Monthly Archives: September 2009

‘Schumpeter’, The Economist’s New Business Column

This news was worth breaking the posting-hiatus taken by the author of the blog to tend to work and dissertation-writting. It is highly symbolic that a publication that has a long-standing tradition of waving the banner of neo-liberal capitalism and regularly expounding on the virtues of a free market, would name its new business column ‘ Schumpeter.’  The namesake, Joseph A. Schumpeter, was deeply critical of free market capitalism in its purest form, favouring instead a brand of capitalism with a social dimension: social capitalism (also known as socialism). He saw an inherent flaw in the ‘bigger is better’ notion that carried the day in a market capitalist economy, and rather advocated for a ‘smaller is better’ model. That Schumpeter is the namesake of The Economist’s new business column suggests a profound shift of how its readership understands markets (economists, financial specialists, decisionmakers), summoning perhaps a new era of restructuring and reforming the old free market model. This is precisely what the newspaper seems to suggest.


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