Can “capitalism survive” and “socialism work” individually? These two hypotheses and discussions travel among economic debates around the world. Austrian Economist Joseph Schumpeter’s work in entrepreneurship and innovation signifies the deviation from traditional or conventional methods of economic activities, particularly in terms of trade and increased quality of life. This article draws attention towards the global thought of social capitalism; and enables enthusiasts in economic affairs and international relations to understand the theoretical overview of this distinctive concept.
Socialism and Capitalism
All the views and opinions expressed are those of the authors. Image Credit – Harvard Business Review.
About the Authors
Stephen Anurag is working as a Project Officer for the Government of Meghalaya. He previously worked for Policy Advocacy Wing (PAW) under Telangana State Police. He holds a Master’s degree in Public Policy and Management from King’s College London. He holds another Master’s degree in International Relations from Pondicherry University and completed Bachelor’s degree in Political Science from Andhra University.
Manan Mehta is pursuing PhD (doctoral degree) at the Institut de Ciència de Materials de Barcelona (The Institute of Materials Science of Barcelona) (ICMAB-CSIC). He holds a Master’s degree in Nanotechnology from the Imperial College of London. He completed Bachelor’s degree in Electronics and Instrumentation from Birla Institute of Technology and Science (BITS Pilani).
