The following excerpt is Chapter 7 of Joseph Schumpeter’s book “Capitalism, Socialism, Democracy, originally written in 1942. It describes Capitalism as an evolutionary process, with continuous creative destruction of old structures. THE theories of monopolistic and oligopolistic competition and their popular variants may in two ways be made to serve the view that capitalist reality […]

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These are selected passages from an essay on the “Sociology of Imperialism” (1919) written by Joseph Schumpeter (1883-1950). For a short time, he was the Finance Minister of Austria in 1919, and later he became a Harvard professor of economics. He is famous for (1942). Schumpeter’s analysis of imperialism contradicts the analysis of Lenin. Imperialism is not […]

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This is a short summary from “”, originally written in 1998. Kevin Kelly is one of the co-founders of Wired Magazine, and has been on the forefront of the technology revolution and its consequences for society. The following passages from Kevin Kelly’s “New Rules for the New Economy” may be almost 20 years old, but […]

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The following description was written by Simon Webley, of the British-North American Research Association, who also worked on the text itself. INTRODUCTION A series of Interfaith consultations began in 1984 under the patronage of HRH Prince Philip, the Duke of Edinburgh, and HRH Crown Prince Hassan Bin Talal of Jordan. Followers of the three monotheistic faiths Christianity, […]

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I spent some time during the summer of 2015 traveling through Eastern Europe. It has changed dramatically since 1991, the year in which the Sowjet Union dissolved and the Warsaw Pact ended. Former Czechoslovakia became two countries, and former Yugoslavia fragmented in 1991/1992 into six states (Bosnia-Herzegovina, Serbia, Montenegro, Macedonia, Croatia, and Slovenia). This led to several wars in […]

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The 1844 Economic and Philosophical Manuscripts remained unpublished during Marx’s lifetime and did not surface until 1927, about 44 years after his death. These manuscripts illustrate the young Marx’s transition from philosophy to political economy. Marx’s emerging interest in the economy is apparent – an interest that distinguishes him from other followers of Hegel – but his […]

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The market mechanism, taught to millions of business and economics students, is not a simple model. Even though it has been studied extensively, the political discussion about the role and applicability of markets often seems confused. A deep fact/value problem distorts the debates about markets and democracy as the cornerstones of Western societies. Is the market mechanism a […]

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