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.


The Theory of Economic Development (ed. Transaction Publishers, 2011) - ISBN: 9781412815925

Joseph Schumpeter Quotes

The banker, therefore, is not so much primarily a middleman in the commodity purchasing power as a producer of this commodity. However, since all...

The banker, therefore, is not so much primarily a middleman in the commodity purchasing power as a producer of this commodity. However, since all...

The banker, therefore, is not so much primarily a middleman in the commodity purchasing power as a producer of this commodity. However, since all...

The banker, therefore, is not so much primarily a middleman in the commodity purchasing power as a producer of this commodity. However, since all...