Schumpeter—Fifty Years Later

<jats:p> This retrospective review of Schumpeter’s work focuses on the progress of capitalism. Marketers and other entrepreneurs introduce innovations that create economic expansions. Despite the inevitable recessions, these expansions result in successively higher levels of economic activity. However, the economic success of capitalism undermines the entrepreneur’s role and leads to the political failure of capitalism. The implications of Schumpeter’s theory of economic development for marketing theory have been neglected. </jats:p>