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Cambridge Journal of Economics Advance Access published online on June 6, 2005
Cambridge Journal of Economics, 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.
Received August 4, 1997
Revised March 16, 2004

Article

Schumpeter, Hegel and the vision of development

Renee Prendergast 1*

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


  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.

Keywords: Schumpeter; Hegel; Development; Leadership; Vision.
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