A Quote by John Kenneth Galbraith

Capitalism is chronically unstable.Boom and bust has always marked capitalism in the United States. There were panics in 1785, 1791, 1819, 1857, 1869, 1873, 1907, 1929 and 1987.In economies and politics, as in war, an astonishing number of people die, like the man on the railway crossing, defending their right of way. This is a poorly developed instinct in Switzerland. No country so firmly avows the principles of private enterprise but in few have the practical concessions to socialism been more numerous and varied.

John Kenneth Galbraith

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Always Astonishing Been Boom Bust Capitalism Concessions Country Crossing Defending Developed Die Economies Enterprise Few Firmly He Man Instinct Like Man Marked More No Country Number Numerous People Politics Poorly Practical Principles Private Private Enterprise Railway Right Socialism States Switzerland United United States Unstable Varied War Way Were

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John Kenneth Galbraith
American - Economist
October 15, 1908 - April 29, 2006

A study of the panics of 1873, 1893, and 1907 indicates that these panics were the result of the international bankers' operations in London.

Eustace Mullins

Socialism needs to pull down wealth; liberalism seeks to raise up poverty. Socialism would destroy private interests, Liberalism would preserve [them] ... by reconciling them with public right. Socialism would kill enterprise; Liberalism would rescue enterprise from the trammels of privilege and preference. Socialism assails the preeminence of the individual; Liberalism seeks ... to build up a minimum standard for the mass. Socialism exalts the rule; Liberalism exalts the man. Socialism attacks capitalism; Liberalism attacks monopoly.

Winston Churchill

If you establish, or reestablish, local economies on the right scale and with the right standard, then politics would come right as a matter of course. I don't know what you'd call the result - probably not capitalism or socialism.

Wendell Berry

I tend to not use the word "socialist," because even though more young adults in the United States in a poll say they support socialism than do capitalism, the word socialism doesn't have a lot of meaning in this country.

Cynthia Kauffman

There are a few people, but a diminishing number, who still believe that Marxism, as an economic system, off era a coherent alternative to capitalism, and socialism has, indeed, triumphed in one country.

Herbert Read

Everyday I become more convinced, there is no doubt in my mind, and as many intellectuals have said, that it is necessary to transcend capitalism. But capitalism can't be transcended from with capitalism itself, but through socialism, true socialism, with equality and justice. I'm also convinced that it is possible to do it under democracy, but not in the type of democracy being imposed by Washington.

Hugo Chavez

Between 1857 and 1929, while regulators largely stood idle, the American economy swung through 19 national boom-and-bust gyrations that sometimes threatened to wipe out whole industries within months.

Charles Duhigg

Capitalism had arisen through the misuse and exaggeration of certain rights, notably the right of property - the basis of economic freedom - and the right of contract, which is one of the main functions of economic freedom. Therefore, even under Capitalism, so long as the old principles were remembered it was possible to recall the principles whereby Society had once been sane and well ordered.

Hilaire Belloc

Economist Frederick Thayer has studied the history of our balanced-budget crusades and has come up with some depressing statistics. We have had six major depressions in our history (1819, 1837, 1857, 1873, 1893 and 1929); all six of them followed sustained periods of reducing the national debt. We have had almost chronic deficits since the 1930s, and there has been no depression since then - the longest crash-free period in our history.

Molly Ivins

I think that capitalism has just gone too far. And it is actually not limited to the United States. The excesses of capitalism is making us suffer all over the world right now.

Tadao Ando

Impotence therefore faces both those who believe in what amounts to a pure, stateless, market capitalism, a sort of international bourgeois anarchism, and those who believe in a planned socialism uncontaminated by private profit-seeking. Both are bankrupt. The future, like the present and the past, belongs to mixed economies in which public and private are braided together in one way or another. But how? That is the problem for everybody today, but especially for people on the left.

Eric Hobsbawm

Capitalism and socialism are two distinct patterns of social organization. Private control of the means of production and public control are contradictory notions and not merely contrary notions. There is no such thing as a mixed economy, a system that would stand midway between capitalism and socialism.

Ludwig von Mises

I used to be a businessman and I enjoyed what I did and I thought that it was socially useful. I don't have anything against business or private enterprise or capitalism per se, but I think that it is time to rethink the regulation of capitalism.

Charles Ferguson

Under the gold standard America had no major financial panics other than in 1873, 1884, 1890, 1893, 1907, 1930, 1931, 1932, and 1933.

Paul Krugman

From a systematic standpoint, I think that capitalism is the best system. I can spend a lot of time explaining why I like communism, but it is actually not a good solution. Nor is socialism. So, capitalism is the right model.

Ben Horowitz

I think the thing about capitalism is it's an evil necessity, capitalism. Communism has been tried and failed, and socialism, that doesn't work very well. Capitalism works, but the problem about capitalism is it does mean that a few individuals become very wealthy. Therefore, I think those individuals have enormous responsibility to redistribute that wealth either by creating new businesses or creating new jobs and making sure that money just doesn't lie in a bank account for future generations.

Richard Branson

A Quote by John Kenneth Galbraith

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