Reference no: EM133591972

Question: capitalism, socialism and democracy is much more than a prognosis of capitalism's future. it is also a sparkling defense of capitalism on the ground that capitalism sparks entrepreneurship. indeed, is Schumpeter was among the first to lay out a clear concept of entrepreneurship. He distinguished inventions from the entrepreneurs Innovations. Schumpeter pointed out that enterpreneurs innovate not just by figuring out how to use inventions, but also by introducing new means of production, new products and new forms of organization. These Innovation he argued take just as much skill and daring as does the process of invention." innovation by The Interpreter argued schumpeter, leads to gales of creative destruction as innovations causes old inventories, ideas, technologies skills and equipment to become obsolete. The question is not how capitalism administers exixting structures, (But) how it crestes and destroys them. this crestives destrucyion, he believed, causes continuous progress and improves the standards or living for everyone .