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with contributions by Hans-Heinrich Nolte

In chapter 12 we start from unleashed capitalism and which role monetary policy can play to leash the casinos of wealth owners. We propose as reform an institutional change on the labor market, to overcome the social problems of capitalism. The implied concept of `Social Capitalism’ is built on three pillars, which may give rise to a Social Structure of Capital Accumulation overcoming the contradictions of current ruthless capitalism, as analyzed in our M-K-S system -- in the current digital wave with its accelerating evolution of façade democracies. We in addition argue against Schumpeterian pure majority voting systems as missing fundamental acceptance and against bastard systems as in Germany. We reformulate Schumpeter’s theory of Socialism and its type of elite formation from the economic, historical as well the political perspective, arriving at a purely proportional voting system which generates Schumpeter-type governments. Our voting system is purely bottom-up, exhibits Schumpeterian political competition and efficiency, preserves the number of seats as compared to the currently `exploding’ German Bundestag. We view this construction as architectural guideline, before intermediate steps are to be discussed. The model can be applied to the European Union as well.