Editorial -- Democracy and capitalism: Are they compatible in the long-run? -- Capitalism and democracy in the 21st century: from the managed to the entrepreneurial economy -- Capitalism and democracy in the 21st century: a Kaleckian interpretation of a Schumpeterian problem -- Capitalism and democracy at a crossroads: the civilizational dimension -- Presidential address -- Capitalism, democracy and rational individual behaviour -- Capitalism and globalization -- A spectre in haunting the world - the spectre of global capitalism -- Reflections on the perspectives of the global economy from the point of view of emerging economies -- Capitalism, profits and innovation in the new techno-economic paradigm -- Debt, growth and inflation in large European economies: a vector auto-regression analysis -- The innovation process -- Uncertainty and the size distribution of rewards from innovation -- The determinants of pharmaceutical research and development expenditures -- Industrial policy, competence blocs and the role of science in economic development -- Multimarket contact and inter-firm cooperation in R&D -- The democratic process -- Political entrepreneurship and bidding for political monopoly -- Schumpeter and the history of ideas -- Market institutions and economic evolution -- Competitive selection, self-organisation and Joseph A. Schumpeter -- Convergences with Schumpeter: An essay Hirschman has yet to write -- Schumpeter and Steindl on the dynamics of competition -- Schumpeter and the 'Schmollerprogramm': integrating theory and history in the analysis of economic development.

The collected papers in this volume are all concerned either in a direct sense or in a more wider perspective with the work of Joseph A. Schumpeter. Looking at Schumpeter's work, his lasting influence on important areas of research can be identified. One of these areas is obviously Schumpeter's idea about the future capitalism, a second one the issue of innovation and its consequences for economic development. A third area is concerned with the political process and the role of political leadership. The collection of this volume is developed along these main lines, complemented by papers discussing the place of Schumpeter's work within the history of economic analysis.