"Schumpeter applauded capitalism as much as Marxists despised it. But he shared the Marxist beliefs that creative destruction was at the heart of capitalism and that its inevitable consequence would be capitalism’s demise. Schumpeter feared that the very success of capitalism would give entrenched interests the power to resist the process of innovation that was at the heart of capitalism’s success. Mitt Romney is right to emphasise the role of creative destruction in the market economy, but that is not the market economy his financial backers have in mind.
And perhaps Schumpeter was right. The prescient, cynical Adam Smith had still not imagined a world in which the Wealth of Nations would cross the world digitally at the click of a mouse. Nor had he envisaged one in which legislation would be drafted by paid lobbyists."
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