Capitalism, Socialism, and Democracy

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The opening up of new markets, foreign or domestic, and the organizational development from the craft shop and factory to such concerns as U.S. Steel illustrate the same process of industrial mutation...That incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one. This process of Creative Destruction is the essential fact about capitalism.

Joseph Schumpeter

Capitalism, Socialism, and Democracy

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Schumpeter, Joseph Alois. Capitalism, Socialism, and Democracy. Harper & Brothers, 1942, pt. 2, ch. 7.

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Economic progress, in capitalist society, means turmoil.

Joseph Schumpeter

Capitalism, Socialism, and Democracy

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Schumpeter, Joseph Alois. Capitalism, Socialism, and Democracy. Harper & Brothers, 1942, pt. 1, ch. 3.

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Marxism is a religion. To the believer it presents, first, a system of ultimate ends that embody the meaning of life and are absolute standards by which to judge events and actions; and, secondly, a guide to those ends which implies a plan of salvation and the indication of the evil from which mankind, or a chosen section of mankind, is to be saved.

Joseph Schumpeter

Capitalism, Socialism, and Democracy

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Schumpeter, Joseph Alois. Capitalism, Socialism, and Democracy. Harper & Brothers, 1942, pt. 1, ch. 1.

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Marxism is essentially a product of the bourgeois mind.

Joseph Schumpeter

Capitalism, Socialism, and Democracy

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Schumpeter, Joseph Alois. Capitalism, Socialism, and Democracy. Harper & Brothers, 1942, pt. 1, ch. 1.

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Every piece of business strategy... Must be seen in its role in the perennial gale of creative destruction.

Joseph Schumpeter

Capitalism, Socialism, and Democracy

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Schumpeter, Joseph Alois. Capitalism, Socialism, and Democracy. Harper & Brothers, 1942, pt. 2, ch. 7.

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Bureaucracy is not an obstacle to democracy but an inevitable complement to it.

Joseph Schumpeter

Capitalism, Socialism, and Democracy

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Schumpeter, Joseph Alois. Capitalism, Socialism, and Democracy. Harper & Brothers, 1942, pt. 3, ch. 18.

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