The following documents illustrate the relevance of Schumpeter's thought to competition policy. Part I is an introduction to Schumpeter's ideas; Part II a series of excerpts from his book, Capitalism, Socialism and Democracy; 1 Part III a 1951 critique of his stance toward antitrust by the economist Edward S. Mason; and Part IV an evaluation of the current use of Schumpeter's theories in discussions of competition policy.