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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Fredric Jameson offered a critique of postmodernism in 1991, in: Postmodernism, or, The Cultural Logic of Late Capitalism . As the title suggests, he sees postmodernism as a consequence of the late-capitalist fragmentation of society. The following text quotes two  sections from Chapter 1. I The last few years have been marked by an inverted […]

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“The Transformation of Money into Capital” is a section in Karl Marx’ book Capital, 1867. It is Part II of Volume 1, and it explains how money gets created and transformed in the  process of circulating commodities.  Money, as described by Marx, can only be transformed into capital through the circulation of commodities. Money originates not […]

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