Joseph Schumpeter Quotes
The capitalist engine is first and last an engine of mass production which unavoidably means also production for the masses.
Joseph A. Schumpeter, 1883–1950, Austrian Economist & Political Scientist, Capitalism, Socialism, and Democracy, 1942
Sourced by: Eigen's Political and Historical Quotations
For many critics of a market society, the advocate getting the benefit of a market economy without going so far as to create a market society.
Many of the far left grew disillusioned with the British Labor Movement and how it was relating to the capitalist companies, the government, and the workers. The Unions had become very undemocratic and controlling with the government pressuring both labor and companies to the degree that many felt that the institutions themselves were no longer free institutions. Ironically, they preferred the open competition of the American system at the time where unions and companies were free to fight out their differences.
[The metaphor of the stone tablets revers to Moses coming down the mountain and his interaction with God, carrying the 10 Commandments carved in stone tablets.]
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.
