I need help creating a thesis and an outline on Capitalism, Socialism and Democracy by Schumpeter. Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is required. The criticism of Schumpeter is reasoned and well-informed. His views in sociology are similar to Webers. In “Marx the Economist” Schumpeter provides a critique of the labor theory of value from the point of modern economic theory. His critics boil down to that the “labor theory does not account for values in exchange except on special and unrealistic assumptions. if those assumptions are made, then the propositions of the labor theory follow from the modern theory, which can thus explain all the labor theory can explain. and the modern theory can explain things the labor theory cannot explain” (Schumpeter: 24). Also, Schumpeter discusses a number of other aspects of Marx’s theory and composes a list of advantages and disadvantages. However, while he criticizes Marx’s position that capitalism will eventually self-destroy, the reader may notice that his own views in this regard do not differ much from those of Marx’s: Schumpeter believes that capitalism bears the seed of its own destruction.In the second part titled “Can Capitalism Survive” Schumpeter continues to argue that Marx is right in away. He believes that Capitalism transforms into socialism but the process of transformation will not occur in the way envisaged by Marx. There will be no economic crises and instead of it will be a growing crisis of legitimacy caused by the progress of rationalization – the view that reflects the essence of Weber’s teaching. He insists on that capitalist societies will become socialistic because intellectuals will persistently protect change in a socialistic direction.Simultaneously, Schumpeter underlines the great strength of capitalism which he believes lies in a very simple and powerful schema of motivators. The promises of wealth, coupled with the threats of poverty are powerful enough to attract the majority of normal people and leave those who reject them in the minority. They are addressed to ability, energy and capacity for work. but if there were a way of measuring either that ability in general or the personal achievement that goes into any particular success, the premiums actually paid out would probably not be found proportional to either.
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