This chapter talks about Joseph Schumpeter, who is considered as one of the greatest social scientists during the 20th century (it is said that only John Maynard Keynes and Max Weber precede him). It is noted that his perception of democracy is similar to Weber's, although his ideas about democracy are examined even further in this chapter. It looks at his position with regards to economics, history, and science, and studies his book “Capitalism, Socialism and Democracy,” which serves as a synthesis of his work on political and economic theory for the past four decades. From here the discussion shifts to Schumpeter's ideas on whether the socialist economic system works or not, and his attempt to answer the question of whether a socialist society would also be democratic. Finally, the chapter ends with a study of the issue on Schumpeter's notions of science and its relation to his main core ideas on economics, as well as the extent that a person can actively influence the path of societal events.
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