Summary: Review Schumpeter Socialism, Capitalism and Democracy for key doctrine of Creative Destruction, basic to globalization and neoliberalism.
Schumpeter's classic Socialism, Capitalism and Democracy provides a cornerstone to the literature on globalization. See a transcript of the key section on Creative Destruction.
Joseph Schumpeter taught at Harvard University at the time that he composed Socialism, Capitalism and Democracy. He had published the seminal History of Economic Thought, an important book on the business cycle, and a briefer treatment on economic development. Schumpeter was arguably the pre-eminent economist of his day, soon to be succeeded by the arrival of Paul Samuelson and the turn to mathematical economics at nearby MIT. Schumpeter was raised and educated in Austria, born to a wealthy and prominent family.