Joseph Schumpeter's “elitist” theory of democracy has been the subject of much discussion in political theory. It is commonly considered to have been seminal for the “empirical” approaches to democracy that emerged in American political science after World War II. In this excellent book, John Medearis presents an impressive, careful, and relatively comprehensive account of Schumpeter's writings on the topic of democracy. He argues that Schumpeter has been widely misunderstood, and the richness of his thinking has been wrongly reduced to the chapters of Capitalism, Socialism, and Democracy (1942) in which the “elitist” theory is developed.