Capitalism, Socialism, and Democracy: An Introduction Exactly 50 years ago, Joseph Schumpeter published Capitalism, Socialism and Democracy, his classic study of the relationship between political democracy and alternative economic systems. It is a book of magisterial scope and great insight that continues to be widely read and cited by social scientists today. Yet many of its central conclusions have been called sharply into question by the developments of recent years. It thus provides an ideal starting point for reflection about a question that is no less important or pressing today. Though an admirer of capitalism's achievements and not an advocate of socialism,