{"product_id":"9780786169290","title":"Joseph Schumpeter and Dynamic Economic Change: Capitalism as \"Creative Destruction\"","description":"\u003cp\u003e\u003cb\u003eJoseph Schumpeter (1883-1950) \u003c\/b\u003eviewed \u003cb\u003ecapitalism\u003c\/b\u003e as a dynamic engine of progress. In his view, mature economic systems find a regular and stable routine of supply, demand, and exchange; Schumpeter called this the \"circular flow\". Entrepreneurs interrupt this circular flow with new ideas and visions about the economic future, recombining existing resources to create new and more valuable products and services. Schumpeter saw the freedom of innovation and exchange as the foundation of material progress in capitalist economies.\u003c\/p\u003e\u003cp\u003eSchumpeter called capitalism a process of \"\u003cb\u003ecreative destruction\u003c\/b\u003e\" because it overthrows old routines and methods of production. But he recognized that this process is unstable, and therefore unsettling, for those who have become accustomed to established ways. Schumpeter predicted growing political opposition to capitalism and a corresponding growth in socialism, in the 20th century.\u003c\/p\u003e","brand":"Knowledge Products, Inc.","offers":[{"title":"Default Title","offer_id":47095391748336,"sku":"9780786169290","price":9.95,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0737\/7593\/9824\/files\/9780786169290_p0.jpg?v=1763663537","url":"https:\/\/shop-qa.barnesandnoble.com\/products\/9780786169290","provider":"Barnes \u0026 Noble (DEV)","version":"1.0","type":"link"}