When I say liberalism is Schumpeterian, I mean it views the giant, hierarchical institution — as such — as inherently “progressive.” Joseph Schumpeter himself believed that monopoly capitalism was ideal for technological progress, because the size and market power of a monopoly corporation enabled it to fund large-scale R&D efforts, and pass on the cost to the public through administered cost-plus pricing. John Kenneth Galbraith — perhaps the patron saint of mid-20th century liberalism — saw the giant corporation’s central planning capabilities and immunity from market competition as the work of a “benign providence.” Liberals since have tended to view the large corporation as potentially more progressive than small, local and decentralized alternatives: They’re large enough to be willing and able to afford regulatory compliance and relatively decent wage and benefit packages, because they can pass all the costs on to the consumer through monopoly pricing. c4ss.org/content/27244
Posted on: Sat, 13 Sep 2014 21:21:53 +0000
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