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Book Review: Capitalism, Socialism, and Democracy by Joseph Schumpeter

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Joseph Schumpeter’s book Capitalism, Socialism and Democracy brings forward some interesting concepts pertaining to the nature of economics and governmental forms. He believes that Socialism will eventually outstrip Capitalism as a system once the owners of production reject the capitalistic system that made them successful ( 1 ).   The early period pure competitive methods that fostered growth will become stagnated as the system fails to change.     The book seeks to reconcile in part the differences between democracy and capitalism. The best method is the rule of people to create collective governance of society. However, as capitalism grows the average citizen doesn’t have much say in day-to-day politics and becomes more of a support to the legitimacy of others ( 2 ).  To this point it is important to understand that the very core nature of society is to allow some to move forward while others to stay in followership. Difficulties can arise when those with the basic s