Joseph Schumpeter's classic *Capitalism, Socialism and Democracy* explains the process of capitalism's 'creative destruction' - a key principle in understanding the logic of globalization.' - Thomas L. Friedman, *Foreign Policy* In this definitive third and final edition of his prophetic masterwork, Joseph A. Schumpeter introduced the world to the concept of 'creative destruction,' which forever altered how global economics is approached and perceived. Now featuring a new introduction by Pulitzer Prize-winning Schumpeter biographer Thomas K. McCraw, *Capitalism, Socialism and Democracy* is essential reading for anyone who seeks to understand where the world economy is headed. 'If Keynes was the most important economist of the 20th century, then Schumpeter may well be the most important of the 21st. . . . His economic understanding was brilliant . . . He tried to set long-term economic growth-entrepreneurship and enterprise-at the top of the discipline's agenda. . . . *Capitalism,