(0) Inheritance is a (rather undisciplined) form of code reuse - it's literally automation for copying and pasting part of an existing definition into the body of another. It doesn't presuppose a notion of type.
(1) Subtyping is a semantic relationship between two types: all terms of a subtype also inhabit its supertype(s).
There's nothing too wrong with inheritance as long as you're aware that it doesn't always lead to the creation of subtypes. This is, for example, the case in OCaml.
Sadly, Java, C# and C++ confuse matters by conflating classes with types (which is tolerable) and subclasses with subtypes (which is a logical absurdity and leads to painful workarounds, I mean, design patterns, as we all have learnt the hard way).