This is the fourth volume in the "Major Conservative and Libertarian Thinkers" series. Joseph Schumpeter (1883-1950) was one of the foremost economic thinkers of the twentieth century. Today Schumpeter is most well-known for his idea of 'creative destruction'. This is the notion that a market economy is simultaneously creative and destructive and therein lies the process of renewal that is central to the endurance and also the unpopularity of capitalism. Schumpeter's work also contains one of the most important conservative critiques of mass democracy. Schumpeter argued that mass democracy had totalitarian tendencies and was likely to degenerate into the tyranny of the popular.
Dr Medearis is Assistant Professor of Political Science at the University of California, Riverside. He is the author of Schumpeter's Two Theories of Democracy (Harvard University Press, 2000). Dr Meadowcroft is Lecturer in Public Policy at King's College London and the author of The Ethics of the Market (Palgrave, 2005) and co-author of Rescuing Social Capital from Social Democracy (Institute of Economic Affairs, 2007).
Series Introduction; Series Editor's Preface; Author's Preface; Chapter 1. Life; The Shaping of a Young Austro-Hungarian Conservative, 1883-1913; War, Fragmentation and "Tory Democracy," 1914-1918; Conservatism after the Old Regime: Ventures Political, Commercial and Scholarly, 1919-1932; Conservatism after the Old Regime: New Continent, New Contentions, 1932-1950; Chapter 2. Critical Exposition; Equilibrium Economics; Innovation and Creative Destruction; The Capitalist Order: The Tax State, Imperialism and Social Classes; The Tax state; Imperialism; Classes; Schumpeter as a Conservative Thinker; The Capitalist Order's "Crumbling Walls"; Democracy; Chapter 3. Influence; Schumpeter, Hayek and Polanyi on the Prospects of Capitalism and Socialism; How Historical Lags Shaped Schumpeter's Influence; Elite Democracy; Innovative Capitalism; Tax States; Atavistic Empires; Functional Classes; Economic Sociology; Chapter 4. Relevance; Democratic Theory Appropriations; Conservative Appropriations; Bibliography; Index.