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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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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
Economy
Horizon
Politics
Meaningful
Moral
Disappear
Contracting
Nations
Private
Wears
Free
Foundation
Types
Away
Property
Liberalism
People
Nation
Concrete
Type
Vital

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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.
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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.
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Can capitalism survive? No. I do not think it can.
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The perennial gale of creative destruction
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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.
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The ballot is stronger than bullets.
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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.
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Creative Destruction is the essential fact about capitalism.
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Economic progress, in capitalist society, means turmoil.
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All we can thus far say about the duration of the units of [the business cycle] and each of [its] two phases is that it will depend on the nature of the particular innovations that carry a cycle,... and the financial conditions and habits prevailing in the business community in each case.
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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.
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Capitalism inevitably and by virtue of the very logic of its civilization creates, educates and subsidizes a vested interest in social unrest.
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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.
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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.
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The first thing a man will do for his ideals is lie.
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The trouble with Russia is not that she is socialist but that she is Russia.
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The intellectual and social climate needed to allow entrepreneurship to thrive will not exist in advanced capitalism.
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Bureaucracy is not an obstacle to democracy but an inevitable complement to it.
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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.
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