Joseph A. Schumpeter
Joseph A. Schumpeter
Joseph Alois Schumpeter was an Austrian-born American economist and political scientist. He briefly served as Finance Minister of Austria in 1919. In 1932 he became a Professor at Harvard University where he remained until the end of his career. One of the most influential economists of the 20th century, Schumpeter popularized the term "creative destruction" in economics...
NationalityAmerican
ProfessionEconomist
Date of Birth8 February 1883
CountryUnited States of America
Joseph A. Schumpeter quotes about
democracy obstacles rebellious
Bureaucracy is not an obstacle to democracy but an inevitable complement to it.
style suits evolution
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.
class people identity
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.
judging religion firsts
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...
decision political democracy
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.
war simple despair
Lack of outlets, excess capacity, complete deadlock, in the end regular recurrence of national bankruptcies and other disasters-perhaps world wars from sheer capitalist despair-may confidently be anticipated. History is as simple a that.
demand want would-be
Want and effective demand are not the same thing. If they were, the poorest nations would be the ones to display the most vigorous demand.
excellence saving agents
The banker, therefore, is not so much primarily a middleman in the commodity "purchasing power" as a producer of this commodity. However, since all reserve funds and savings today usually flow to him, and the total demand for free purchasing power, whether existing or to be created, concentrates on him, he has either replaced private capitalists or become their agent; he has himself become the capitalist par excellence.
successful credit levels
Access to the national dividend is usually to be had only on condition of some productive service previously rendered or of some product previously sold. This condition is, in this case, not yet fulfilled. It will be fulfilled only after the successful completion of the new combinations. Hence this credit will in the meantime affect the price level.
doe development may
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.
soul shapes socialism
The capitalist process shapes things and souls for socialism.
doctors political mind
The state has been living on a revenue which was being produced in the private sphere for private purposes and had to be deflected from these purposes by political force. The theory that construes taxes on the analogy of club dues or of the purchase of the services of, say, a doctor only proves how far removed this part of the social sciences is from scientific habits of mind.
people phrases world
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.
thinking capitalism
Can capitalism survive? No. I do not think it can.