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Must Capitalism Yield to Socialism?
Author(s) -
Kirzner Israel M
Publication year - 1985
Publication title -
economic affairs
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.24
H-Index - 18
eISSN - 1468-0270
pISSN - 0265-0665
DOI - 10.1111/j.1468-0270.1985.tb01091.x
Subject(s) - capitalism , socialism , neoclassical economics , democracy , yield (engineering) , state socialism , economics , economic system , market economy , political science , law , communism , politics , materials science , metallurgy
Why did a brilliant economist who favoured capitalism argue that it would be replaced by socialism because of its very success? Professor Kirzner, an authority on Austrian economics, rejects the capitalism‐is‐doomed hypothesis of the Austrian Joseph Schumpeter, author of Capitalism, Socialism and Democracy.