Schumpeter, Joseph (1883–1950)

J. S. Maloy

Often hailed as one of the great economists of the twentieth century, Joseph Schumpeter has exercised considerable influence on political scientists through his Capitalism, Socialism, and Democracy (1942). In political theory, he is considered an exponent of a type of democracy variously dubbed competitive, elitist, minimalist, and realist. Schumpeter was born a subject of the Austro-Hungarian Empire in 1883 (the same year as John Maynard Keynes) and a member of the dominant German minority in a Czech town in Moravia. His mother's second marriage thrust him into the aristocratic circles of the imperial capital, where he received an elite education culminating in a degree in law and economics at the University of Vienna. After practicing law in Cairo and holding university posts at Czernowitz and Graz, he spent several years in Vienna making abortive ventures into politics and business during and after World War I. An appointment at the University ...

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