20th century Austrian economist
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  • Joseph Schumpeter

    Joseph Alois Schumpeter (8 February 1883 - 8 January 1950) was an Austrian-born American political economist. He briefly served as Finance Minister of Austria in 1919. In 1932, he became a professor at Harvard University where he remained until the end of his career. One of the most influential economists of the 20th century, Schumpeter popularized the term "creative destruction" in economics.

    Reference

    Schumpeter, Joseph (1883-1950), by Thomas M. Humphrey, The Encyclopedia of Libertarianism, 15 Aug 2008
    Biographical essay
    "A giant among 20th-century economists, Joseph Schumpeter is best known for his path-breaking work on capitalism, innovation, entrepreneurship, and growth. He coined the phrase creative destruction to describe capitalistic growth as the ceaseless killing off of old ways of doing business by the new. He is not often thought of as a libertarian. Nevertheless, with his love of free markets; ... his focus on the lone-wolf entrepreneur who against all odds creates the new products, markets, technologies, and organizations that propel the economy forward; ... and his hatred of war, Schumpeter has much in common with libertarians."

    Born

    Upd8 Feb 1883, Joseph Alois Schumpeter, in Triesch, Moravia, Czech Republic

    Died

    8 Jan 1950, in Taconic, Connecticut

    Articles

    Non-Marxist Theories of Imperialism, by Alan Fairgate, Feb 1976
    Examines writings of critics of imperialism that are not based on Marxist analysis
    "Stromberg's analysis is strongly influenced by Joseph Schumpeter, who sought to formulate a non-Marxist theory of imperialism in his essay 'Imperialism' ... Schumpeter focused especially on the role of protectionism in facilitating the formation of cartels and trusts in the domestic economy and on the resulting distortions. His analysis stressed the intimate ties between bankers and the cartel organizers and noted that the two may often be identical. ... Schumpeter repeatedly stressed the 'atavistic' nature of imperialism, and argued that a capitalist system is inherently anti-imperialist ..."

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