ABSTRACTIn Capitalism, Socialism and Democracy, Schumpeter contrasted his definition of democracy against what he called its “Classical Doctrine.” Received scholarly wisdom holds either that the classical doctrine had no real historical embodiments, or that it is a composite of historical arguments pieced together only so that Schumpeter could knock them down. Arguably, however, Schumpeter actually drew the classical doctrine from a very real source: Carl Schmitt.