Capitalism, Socialism And Nationalism: Lessons From History | Hoover Institution

Capitalism, Socialism And Nationalism: Lessons From History | Hoover Institution: Schumpeter warned that socialism might ultimately prevail over capitalism, for four reasons. Creative disruption is rarely popular. Capitalism itself tends towards oligopoly. Intellectuals are susceptible to socialism. So are many bureaucrats and politicians. Socialism had manifestly failed everywhere it had been tried by the 1980s, apparently proving Schumpeter wrong.