Thread by @DoppelMark

1/
enjoying the deep dive into Schumpeter's "Capitalism, Socialism and Democracy" by @joeldavis

asking @RadicalLib and @Megatherion8 - are Schumpeter's views valid? validated through time?

2/
in particular the insight into the distinction between competition-between-competitors vs competition-between-technologies.

the later is well visible now with fast paced changes, and kudos to Schumpeter for having observed the slower variant of that in the 1930s, 40s

3/
this is the first time i hear a *theoretical* backing to my guttoral opposition to monopoly-busting done by government. nice 👌

4/
innovation as function of both capital seeking improved return of investment

and also of having established a *sheltered* environment that protects the nascent innovation until its ready to emerge - having turned self-sustaining

5/
interesting side step - middle class intellectuals (tending to be socialists), unshackled from the upper class structures of the past, end up overtaking liberalism from within, in unmediated way

>on liberalism's own terms

6/
currency as abstraction, with certain major side effects

example of family home that becomes abstracted away, no longer grounded in history & tradition, but now for sale

7/
critique of the (neo/liberal) intellectual class

universities and intellectuals that become *useless* - they cannot be employed as laborers or intellectuals

self-*destabilizing effect* of capitalism

8/
the dualism of "state capitalism" and socialism

in the light of capital allocation being abstraction over social processes, decisionmaking