Capitalism and Democracy in the 21st Century

1. Front Matter

   Pages I-VI

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2. Editorial

   1. Front Matter

      Pages 1-8

      PDF

   2. Democracy and capitalism: Are they compatible in the long-run?

      • Peter Bernholz

      Pages 9-22

   3. Capitalism and democracy in the 21st Century: from the managed to the entrepreneurial economy

      • David B. Audretsch, A. Roy Thurik

      Pages 23-40

   4. Capitalism and democracy in the 21st century: a Kaleckian interpretation of a Schumpeterian problem

      • Douglas Mair, Anthony J. Laramie

      Pages 41-54

   5. Capitalism and democracy at a crossroads: the civilizational dimension

      • Eyüp Özveren

      Pages 55-71

3. Presidential address

   1. Capitalism, democracy and rational individual behavior

      • Dennis C. Mueller

      Pages 73-88

4. Capitalism and globalization

   1. A spectre is haunting the world — the spectre of global capitalism

      • William Kingston

      Pages 89-114

   2. Reflections on the perspectives of the global economy from the point of view of emerging economies

      • Maria Luiza Falcão Silva, Joaquim Pinto de Andrade, Thomas S. Torrance

      Pages 115-135

   3. Capitalism, profits and innovation in the new techno-economic paradigm

      • John Cantwell, Grazia D. Santangelo

      Pages 137-163

   4. Debt, growth and inflation in large European economies: a vector auto-regression analysis

      • Majid Taghavi

      Pages 165-179

5. The innovation process

   1. Uncertainty and the size distribution of rewards from innovation

      • F. M. Scherer, Dietmar Harhoff, Jörg Kukies

      Pages 181-206

   2. The determinants of pharmaceutical research and development expenditures

      • Henry Grabowski, John Vernon

      Pages 207-221

   3. Industrial policy, competence blocs and the role of science in economic development

      • Gunnar Eliasson

      Pages 223-247

   4. Multimarket contact and inter-firm cooperation in R&D

      • Nicholas S. Vonortas

      Pages 249-277

6. The democratic process

   1. Political entrepreneurship and bidding for political monopoly

      • Michael Wohlgemuth

      Pages 279-301

7. Schumpeter and the history of ideas

   1. Market institutions and economic evolution

      • Brian J. Loasby

      Pages 303-315

   2. Competitive selection, self-organisation and Joseph A. Schumpeter

      • John Foster

      Pages 317-334

   3. Convergences with Schumpeter: An essay Hirschman has yet to write

      • Peter Wynarczyk

      Pages 335-347

   4. Schumpeter and Steindl on the dynamics of competition

      • Harry Bloch

      Pages 349-359

Joseph Schumpeter oscillated in his view about the type of economic system that was most conducive to growth. In his 1911 treatise, Schumpeter argued that a more decentralized and turbulent industry structure where the pro­ cess of creative destruction was triggered by vigorous entrepreneurial ac­ tivity was the engine of economic growth. But by 1942 Schumpeter had modified his theory, arguing instead that a more centralized and stable industry structure was more conducive to growth. According to Schum­ peter (1942, p. 132), under the managed economy there was little room for entrepreneurship because, "Innovation itself is being reduced to routine. Technological progress is increasingly becoming the business of teams of trained specialists who turn out what is required to make it work in pre­ dictable ways" (p. 132). Schumpeter (1942) reversed his earlier view by arguing that the integration of knowledge creation and appropriation be­ stowed an inherent innovative advantage upon giant corporations, "Since capitalist enterprise, by its very achievements, tends to automize progress, we conclude that it tends to make itself superfluous - to break to pieces under the pressure of its own success.

• Capitalism
• Democratic Process
• Demokratisierungsprozeß
• Economic Development
• Geschichte des konomischen Denkens
• History of Economic Thought
• Inflation
• Joseph A. Schumpeter
• Schumpeter
• Socialism
• Technological Change

• Institut für Wirtschaftswissenschaften, Universität Wien, Wien, Austria

  Dennis C. Mueller

• Wirtschaftswissenschaftliche Fakultät, Lehrstuhl für VWL/Mikroökonomik, Friedrich-Schiller-Universität Jena, Jena, Germany

  Uwe Cantner

Policies and ethics