Marx and Schumpeter on Capitalism's Creative Destruction: A Comparative Restatement

John E. Elliott

The Quarterly Journal of Economics, 1980, vol. 95, issue 1, 45-68

Abstract: Despite well-known differences, the respective visions of capitalism's future by Marx and Schumpeter show striking and neglected similarities. This is illustrated, first, by their strong focus upon capitalism's progressive and creative properties; second, by their analyses of capitalism's dysfunctional properties; and third, by their respective analyses of the creatively destructive character of institutional and attitudinal change in advanced capitalism.

Date: 1980
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