Schumpeter demonstrated that the capitalist order is not just an economic system but is also a framework of social change. Before capitalism, individuals from lower classes could not move up into higher social positions based solely on their accomplishments.
"All the features and achievements of modern civilization are, directly or indirectly, the products of the capitalist's process," said Schumpeter.Īt the same time, unlike other types of society, capitalism creates and breeds social unrest. In the pursuit of specialized office work, employees are trained to fit a specific mold. They abandon their personalities at work, just to be treated like another office worker, who can be easily replaced.Ĭapitalism has also contributed to the vast expansion of higher education, leading to a large supply of professional "white-color" employees. On the flip side, higher education has also contributed to sectional unemployment in which white-color workers cannot find satisfactory positions with wages above those paid to manual workers. "It may create unemployability of a particularly disconcerting type," observed Schumpeter. Individuals with a college education can become unemployable in manual occupations and, at the same time, not be employable in professional work either due to poor academic records or an oversupply of qualified job candidates. Such situations could lead to discontent, which breeds resentment.
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