Schumpeter theorizes capitalism with a dynamic model by introducing in the static model a new function, the entrepreneur. The entrepreneur is the carrier of the innovation, but he needs a purchasing power fund in order to realize his innovation. All three are absent from the static model, yet bankers, capitalists, and entrepreneurs are involved in the capitalist process. So, both capitalists with capital and bankers with credit fulfill the economic function of lending the means of payments. But Schumpeter stresses the crucial role of the banker in the emergence of innovations at the expense of the other central agent in capitalism, the capitalist himself. Indeed, the role and function of the capitalist is minimized in favor of the role of the banker, so much so that the latter can replace the former. The paradox we highlight is that Schumpeter seems to develop a theory of capitalism without capitalists. The relationship between entrepreneur and the banker seems to be enough to impulse the economic evolution. The aim of this article is to question the triptych of entrepreneur-capitalist-banker through their respective relationships and functions in the Schumpeterian model. The distinction among these different actors and the apparent paradox of a capitalism without capitalists makes it possible to highlight the Schumpeterian definition of capitalism, which places money at its core. Thus, the capitalist evolution is driven by a set of means whose heart lies in the phenomenon of borrowed money and credit creation.
JEL Classification: B15, B25, B31, B52