Richard Ebeling mentions, “they [the Austrians] somehow failed to fully and consciously clarify both to themselves and to others ‘how and why’ what they were doing was different, distinct, and uniquely insightful.” The Austrian theory has always been compared to the old school of thought and even ignored! It can stand as a contemporary theory on its own.
With the rising cost of oil, the U.S. continues to consume with abandon, undermining their economic independence. If America doesn’t remain the symbol for democracy, economic freedom, and scientific innovation, collapse is unavoidable. The West will be forced to change strategy, and learn to adapt to the emergence of the developing countries that has shaken the world.