George Gilder - Forbes ASAP Message Board

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Technology Stocks : George Gilder - Forbes ASAP

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To: Hiram Walker who wrote (135)	10/2/1997 8:16:00 PM
From: JF Quinnelly	of 5853

I believe it was in Peter Drucker that I read how socialism became a force in Europe. No one in Europe paid much attention to Marx or his comrades during his lifetime. It wasn't until the 1880s when cheap Kansas wheat flooded into Europe that socialism began making inroads. The small farm economies in Europe couldn't compete with the price of grain from America, villages were unable to support their way of life, and a rootless, unemployed mass of people was set loose, many of whom became footsoldiers for socialism. Schumpeter called capitalism "creative destruction", and predicted that a by-product would be a "new class", an intellectual elite who would resent the power and wealth of corporations and the entreprenuers who drive capitalism. I think we see Schumpeter's new class well represented in the media and the academy, and the Clinton administration for that matter. If employers are indifferent to what happens at the lower end of the wage scale in this country, they will be sowing the seeds of real trouble, and the new class will be quick to water them.

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