Recently, I've been high on the thought of reading as much as I can of the classical texts in political economy - with good reason. It's a perfect time to continue, and hopefully end the internal struggle with my own economic philosophy.
I've decided to begin this most recent foray into classic economic literature with a reading of Joseph Schumpeter's Capitalism, Socialism, and Democracy.
I've been wanting to read Schumpeter's work for some time. Given the summary that Wikipedia offers regarding his work, the timing could be no better.
Schumpeter's theory is that the success of capitalism will lead to a form of corporatism and a fostering of values hostile to capitalism, especially among intellectuals. He argued that capitalism's collapse from within will come about as democratic majorities vote for the creation of a welfare state and place restrictions on entrepreneurship that will burden and eventually destroy the capitalist structure.
Interesting.
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