Saving Earth Britannica Presents Earth’s To-Do List for the 21st Century.This book offers the first full-length treatment of Joseph Schumpeter's political thought.Britannica Beyond We’ve created a new place where questions are at the center of learning.100 Women Britannica celebrates the centennial of the Nineteenth Amendment, highlighting suffragists and history-making politicians.COVID-19 Portal While this global health crisis continues to evolve, it can be useful to look to past pandemics to better understand how to respond today.Student Portal Britannica is the ultimate student resource for key school subjects like history, government, literature, and more.From tech to household and wellness products. Britannica Explains In these videos, Britannica explains a variety of topics and answers frequently asked questions.This Time in History In these videos, find out what happened this month (or any month!) in history.#WTFact Videos In #WTFact Britannica shares some of the most bizarre facts we can find.Demystified Videos In Demystified, Britannica has all the answers to your burning questions.Britannica Classics Check out these retro videos from Encyclopedia Britannica’s archives.
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