image

A MERIDIAN BOOK

Published by The World Publishing Company

2231 West 110th Street, Cleveland, Ohio 44102

First Meridian printing January 1955.

Ninth Printing December 1966.

Copyright © 1951 by the Trustees of Elizabeth B. Schumpeter.

All rights reserved. No part of this book may be reproduced

in any form without written permission from the publisher,

except for brief passages included in a review

appearing in a newspaper or magazine.

First published in Archiv für Sozialwissenshaft und

Sozialpolitik, Tübingen, Germany,

Vol. 46 (1919) and Vol. 57 (1927).

English translation first published by

Augustis M. Kelley, Inc., in 1951.

Printed in the United States of America.                  9FD1266