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Schumpeter called capitalism a process of âcreative destructionâ 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 twentieth century.
About: Joseph Schumpeter (1883-1950) viewed capitalism as a dynamic engine of progress.
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