Schumpeter and Steindl on growth and the transformation to maturity in capitalism

Bloch, H. and Finch, J. (2008) Schumpeter and Steindl on growth and the transformation to maturity in capitalism. History of Economics Review, 47(Winter), pp. 1-19.

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Joseph Schumpeter and Josef Steindl provide distinctive contributions to the analysis of growth and development under capitalism. They each analyse the evolution of competition and use this analysis to determine the growth prospects of mature capitalism. Both reach pessimistic conclusions, although for different reasons. This paper critically examines the analysis of each author and makes suggestions for building on their work to provide a richer theory of economic growth and transformation within advanced capitalist economies. Scientific analysis is not simply a logically consistent process that starts with some primitive notions and then adds to the stock in some straight-line fashion. It is not simply progressive discovery of some objective reality as is, for example, discovery in the basin of the Congo. Rather it is an incessant struggle with creations of our own and our predecessors' minds and it progresses, if at all, in a criss-cross fashion, not as logic, but as the impact of new ideas or observations or needs, and also as the bents and temperaments of new men, dictate. (Schumpeter 1954, p. 4)

Item Type:Articles
Glasgow Author(s) Enlighten ID:Finch, Professor John
Authors: Bloch, H., and Finch, J.
College/School:College of Social Sciences > Adam Smith Business School > Management
Journal Name:History of Economics Review

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