Schumpeter on Democracy
Talking Politics: HISTORY OF IDEAS
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Schumpeter Was a Cynic About Democracy
In 19 19, in the aftermath of the first world war, austria became an independent state. There were elections and schumpeter became the finance minister - he failed. He was fired after a year, he presided over hyper inflation. In 19 24, his bank went bast and he retreated back into demia. And actually that's where he found fame and fortune. Shembeter has a reputation as a cynic. But i don't think it is, and i don’t think he was.
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