Joseph Alois Schumpeter was born in Triesch, (now the ), on February 8, 1883, an only child of a textile manufacturer. After his fathers premature death his mother married a high-ranking officer in the Austro-Hungarian army. Young Schumpeter enjoyed a typically aristocratic educationstrong on the humanities, weak on mathematics and scienceat the Theresianum in .
Wu, in the course of his arguments, returns repeatedly to the economic theories of Joseph Alois Schumpeter (1883 – 1950), An Austrian-American economist and political scientist. Schumpeter was particularly focused on the symbiotic relationship between capitalism and innovation. Where companies often feared innovation under the belief that it would destroy their existing core business, Schumpeter felt that innovation was the key to survival. Companies needed to grow or die. AT&T’s acquisition of telephone technology (thereby guaranteeing the marginalizing of its telegraph system), was the fulfillment of Schumpeter’s theory.
Imperialism and Social Classesby Joseph Alois Schumpeter
Joseph Alois Schumpeter is arguably the most important economist of the 20th century. Most readers are familiar with his Theory of Economic Development and his classic Capitalism, Socialism and Democracy. Less well-known are his seminal works published before he left Europe for the United States in 1942. In particular for the first time the missing Chapter Seven of his Theory of Economic Development has been published in this volume. It tries to put Economic Development into the broader context of culture, law and policy. Many of his earlier writings display a similar integrative approach and are therefore often treated as sociological writings. As Capitalism, Socialism and Democracy shows, he did not dissociate the different social sciences in his own mind but rather strove to keep the unity of the social sciences. Entrepreneurship, style and vision are the unifying concepts of his work.
Joseph Alois Schumpeter (1883-1950) was an Austrian economist who advocated the view that business cycles are an integral part of the process of economic development in a capitalist economy.