Economics Dictionary of Arguments

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Brocker I 260
Democracy/Schumpeter: For Schumpeter, the defining feature of democracy consists in placing a "competition for political leadership" (1) at the centre of attention. The core idea is: similar to the way companies compete for the favour of consumers,
Brocker I 261
politicians and parties are in competition for the favour of voters (2) - with the important difference that people are usually well informed in economic matters, but usually rationally ignorant in political matters (3).
What both systems have in common is the striving for one's own individual advantage.
Thesis: Modern democracy is a product of the capitalist process (4); however, two important prerequisites for the functioning of democracy in contemporary capitalism are no longer fulfilled: a) the ideal of the economical state (5) b) the basic social consensus.(6) Because of the expectation of large parts of the electorate to live at the expense of the state. (7)



1. Joseph A. Schumpeter, Capitalism, Socialism and Democracy, New York 1942. Dt.: Joseph A. Schumpeter, Kapitalismus, Sozialismus und Demokratie, Tübingen/Basel 2005 (zuerst: Bern 1946), p. 427.
2. Ibid p. 427-433
3. Ibid p. 407 – 420.
4. Ibid p. 471.
5. Ibid p.. 471f.
6. Ibid p. 473.
7. Ibid p. 472.

Ingo Pies, „Joseph A. Schumpeter, Kapitalismus, Sozialismus und Demokratie (1942)“ in: Manfred Brocker (Hg.) Geschichte des politischen Denkens. Das 20. Jahrhundert. Frankfurt/M. 2018.


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Explanation of symbols: Roman numerals indicate the source, arabic numerals indicate the page number. The corresponding books are indicated on the right hand side. ((s)…): Comment by the sender of the contribution.
The note [Author1]Vs[Author2] or [Author]Vs[term] is an addition from the Dictionary of Arguments. If a German edition is specified, the page numbers refer to this edition.

EconSchum I
Joseph A. Schumpeter
The Theory of Economic Development An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle, Cambridge/MA 1934
German Edition:
Theorie der wirtschaftlichen Entwicklung Leipzig 1912

Brocker I
Manfred Brocker
Geschichte des politischen Denkens. Das 20. Jahrhundert Frankfurt/M. 2018


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