A Common Misunderstanding about Capitalism and Communism Through the Eyes of Innovation

Dirk-Hinnerk Fischer () and Hovhannes Yeritsyan ()
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Dirk-Hinnerk Fischer: Ragnar Nurske School of Innovation and Governance Tallinn University of Technology, Estonia
Hovhannes Yeritsyan: Department of Agricultural Economics, Texas A&M University, USA

Economic Thought, 2018, vol. 7, issue 2, 1 - 14

Abstract: This paper argues that theories of communism and capitalism should not be considered as opposites or alternatives, but rather systems that satisfy different stages of humanity's technological development. The argument derives from Maslow's hierarchy of needs, and a focus on the role of innovation within systems. Some argue that capitalism focuses on the lower, and communism on the higher, layers of the hierarchy – which lays the basis for their inability to compete in different periods.

Date: 2018
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