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The twentieth century in the United States can certainly be characterized by the massive increase in federal solutions to right every wrong, correct every injustice, and fix every problem, real or imaginary. This mentality is what gave us things like the New Deal, Social Security, Prohibition, the Fair Labor Standards Act, the Civil Rights Act, the Fair Deal, the Great Society, the War on Poverty, the War on Drugs, Medicare, and Medicaid. Unfortunately, much of this is still with us.
With the coming of the COVID- 19 pandemic in 2020, the 50 states reasserted themselves as problem solvers, but not in a good way. Governors, mayors, county commissioners, and city councilmen enacted draconian lockdowns, quarantines, face mask requirements, the closure of “unessential” businesses, bans on indoor dining, the closing of schools, stay-at-home orders, contract tracing, curfews, capacity limits on stores and restaurants, the canceling of concerts and sporting events, social distancing requirements, prohibitions on weddings and funerals, vaccine mandates, and ...
Eighty years ago, in the midst of the Second World War, Austrian-born economist Joseph A. Schumpeter published one of his most famous books, Capitalism, Socialism, and Democracy (1942). A central question that he asked and tried to answer was, “Can Capitalism Survive?” His basic conclusion was, “No, I do not think it can” (p. 61). He was (forlornly) confident that a workable socialism would replace the market-based society. Now, eight decades after he drew this conclusion, what can we say about the future of capitalism, or, perhaps, better phrased, the free-market, liberal economic system?
Joseph Alois Schumpeter was born on February 8, 1883, in the old Austro-Hungarian Empire, in an area that is now a part of the Czech Republic. He attended the University of Vienna in the years before the First World War and was a classmate of another famous Austrian economist, Ludwig von Mises, in the graduate seminar of one of the early leaders of the Austrian School ...