Joseph Schumpeter was not a member of the Austrian School, but he was an enormously creative classical liberal, and this 1919 book shows him at his best. He presents a theory of how states become empires and applies his insight to explaining many historical episodes. His account of the foreign policy of Imperial Rome reads like a critique of the US today. The second essay examines class mobility and political dynamics within a capitalistic society. Overall, a very important contribution to the literature of political economy.
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Joseph Schumpeter
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Includes a summary by Frank van Dun. Preface by F.A. Hayek. Read by Josiah Schmidt.
Menger was one of those thinkers who can claim a single decisive achievement that made scientific history. His name will be forever linked with a new explanatory principle which has revolutionized the whole field of economic theory.
In the Preface, Hayek writes: Schumpeter was very much a “master of his subject”, in contrast to the “puzzlers” or “muddlers” which follow their own distinct ideas; he also showed a strong receptivity to the dominant opinions in his environment and
References
Cleveland, Ohio: A Meridian Book, 1955 (1919, 1927. Print on demand
