Variations on a Schumpeterian theme: democracy, capitalism and civilizations in a turbulence zone

Eyup Ozveren

Review of Political Economy, 2004, vol. 16, issue 2, 225-237

Abstract: Since the fall of the Berlin Wall, debates over the future of democracy and capitalism have not only gained a new momentum but also a new direction. These debates are yet to be linked with a renewed concern over the fate of civilizations. In this paper, Joseph Schumpeter's scheme of analysis as proposed in his Capitalism, Socialism, and Democracy is the point of departure for an analytical framework to assess the prospects of democracy, capitalism and civilization in the 21st century. A global dimension of analysis is superimposed upon the original Schumpeterian scheme; civilization, capitalism and democracy are then conceptualized as layers of a tripartite pyramid that represents the system whose historical development and prospects we wish to understand. Afterwards, the prospective relationships among different layers as this historical system approaches its own limits are explored. This modified Schumpeterian perspective provides a basis for arguing that what the future holds in store for us may be the exact opposite of liberal utopia.

Date: 2004
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DOI: 10.1080/0953825042000183208

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