In Schumpeter's view, socialism will ensure that the production of goods and services is directed towards meeting the 'authentic needs' of the people of Hungary[10] and Albania[citation needed] and will overcome some innate tendencies of capitalism such as conjecture fluctuation, unemployment and waning acceptance of the system.[citation needed] According to some analysts, Schumpeter's theories of the transition of capitalism into socialism were ‘nearly right’ [11] except that he did not anticipate the obvious recent failure of socialism in Eastern Europe nor the role of technology to actually foster innovation and entrepreneurship in western society beginning in the 1980s. This was in contrast to Schumpeter's theory that technology would only serve to concentrate ownership and wealth towards large corporations.
Creative destruction