FW: [Peace-discuss] capitalism on display and a forum

[LAURIE SOLOMON]

I do not have any idea what the details of "evolutionary economics and creative destruction" are; but I do know that in general he held that "... capitalism will collapse, although Schumpeter concludes capitalism will be replaced by socialism for non-Marxist reasons. ...Schumpeter characterized capitalism with the famous phrase "creative destruction," in which the old ways of doing things are endogenously destroyed and replaced by the new. 

Schumpeter thinks that the success of capitalism will lead to a form of corporatism and a fostering of values that are hostile to capitalism, especially among intellectuals. The intellectual and social climate needed to allow entrepreneurship to thrive will not exist in advanced capitalism; it will be replaced by socialism in some form. There will not be a revolution, but merely a trend in parliaments to elect social democratic parties of one stripe or another. He argued that capitalism will collapse from within as democratic majorities vote for the creation of a welfare state and place restrictions upon entrepreneurship that will burden and destroy the capitalist structure."

My passing familiarity with Joseph Schumpeter as a political theorist & philosopher was that he was very much in the "Elitist" tradition having an elitist theory of Democracy - namely that it was merely a circulation of ruling elites, could not be otherwise, and should not be otherwise. In that regard, he was typically classified with the Italians economists (political theorists and philosophers) Vilfredo Pareto and Gaetano Mosca. The certainly could hardly be viewed as proponents of direct or representative democracy in which there is majority rule with the non-establishment individuals participating in the actual decision and policy making.

" Schumpeter expounded a theory of democracy which sought to challenge what he called the 'classical doctrine'. He disputed the idea that democracy was a process by which the electorate identified the common good, and politicians carried this out for them. He argued this was unrealistic, and that people's ignorance and superficiality meant that in fact they were largely manipulated by politicians, who set the agenda. This made a 'rule by the people' concept both unlikely and undesirable. Instead he advocated a minimalist model, much influenced by Max Weber, whereby democracy is the mechanism for competition between leaders, much like a market structure. Although periodical votes from the general public legitimize governments and keep them accountable, the policy program is very much seen as their own and not that of the people, and the participatory role for individuals is severely limited." 

Given this, I have to conclude from what I understand is that Schumpeter's concern is with what should be done to try and perpetuate capitalism (or some form of it), if possible, where he sees entrepreneurship as the driving force. He is not all that concerned with the development and sustaining of participatory democracy, except as a lower order condition for legitimating entrepreneurship and not as an end in itself.  In fact, I am not sure that he places any value on capitalism either except as a lower order environment for entrepreneurship.  Given his positions, as I understand them, one has to wonder if Schumpeter would value the entrepreneurial outlaws and organizations, who tend to be far more creative, innovative and adaptive to new situations than the established respectable entrepreneurs, over what passes for entrepreneurial capitalists and business persons today whose chief talent appears to generate money without actually producing much of anything that is creative, new, innovative or tangible.


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From: peace-discuss-bounces at lists.chambana.net [mailto:peace-discuss-bounces at lists.chambana.net] On Behalf Of Paul Mueth
Sent: Sunday, September 28, 2008 5:47 PM
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Subject: [Peace-discuss] capitalism on display and a forum

http://academyoncapitalism.org/news.htm

Second Annual Conference of the Academy on Capitalism and Limited Government

THE SCHUMPETER SYMPOSIUM – Celebrating the legacy of Joseph Schumpeter (1883-1950), economist and social scientist, examining evolutionary economics and creative destruction.

In addition to the keynote speech, we will offer a faculty discussion panel providing a forum to critique the good and not so good sides of the issues.

    * THURSDAY, OCTOBER 16, 2008
    * First Day of Foundation Weekend
    * 1:30 – 3:30 p.m. Reception follows.

At the new I Hotel & Conferenc Center directly south of Assembly Hall—plenty of free parking.
Faculty Panel

    * Faculty Discussion Panel:
    * J. FRED GIERTZ, Moderator
    * RAJSHREE AGARWAL
    * JUDE C. HAYS
    * STEPHEN L. PARENTE
    * THOMAS S. ULEN

Keynote Address: – CARL J. SCHRAMM,
"The evangelist of entrepreneurship" — The Economist
President & CEO, Kauffman Foundation, author of the emerging classics: Good Capitalism, Bad Capitalism and The Entrepreneurial Imperative 
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