In Capitalism, Socialism, and Democracy, Joseph Alois Schumpeter delivers a deliberately unsentimental anatomy of modern capitalism, stripping it of equilibrium fantasies. For all the virtues he attributes to capitalism, Schumpeter is unambiguous in his expectation that it will eventually exhaust itself and give way to socialism. He rejects Marx’s historical materialism and the crude determinism of class struggle, yet arrives at a similarly unsettling destination: capitalism, he argues, is perfectly capable of engineering its own demise.