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Creative Destruction is the essential fact about capitalism.

Joseph A. Schumpeter

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Joseph A. Schumpeter
Age: 67 †
Born: 1883
Born: February 8
Died: 1950
Died: June 21
Anthropologist
Book Collector
Economist
Jurist
Political Scientist
Professor
Mexico City
Mexico
Josef Aloys Schumpeter
Joseph Alois Schumpeter
Essential
Capitalism
Essentials
Destruction
Creative
Fact
Facts

More quotes by Joseph A. Schumpeter

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Economic progress, in capitalist society, means turmoil.
Joseph A. Schumpeter
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Situations emerge in the process of creative destruction in which many firms may have to perish that nevertheless would be able to live on vigorously and usefully if they could weather a particular storm.
Joseph A. Schumpeter
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For one thing, to predict the advent of big business was considering the conditions of Marx's day an achievement in itself.
Joseph A. Schumpeter
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We always plan too much and always think too little. We resent a call to thinking and hate unfamiliar argument that does not tally with what we already believe or would like to believe.
Joseph A. Schumpeter
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The first thing a man will do for his ideals is lie.
Joseph A. Schumpeter
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The religious quality of Marxism also explains a characteristic attitude of the orthodox Marxist toward opponents. To him, as to any believer in a Faith, the opponent is not merely in error but in sin. Dissent is disapproved of not only intellectually but also morally. There cannot be any excuse for it once the Message has been revealed.
Joseph A. Schumpeter
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The ballot is stronger than bullets.
Joseph A. Schumpeter
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The evolution of the capitalist style of life could be easily - and perhaps most tellingly - described in terms of the genesis of the modern Lounge Suit.
Joseph A. Schumpeter
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The very foundation of private property and free contracting wears away in a nation in which its most vital, most concrete, most meaningful types of private property and free contracting disappear from the moral horizon of the people.
Joseph A. Schumpeter
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Geniuses and prophets do not usually excel in professional learning, and their originality, if any, is often due precisely to the fact that they do not.
Joseph A. Schumpeter
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Democracy is a political method, that is to say, a certain type of institutional arrangement for arriving at political — legislative and administrative — decisions and hence incapable of being an end in itself.
Joseph A. Schumpeter
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The perennial gale of creative destruction
Joseph A. Schumpeter
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Bureaucracy is not an obstacle to democracy but an inevitable complement to it.
Joseph A. Schumpeter
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The capitalist achievement does not typically consist in providing more silk stocking for queens but in bringing them within the reach of factory girls in return for a steadily decreasing amount of effort.
Joseph A. Schumpeter
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It is quite possible that future generations will look upon arguments about the inferiority of the socialist plan as we look upon Adam Smith's argument about joint stock companies which, also, were simply false.
Joseph A. Schumpeter
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The success of everything depends on intuition, the capacity of seeing things in a way which afterwards proves to be true, even though it cannot be established at the moment, and of grasping the essential fact, discarding the unessential, even though one can give no account of the principles by which this is done.
Joseph A. Schumpeter
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The typical citizen drops down to a lower level of mental performance as soon as he enters the political field. He argues and analyzes in a way which he would readily recognize as infantile within the sphere of his real interests. He becomes primitive again.
Joseph A. Schumpeter
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Capitalism stands its trial before judges who have the sentence of death in their pockets. They are going to pass it, whatever the defense they may hear the only success victorious defense can possibly produce is a change in the indictment.
Joseph A. Schumpeter
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The metal of economic theory is in Marx's pages immersed in such a wealth of steaming phrases as to acquire a temperature not naturally its own.
Joseph A. Schumpeter
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Why should we stunt our ambitions and impoverish our lives in order to be insulted and looked down upon in our old age?
Joseph A. Schumpeter