ET Commentary

Capitalism hasn’t failed — we’ve actually greatly benefited from freer market

Capitalism hasn’t failed — we’ve actually greatly benefited from freer market

The toot is out there

Synopsis

Schumpeterians believe that government attempts to help, help and help again are the root cause of all that has gone wrong. They link this to declining GDP growth, angst among workers that 'decent jobs' are disappearing, rising inequalities, a soaring number of billionaires, rising inflation, crazy stock market valuations, Trumpist populism, protectionism and soaring fiscal deficits.

By , ET CONTRIBUTORS
6 mins read, Last Updated:
A zillion criticisms of capitalism have come from the Left. But an increasing number are now coming from the Right. They come out with a ringing cry, 'Joseph Schumpeter, where are you? We need you.' Schumpeterians long for the churn of companies, with older, less productive ones dying, and being replaced by newer, more productive ones. This is the 'creative destruction' that the 20th-century Austrian political economist saw as the heart and soul

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