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

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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.
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There is another method of obtaining money... It does not presuppose the existence of accumulated results of previous development, and hence may be considered as the only one which is available in strict logic. This method of obtaining money is the creation of purchasing power by banks. The form it takes is immaterial.
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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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Can capitalism survive? No. I do not think it can.
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The spirit of a people, its cultural level, its social structure, the deeds its policy may prepare—all this and more is written in its fiscal history, stripped of all phrases. He who knows how to listen to its message here discerns the thunder of world history more clearly than anywhere else.
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The first thing a man will do for his ideals is lie.
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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?
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Gentlemen, a depression is for capitalism like a good, cold douche.
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The perennial gale of creative destruction
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To the believer Marxism presents, first, a system of ultimate ends that embody the meaning of life and are absolute standards by which to judge events and actions.
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Pessimistic visions about almost anything always strike the public as more erudite than optimistic ones
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We always plan too much and always think too little.
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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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Bureaucracy is not an obstacle to democracy but an inevitable complement to it.
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Creative Destruction is the essential fact about capitalism.
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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.
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For the duration of its collective life, or the time during which its identity may be assumed, each class resembles a hotel or an omnibus, always full, but always of different people.
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To realize the relative validity of one's convictions and yet stand for them unflinchingly is what distinguishes a civilized man from a barbarian.
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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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