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Not Losing Sight of the Classical Liberal Ideal

In the midst of the Second World War, the famous Austrian-born economist Joseph A. Schumpeter (1883-1950), published his famous book, Capitalism, Socialism, and Democracy (1942). He asked the question, “Can Capitalism Survive?” He answered, “No.” He expected some form of socialism, dictatorial or “democratic,” to supersede the private market economy in postwar America. He was proven wrong. Postwar American ...