Prime, Michael G.; Henderson, David R.
Schumpeter on Preserving Private Enterprise
â M I C H A E L R I M E a graduate student in the Depurtment of Economics at Queenâs P is University (Kingston) und D A V I DHENDERSON a graduate student in the Deis purtment of Economics at The University of California, Los Angeles. THE FUTURE OF PRIVATE ENTERPRISE IN THE FACE OF MODERN SOCIALISTIC TENDENCIES Joseph Schumpeter Predictions about the future of private enterprise must be preceded by an analysis of the results produced by this system up to the present, all the more so because the unfavorable predictions formulated by socialist and quasi-socialist groups are based almost exclusively on purely economic reasoning. Here then are the essential facts. (i) The indices of total production constructed for âcapitalistâ countries, although imperfect, bear witness to an annual increase of approximately at least 3 or 4 percent, an increase more regular than that of the population but always higher than the latter. Under the system of private enterprise, there was then, considerable progress as is indicated by the total production per inhabitant. Also, whatever may be the economic deficiencies of certain countries, it is not consumable products or the power of producing them which is
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