Joseph Schumpeter famously warned against what he called the “tax state”—a state no longer bound by limited aims or constitutional principles, but one that regards the fiscal apparatus as a tool of social engineering and class management. Modern financial innovations, particularly fiat currency and central banking, have only accelerated this dynamic, allowing the state to postpone fiscal reckoning while deepening its hold on the economy and society.
Thank you Alasdair.
Joseph Schumpeter famously warned against what he called the “tax state”—a state no longer bound by limited aims or constitutional principles, but one that regards the fiscal apparatus as a tool of social engineering and class management. Modern financial innovations, particularly fiat currency and central banking, have only accelerated this dynamic, allowing the state to postpone fiscal reckoning while deepening its hold on the economy and society.