A Schumpeterian Analysis of the Eurobond Scandal through Rothbard’s Cui Bono
Joseph Schumpeter, in Capitalism, Socialism and Democracy (1942), offered a starkly realistic definition of democracy: it is not the rule of the people by the people, but “that institutional arrangement for arriving at political decisions in which individuals acquire the power to decide by means of a competitive struggle for the people’s vote.” In this view, democracy functions as an elite contest, politicians and their coalitions vie for office, much like firms compete in a market. Once victorious, they wield state power not primarily for the public good but to reward supporters, secure
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