Capitalism, Socialism, and Democracy Revisited

An excellent collection of essays-thoughtful, provocative, illuminating. They make a book well worth reading. -- Irving Kristol, American Enterprise Institute "Capitalism, Socialism, and Democracy Revisited is must reading for anyone who considers him- or herself a political economist, and it should also appeal to those probing the uncertainties of contemporary democratization." -- Philippe C. Schmitter, Stanford University

These essays address questions involved in assessing the relationship between democracy and alternative economic systems, such as: what specific aspects of capitalism and socialism are especially conducive or detrimental to democracy? Is there a viable "third way" between capitalism and socialism?Fifty years ago, Joseph Schumpeter published "Capitalism, Socialism, and Democracy", his classic study of the relationship between political democracy and alternative economic systems. Although Schumpeter's work continues to be widely read, many of its central conclusions have been called sharply into question by the developments of recent years. In this book, the editors bring together distinguished scholars of international stature to address the full range of questions involved in assessing the relationship between democracy and alternative economic systems. Among these questions are: does political democracy require a market economy, and/or private property, and/or limitations on the state's economic role? What specific aspects of capitalism and socialism are especially conducive or detrimental to democracy? Is there a viable "third way" between capitalism and socialism?