Joseph Schumpeter Quotes


… capitalism is being killed by its achievements.


Context

In a capitalistic system, if a company is very successful, it drives its competitors out of business and this leads to monopoly in that field which kills capitalism which depends on competition.


Citations

Joseph A. Schumpeter, 1883-1950, Austrian Economist, Capitalism, Socialism and Democracy

Sourced by: Eigen's Political and Historical Quotations

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Joseph Schumpeter
Joseph Schumpeter
  • Born: February 8, 1883
  • Died: January 8, 1950
  • Nationality: Austrian, American
  • Profession: Political Economist

Joseph Aloïs Schumpeter was an Austrian political economist. Born in Moravia, 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, eventually obtaining U.S. citizenship. One of the most influential economists of the 20th century, Schumpeter popularized the term "creative destruction" in economics.