Joseph Schumpeter

The key features of capitalism will ultimately lead to its self-destruction.

We need to update our definition of democracy to account for the realities of elections.

Capitalism feeds on a process of creative destruction.

What’s in it for me? A short sketch of one of the most important theories of modern economics.

Capitalism is responsible for great social and intellectual progress.

Final summary

The Nature and Essence of Economic Theory

Mises Institute Media

Karl Marx’s economic theories were prophetic – but they’re too stationary to account for modern capitalism.

There’s nothing to prevent socialism from working.

Socialism may be as compatible with democracy as capitalism – under certain conditions.