Schumpeter and the Transformation of Capitalism, Liberalism and Democracy

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Abstract
RECENT EVENTS IN EASTERN EUROPE HAVE GENERATED A large degree of uncritical triumphalism amongst certain Western commentators. The collapse of the communist regimes in these countries as the result of their failure to manage their economies and the consequent demand on the part of their citizens for more accountable government, has led many to link the struggle for democracy with a desire for capitalism. Some writers have gone so far as to portray the demise of ‘actually existing socialism’ as the culmination of ‘a universal human evolution in the direction of free societies’ grounded in ‘the empirically undeniable correlation between advancing industrialisation and liberal democracy’.

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