Schumpeter's Prophecy as Battle Cry

“A half century ago, the great Harvard scholar Joseph A. Schumpeter predicted that capitalism, because of its very success in raising the standard of living to unprecedented heights, would weaken the institutions necessary for its survival, giving way to a centralized, socialized bureaucracy of intellectuals which would exploit the productive capacity created by private enterprise”

“In his seminal work, Capitalism, Socialism and Democracy, the Austrian-American economist and social theorist pessimistically predicted that the leaders of the free market would allow themselves to be converted to a creed hostile to their own existence because they would be unable to articulate a moral basis for free enterprise. In Washington, I became convinced that Schumpeter was right. America’s leading colleges and universities—the training ground for America’s leaders—were increasingly pro-socialist, pro-government regulation, and anti-capitalist in their philosophy, direction, and mission”