In Capitalism, Socialism and Democracy Joseph A. Schumpeter concluded that socialism would eventually displace … "stylized" propositions that are essential elements of Schumpeter's prediction about the fate of capitalism. These propositions … policies fueled a development of the economy along the lines predicted by Schumpeter. In general, the policies discouraged …

of economic freedom, and the risk and characteristics of economic crisis. After offering some brief theoretical … considerations, I estimate the effects of economic freedom on crisis risk in the post-Cold War period 1993-2010. I further estimate …