This article represents a paper for the 5th International Symposium on Evolutionary Economics “Economic Transformation and Evolutionary Theory of J. Schumpeter” (Pushchino, Moscow region, Russia, 25-27 September, 2003). There is shown, that the comparison of two well-known works of Josef Schumpeter (“The Theory of Economic Development” and “Capitalism, Socialism, and Democracy”) displays a discrepancy between the two visions of development of market economic systems – evolutionary and transformational, i.e. non-evolutionary transition into a qualitatively different state. No theoretical schema that would reconcile logically these two visions was left to us by Schumpeter. Is it possible to deal with this discrepancy in a correct way? What in economy changes evolutionarily and what is transformed? What structures persist and where is the room for institutional changes? An attempt to find the answer within the framework of the theory of institutional matrices is presented.