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Happy birthday, Schumpy

By Julian Harris
February 8th, 2010 at 3:09 pm | Comments Off on Happy birthday, Schumpy | Posted in Economics, Political theory

schumpeterToday is the birthday of Joseph A. Schumpeter, the Moravian philosopher largely responsible for the term “creative destruction”.

Here’s one quotation of his on the subject:

“The process of Creative Destruction is the essential fact about capitalism … it is not [price] competition which counts but the competition from . . . new technology . . . competition which strikes not at the margins of profits . . . of existing firms but at their foundations and their very lives.”

Liberal Vision’s Barry Stocker has previously summarised Schumpeter’s Capitalism, Socialism and Democracy text: click here to read it.

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