![]() ![]() ![]() Entrepreneurial innovation and the process of creative destruction He took up a position at the University of Bonn in Germany in 1925 and moved to Harvard University in 1932, where he taught until his death on January 8, 1950, at the age of 66. During 1919, he briefly served as minister of finance in the postwar government of the new Republic of Austria. He attended the University of Vienna in the years before the First World War and was a classmate of another famous Austrian economist, Ludwig von Mises, in the graduate seminar of one of the early leaders of the Austrian School of Economics, Eugen von Böhm-Bawerk. Joseph Alois Schumpeter was born on February 8, 1883, in the old Austro-Hungarian Empire, in an area that is now a part of the Czech Republic. Now, eight decades after he drew this conclusion, what can we say about the future of capitalism, or, perhaps, better phrased, the free-market, liberal economic system? He was (forlornly) confident that a workable socialism would replace the market-based society. A central question that he asked and tried to answer was, “Can Capitalism Survive?” His basic conclusion was, “No, I do not think it can” (p. ![]() Schumpeter published one of his most famous books, Capitalism, Socialism, and Democracy (1942). Reprinted from the Future of Freedom FoundationĮighty years ago, in the midst of the Second World War, Austrian-born economist Joseph A. ![]()
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