Capitalism, Socialism and Democracy

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What does Schumpeter mean by the “obsolescence of the entrepreneurial function” and how is this linked to his view that capitalism cannot survive? Use
ideas and quotations from reading attached.

Sample Solution

“Can capitalism survive? No. I do not think it can.” Thus opens Schumpeter’s prologue to a section of his 1942 book, Capitalism, Socialism and Democracy. One might think, on the basis of the quote, that Schumpeter was a Marxist. But the analysis that led Schumpeter to his conclusion differed totally from Karl Marx’s. Schumpeter observes that the success of early captains of industry have made innovation a routine activity. It tends to degenerate into a dis-personalised, routine activity carried on in a big business through highly trained managers. Schumpeter believed that capitalism would be destroyed by its successes, that it would spawn a large intellectual class that made its living by attacking the very bourgeois system of private property and freedom so necessary for the intellectual class`s existence.

A multi-domestic organization with its head office in Victoria, Canada, Global Riplz will be run by a board of directors comprised of Mr. and Mrs. Jones and a yet to be determined third board member who should have a background in international law or accounting. Looking further in the future, operating as a multi-domestic organization will allow Global Riplz the opportunity and flexibility to maximize cultural and locational customization and leverage strengths inherent with future locations and cultures. It will also facilitate franchising and licensing the Global Riplz brand and accelerator program across borders. The franchise model, capitalizing on a collection of independent subsidiaries, will maximise the scalability and minimize the cost of expansion after the successful establishment of the Global Riplz flagship location.

Mr. Jones, the Chief Executive Officer and President of Global Riplz, is a Small Business Consultant/Marketing Educator and holds a Masters of Global Management from Royal Roads University. He is passionate about small and medium-sized enterprise development as a tool for international economic development and poverty alleviation. With 14 years of experience in small business management, project management and quality assurance, he has developed an acute attention to detail and the ability to strategically execute large projects and long-range plans. Fluent in English, Spanish and Haitian Creole with a working knowledge in French he has enjoyed using his skill set and languages while volunteering for 5 years in Latin America and the Caribbean as a facilitator and educator for various non-governmental organizations (NGOs) in multilingual and cross-cultural settings.

 

 

Mrs. Jones, the Vice President of Cultural and Social Integrations, is a Social Entrepreneur, Creative Facilitator, Dance Instructor, Social Worker, and ESL and Spanish Instructor. She is experienced in international social work and finds passion in creating vibrant environments where people feel comfortable and free to express themselves. She is especially adept at relationship building and finding links between people and their communities. A Central American/Canadian bicultural, she underst

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