Īt Harvard, Schumpeter was considered a memorable character, erudite, and even showy in the classroom. At the beginning of World War II, the FBI investigated him and his wife, Elizabeth Boody (a prominent scholar of Japanese economics) for pro-Nazi leanings, but found no evidence of Nazi sympathies. Schumpeter also became known for his opposition to Marxism and socialism that he thought would lead to dictatorship, and even criticized President Franklin Roosevelt's New Deal. In 1932, Schumpeter moved to the United States and soon began what would become extensive efforts to help central European economist colleagues displaced by Nazism.
In 1931, he was a visiting professor at The Tokyo College of Commerce. įrom 1925 until 1932, Schumpeter held a chair at the University of Bonn, Germany.
His resignation was a condition of the takeover of the Biedermann Bank in September 1924. Problems at those banks left Schumpeter in debt. He was also a board member at the Kaufmann Bank. In 1921, he became president of the private Biedermann Bank. He proposed a capital levy as a way to tackle the war debt and opposed the socialization of the Alpine Mountain plant. In March 1919, he was invited to take office as Minister of Finance in the Republic of German-Austria. In 1918, Schumpeter was a member of the Socialization Commission established by the Council of the People's Deputies in Germany. In 1911, he joined the University of Graz, where he remained until World War I. In 1909, after some study trips, he became a professor of economics and government at the University of Czernowitz in modern-day Ukraine. Īfter attending school at the Theresianum, Schumpeter began his career studying law at the University of Vienna under the Austrian capital theorist Eugen von Böhm-Bawerk, taking his PhD in 1906. Schumpeter was a loyal supporter of Franz Joseph I of Austria. In 1893, Joseph and his mother moved to Vienna. His father owned a factory, but he died when Joseph was only four years old. Schumpeter did not acknowledge his Czech ancestry he considered himself an ethnic German.
Schumpeter was born in Triesch, Habsburg Moravia (now Třešť in the Czech Republic, then part of Austria-Hungary) in 1883 to German-speaking Catholic parents. Schumpeter was one of the most influential economists of the early 20th century, and popularized the term " creative destruction", which was coined by Werner Sombart. In 1932, he emigrated to the United States to become a professor at Harvard University, where he remained until the end of his career, and in 1939 obtained American citizenship. He served briefly as Finance Minister of Austria in 1919. Joseph Alois Schumpeter ( German: Febru– January 8, 1950) was an Austrian political economist.
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