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Student: Instructor: Course:Date: Political Science John Schumpeter was amongst the prominent economists during his generation. This, together with his efforts as a social theorist sums up his great attribute as an economist and makes him lasting fame. In his great contributions, unlike other economists Schumpeter gave a clear historical outlook as his investigation towards entrepreneurial capitalism was aimed at improving the economy. There are some objections that Schumpeter outlines to the theory executed by Marxist which touches on both the economic, social as well as political sectors. The theory on Imperialism and Social Classes, Economic Development, Socialism, Democracy and Capitalism all laid a foundation on the system that he came up with. However, his broad vision and expectations of the society especially based on the ideas of Max Weber signified a major attempt to turn Marx down, an act that raised a number of historical and operational issues that are yet to be solved to-date. According to Marx, an entrepreneur has little contribution unlike a capitalist, because the primary contribution to the progress of the community was based on capitalism. However, Schumpeter views it contrary and in his arguments points out that the entrepreneur is not only the dynamic element that accounts for the perpetuation and formation of capitalist classes, but also the primary economic actor. The meaning of ‘Creative Destruction ‘and how Schumpeter views it as a renewing force in an attempt to maintain capitalism, is a concept that gives a description of the process incorporating industrial transformation that revolutionizes the economic structure. He views it as
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