Joseph Schumpeter - Capitalism, Socialism and Democracy (1942)

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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.

Joseph Schumpeter
Capitalism inevitably and by virtue of the very logic of its civilization creates, educates and subsidizes a vested interest in social unrest.

Joseph Schumpeter
As a matter of practical necessity, socialist democracy may eventually turn out to be more of a sham than capitalist democracy ever was.

Joseph Schumpeter
Marxism is essentially a product of the bourgeois mind.

Joseph Schumpeter
The function of entrepreneurs is to reform or revolutionize the pattern of production by exploiting an invention or, more generally, an untried technological possibility for producing a new commodity or producing an old one in a new way, by opening up a new source of supply of materials or a new outlet for products, by reorganizing an industry and so on.

Joseph Schumpeter
The cold metal of economic theory is in Marx's pages immersed in such a wealth of steaming phrases as to acquire a temperature not naturally its own.

Joseph Schumpeter
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.

Joseph Schumpeter
The very foundation of private property and free contracting wears away in a nation in which its most vital, most concrete, most meaningful types of private property and free contracting disappear from the moral horizon of the people.

Joseph Schumpeter
Things economic and social move by their own momentum and the ensuing situations compel individuals and groups to behave in certain ways whatever they may wish to do-not indeed by destroying their freedom of choice but by shaping the choosing mentalities and by narrowing the list of possibilities from which to choose.

Joseph Schumpeter
Capitalism Survive?—I have tried to show that a socialist form of society will inevitably emerge from an equally inevitable decomposition of capitalist society.

Joseph Schumpeter
The capitalist process shapes things and souls for socialism.

Joseph Schumpeter