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  • Reflections on Capitalism, Socialism & Democracy
  • Seymour Martin Lipset (bio)
Seymour Martin Lipset

Seymour Martin Lipset is Hazel Professor of Public Policy at George Mason University in Fairfax, Virginia, and Senior Fellow at the Hoover Institution, Stanford University. He is the author of numerous books, including Union Democracy (with Martin Trow and James Coleman, 1956), Political Man (1960), The First New Nation (1963), and Continental Divide (1990). This article will serve as the concluding essay for a forthcoming volume from the Johns Hopkins University Press based upon the July 1992 special issue of the Journal of Democracy on "Capitalism, Socialism, and Democracy."


1. Joseph A. Schumpeter, Capitalism, Socialism and Democracy, 3rd ed. (New York: Harper and Row, 1950). For all citations of this work, page numbers will appear in the text.

2. Garry Abrams, "After the Wall: As New Era Emerges U.S. Political Thinkers Ponder Fate of Marxism," Los Angeles Times, 6 December 1989, E2, E6.

3. John Gray, "Fashion, Fantasy, or Fiasco," Times Literary Supplement, 24 February-2 March 1989, 183.

4. M.F. Perutz, "High on Science," New York Review of Books, 16 August 1990, 15.

5. Robert Alter, "Tyrants and Butterflies," New Republic, 15 October 1990, 43.

6. Robert A. Dahl, Polyarchy: Participation and Opposition (New Haven: Yale University Press, 1971).

7. For detailed documentation and analysis of the changes in social democratic parties, see Seymour Martin Lipset, "No Third Way: A Comparative Perspective on the Left," in Daniel Chirot, ed., The Crisis of Leninism and the Decline of the Left: The Revolutions of 1989 (Seattle: University of Washington Press, 1991), 183-232.

8. For a review of the literature on capitalism and democracy, see Gabriel Almond, "Capitalism and Democracy," PS: Political Science 24 (September 1991): 467-74.

9. Francis Fukuyama, "Capitalism & Democracy: The Missing Link," Journal of Democracy 3 (July 1992): 108.

10. G.M. Tamás, "Capitalism, Socialism, and Modernity," Journal of Democracy 3 (July 1992): 73.

11. See Peter Berger, "The Uncertain Triumph of Democratic Capitalism," and Jagdish Bhagwati, "Democracy and Development," Journal of Democracy 3 (July 1992): 8, 41. Adam Przeworski's essay, "The Neoliberal Fallacy," appears on pp. 45-59 of the same issue.

12. Berger, op. cit., 15

13. Kyung-won Kim, "Marx, Schumpeter, and the East Asian Experience," Journal of Democracy 3 (July 1992): 25.

14. Ibid., 27-28.

15. Ibid., 29.

16. Ibid., 29.

17. Irving Kristol, Two Cheers for Capitalism (New York: Basic Books, 1978), esp. 153-87, 255-70.

18. Francisco Weffort, "The Future of Socialism," Journal of Democracy 3 (July 1992): 96. [End Page 55]



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