Theories of Capitalist Transformation

“Theories of Capitalist Transformation- Critical Notes on the Comparison of Marx and Schumpeter,” [PDF], Quarterly Journal of Economics, vol. XCVIII, no. 2 (May 1983), pp. 327-33l.

John E. Elliott’s [1980] article on some of the parallels between the visions of capitalist transformation to be found in Marx and Schumpeter is extremely insofar as it requires a serious reexamination of the Schumpeterian system. Elliott’s argument, however, is somewhat misleading, since it overemphasizes the points at which their theories overlap, while largely neglecting the very crucial differences in “intentions and results” [Schumpeter, 1951, pp. 158-61]. It is nearly always a vain endeavor to attempt to analyze the often complex interconnections between economic theorists, while adopting the simple framework of an either-or of similarities and differences. The inadequacy of such a method is particularly evident in a case where the theorists being considered are each deservedly famous for their “dialectical imagination.”


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