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Cambridge Journal of Economics Advance Access originally published online on June 6, 2005
Cambridge Journal of Economics 2006 30(2):253-275; doi:10.1093/cje/bei052
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© The Author 2005. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

Article

Schumpeter, Hegel and the vision of development

Renee Prendergast*

* School of Management and Economics, Queen's University Belfast, BT7 1NN, UK

Address for correspondence: School of Management and Economics, Queen's University Belfast, BT7 1NN. This paper has benefited greatly from the input of an anonymous referee of this journal who has commented assiduously on several drafts.

Abstract

This paper suggests that the intellectual origins of the vision underlying Schumpeter's evolving theory of economic development can in significant measure be traced to Hegel. Like Hegel, Schumpeter identified two essential moments in history—the preservation of the existing order or ‘circular flow’, on the one hand, and its destruction and replacement by a new order or ‘development’, on the other. Like Hegel, Schumpeter saw change being effected by individuals who grasped what was essentially new and developing in the particular historical circumstances of their own age.

Key Words: Schumpeter • Hegel • Development • Leadership • Vision

JEL classifications: B3, O1

Manuscript received August 4, 1997; final version received March 16, 2004.


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