Schumpeter and Ulgener’s Perspectives on Economic Crises

Abstract

The economic crises history has recorded first steps of a new order with the capitalist system that has spread rapidly in Europe and America, beginnig with the Industrial Revolution in England. Capitalism, which is dominated by free market economy, has transitioned to economic life as a system based on wealth accumulation and competition, has also incorporated new concepts into its system, while changing the formation and the domains of its economic components. The concept of cyclical fluctuations has been the subject of economic studies as a new field that has begun to be associated with capitalism. The crises that followed these fluctuations were fed from different sources according to the pre-capitalist turn and produced different results. In this study, Joseph Schumpeter, a representative of the Neo Classical movement, and Sabri Ülgener’s, one of the important thinkers of Turkish Economic History, studies on cyclical fluctuations and crises has been analyzed comparatively.