Joseph Schumpeter

About the author

Joseph Alois Schumpeter (1883–1950) stands as one of the most influential economists of the early twentieth century, best known for popularizing the concept of creative destruction — a term originally coined by Werner Sombart. Born in Třešť, he served briefly as Austria's Finance Minister in 1919 before emigrating to the United States in 1932, where he joined Harvard University and remained until the end of his career. His magnum opus, Capitalism, Socialism and Democracy, cemented his lasting intellectual legacy across economics and political thought.