Why Has Socialism Come Back?

socialism seemed dead almost everywhere. Only the most ardent believers could look at cuba or venezuela as models offering a better life than capitalism. Even when the era of globalization and deregulation ended in the disarray of the globe financial crisis, socialism did not initially show much sign of making a comeback. The american academy is now skewed much further to the left than it was in shumpete's time. And just as shumpeter might have anticipated, a new generation of progress politicians has come forward with the familiar promises to soak the rich.