Fifty years ago, Joseph Schumpeter published Capitalism, Socialism, and Democracy, his classic study of the relationship between political democracy and alternative economic systems. Although Schumpeter's work continues to be widely read, many of its central conclusions have been called sharply into question by the developments of recent years. In this book, the editors bring together distinguished scholars of international stature to address the full range of questions involved in assessing the relationship between democracy and alternative economic systems. Among these questions are: does political democracy require a market economy, and/or private property, and/or limitations on the state's economic role? What specific aspects of capitalism and socialism are especially conducive or detrimental to democracy? Is there a viable third way between capitalism and socialism?