This second, revised edition presents a broader discussion of Schumpeter's and other leadership models of democracy and also includes a new chapter on presidential leadership and foreign policy. The first part of the book is centred around Schumpeter's theories and his emphasis upon the role of leadership in democracy. Such leadership normally involves only an adaptive, incremental response to change but it can also take the form of an adaptive innovation, a creative response, or a pioneering leader's entrepreneurial-style initiative and innovation. The second part of the book uses the US and British examples of democracy to assess how much entrepreneurial-style, pioneering leadership occurred during the 1960s-90s in democracies' electoral, governmental, legislative, administrative, and policy-advocacy sectors. The second edition's conclusion offers a new appraisal of the prospects for this pioneering leadership, and the merely adaptive form of innovative leadership, in the decades and crises that lie ahead.