When Schumpeter first put forth his theory for capitalism’s transition to socialism in the midst of the Second World War, he believed the process was already well underway. Close to a century later, most would agree he  thought wrong.

While protectionism for today’s America is most likely not the proper path for social development, it had its non-negligible benefits for the creation and maintenance of various industries when the country had not already fully developed, industrially and technologically.

Not only was welcoming the euro a good move for Croatia, but it will be good for the euro as well. The latter will now have an additional 4 million users, which will strengthen the currency and bolster the Eurozone in international markets.