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IDSEMUG 2054 - Capitalism at War with Itself

Description
At midcentury, economist Joseph Schumpeter observed that “Capitalism is being killed by its achievements.” Entrepreneurs, in Schumpeter’s view, drove economic growth by introducing new and disruptive business practices. But innovation also threatened existing enterprises and undermined the social stability on which capitalist markets depended. For Schumpeter and the other economic thinkers we will examine in this course, the very features which made capitalism a dynamic economic system—like entrepreneurship and innovation—also spelled its certain failure. Starting with earlier theorists like Adam Smith and Karl Marx, we will focus most of our attention on the twentieth century, examining a group, including Schumpeter, Thorstein Veblen, John Maynard Keynes, Joan Robinson, Karl Polanyi, Frederick Hayek, Hyman Minsky, and Albert Hirschman. How, we will ask, did these thinkers explain the workings and failures of capitalism? How did they combine economic analysis with other disciplinary perspectives to reach their conclusions? And why, after all, has capitalism been so resilient? What insights we can draw for today’s modes of economic organization?. Add Consent: Department Consent Required.
Credits
4
Recent Professors
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Recent Semesters
Spring 2020, Fall 2019
Offered
MW
Avg. Sections
1