Capitalism and democracy at a crossroads: the civilizational dimension |
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Authors: | Eyüp Özveren |
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Institution: | (1) Department of Economics, Middle East Technical University, 06531 Ankara, Turkey (e-mail: ozveren@metu.edu.tr), TR |
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Abstract: | This paper evaluates Schumpeter's grand vision as reflected in his Capitalism, Socialism and Democracy, and elaborates it in conjunction with the so-called “globalization” trends characteristic of the wake of the twenty-first
century. In addition to the evolutionary nature of his methodology, the institutionalist dimension of Schumpeter's definitions
are brought to light. A case is made for a fundamental process of “uncreative destruction” as far as the institutional setup
of the economy is concerned. The contention of this paper is that there is ample support in Schumpeterian analysis for a counterpoint
to the liberal thesis that envisages the worldwide spread of individualism, market economies, and democratic forms of government. |
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Keywords: | : Schumpeterian analysis – Capitalism – Democracy – Institutions – Globalization |
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