Is Capitalism Devouring Itself?
Commentary
When lockdowns happened in 2020, and then went on and on, and small business was smashed and the bourgeois lifestyle criminalized, and churches shut and normally attacked, and the bureaucracies took over and ruled in the name of science that proved wrong time and time again, and a whole generation of students and workers were forcibly demoralized, there was a book I wanted to revisit.
That book is “Capitalism, Socialism, and Democracy,” by the legendary economist Joseph Schumpeter. He wrote it in 1942, following ten years of global depression and in the midst of a ghastly war presided over by generals and dictators on all sides. Food was rationed and the wartime bureaucracy was in its element. The dream of capitalism seemed to be dying….