Thought of the day: Schumpeter on the success of capitalism

From the classic work of Joseph Schumpeter Capitalism, Socialism and Democracy— A healthy reminder in the era of so-called “ESG” capitalism:

Certainly there are some things for the modern worker that Louis XIV himself would have enjoyed and still cannot have – modern dentistry, for example. On the whole, however, this level of budget had little to gain from capitalist achievement. It may be supposed that the rate of travel was considered small for such a gentleman of so much dignity. Electric lighting is not a great boon to anyone who has enough money but pays a fair number of candles and servants to tend them. Namely cheap fabric, cheap cotton and rayon fabrics, boots, cars, etc. are typical achievements of capitalist production and not improvements that usually mean much to a rich man. Queen Elizabeth had silk stockings. The achievement of the capitalists is usually not to supply more silk stockings to the queens, but to bring them within the reach of the factory girls for ever-diminishing effort.

If Schumpeter were alive today, I believe he would have included cryptocurrency as a perversion of capitalism, as creating cheaper NFTs and other intangibles for the masses does not seem to be the bottom line of things like FTX.