short essay on capitalism

Based on the reading pdf that I provided, please answer the question below. Please do not use any outside sources. At the end of paper, provide some personal opinions on Schumpeter’s theory. 500 words.

Joseph Schumpeter argues that capitalism is a kind of “evolutionary system” that creates and destroys society.Explain Schumpeter’s theory of “creative destruction” and describe how monopolies and competition fit into his theory of “creative destruction”.

 

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