Joseph Schumpeter, Allyn Young, and the future of capitalism

Ramesh Chandra

Journal of Post Keynesian Economics, 2024, vol. 47, issue 4, 823-852

Abstract: Schumpeter placed the entrepreneur and innovation at the center of capitalism and thought that once monopoly capitalism inevitably emerges, the link between individual initiative and innovation will be broken. Capitalism will then undermine its own institutional context and socialism would ultimately emerge. But his support for socialism was nuanced and restricted to mature capitalism; for him, unfettered capitalism was preferable to socialism with fascist features. For Young Smith’s relationship between the division of labor and market size was central to growth, and the role of the entrepreneur was more to find markets than innovation. The objective of this paper is to analyze the contrasting views of Schumpeter and Young on endogenous process of growth and the future of capitalism itself, particularly pertaining to the emergence of monopoly capitalism.

Date: 2024
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DOI: 10.1080/01603477.2024.2395384

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