Schumpeter
I've been getting a bit of comment spam, so today's post is actually a test to see if there is any pattern to the way these things appear on the blog.
That aside, one of my favourite quotes from Joseph Schumpeter's book Capitalism, Socialism and Democracy is this one:
"The true pacemakers of socialism were not the intellectuals or agitators who preached it, but the Vanderbilts, Carnegies and Rockefellers."
– Joseph Schumpeter (1934, p. 134)
That aside, one of my favourite quotes from Joseph Schumpeter's book Capitalism, Socialism and Democracy is this one:
"The true pacemakers of socialism were not the intellectuals or agitators who preached it, but the Vanderbilts, Carnegies and Rockefellers."
– Joseph Schumpeter (1934, p. 134)
Labels: innovation
posted by Gordon Graham at 7:35 AM
2 Comments:
what does this quote mean? how are they the pacemakers of socialism?
Schumpeter was saying that it was the entrepreneurs (the "capitalists") who were, unintentionally, driving mankind towards socialism, not the people who merely talked about socialism. Schumpeter argued that capitalism would collapse (albeit slowly) because its successes created by-products: namely, aging populations and fewer entrepreneurs. These by-products make it difficult for capitalism to sustain itself.
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