The Foundations of Capitalism

If you have never read much of Joseph Schumpeter, I would encourage you to correct that error as soon as possible. His biography is fascinating. What caught my eye today was this… The foundation of capitalism, both economically and socially is, therefore, the insatiability of wants that entrepreneurs have managed to induce consumers to see as needs. That is, in many ways, the most pessimistic statement I have read about capitalism, but it's also very true.