A Quote by Joseph A. Schumpeter
At the heart of capitalism is creative destruction.
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Capitalism proceeds through creative destruction. What is created is capitalism in a 'new and improved' form - and what is destroyed is self-sustaining capacity, livelihood and dignity of its innumerable and multiplied 'host organisms' into which all of us are drawn/seduced one way or another.
Creative Destruction is the essential fact about capitalism.
Whole new businesses will emerge around breakthrough products as revolutionary technologies accelerate capitalism's creative destruction of slower industries.
What breaks capitalism, all that will ever break capitalism, is capitalists. The faster they run the more strain on their heart.
Adam Smith's 'invisible hand' is not above sudden, disturbing, movements. Since its inception, capitalism has known slumps and recessions, bubble and froth; no one has yet dis-invented the business cycle, and probably no one will; and what Schumpeter famously called the 'gales of creative destruction' still roar mightily from time to time. To lament these things is ultimately to lament the bracing blast of freedom itself.
Capitalism cannot reform itself; it is doomed to self-destruction.
I don't think the western world is questioning capitalism. Capitalism as a concept is not something that society has written off. But today, there is degree of caution around capitalism. We believe in compassionate capitalism. Growth for growth's sake can never be an end in itself.
We can not have equilibrium in this world with the current inequality and destruction of Mother Earth. Capitalism is what is causing this problem and it needs to end.
Speculation in land may be necessary to capitalism, but speculative orgies periodically become a quagmire of destruction for capital itself.
Human society cannot basically stop the destruction of the environment under capitalism. Socialism is the only structure that makes it possible.
Joblessness is a weapon of mass destruction. Poverty is a weapon of mass destruction. Hunger is a weapon of mass destruction. Poor health care is a weapon of mass destruction. Poor education is a weapon of mass destruction. Discrimination is a weapon of mass destruction. Let us abolish such weapons of mass destruction here at home.
There's a real difference between venture capitalism and vulture capitalism. Venture capitalism we like. Vulture capitalism, no. And the fact of the matter is that he's going to have to face up to this at some time or another, and South Carolina is as good a place to draw that line in the sand as any.
The most important feature of an information economy, in which information is defined as surprise, is the overthrow, not the attainment, of equilibrium. The science that we have come to know as information theory establishes the supremacy of the entrepreneur because it appreciates the powerful connection between destruction and what Schumpeter described as "creative destruction," between chaos and creativity.
To paraphrase Karl Marx, the great Karl Marx, a specter is haunting the streets of Copenhagen...Capitalism is the specter, almost nobody wants to mention it...Socialism, the other specter Karl Marx spoke about, which walks here too, rather it is like a counter-specter. Socialism, this is the direction, this is the path to save the planet, I don't have the least doubt. Capitalism is the road to hell, to the destruction of the world.
The perennial gale of creative destruction
People think what's in the US today is capitalism. It's not even close to capitalism. Capitalism doesn't have a central bank, capitalism doesn't have taxes, it doesn't have regulations; capitalism is just voluntary transactions. What they have in the US today I call crapitalism. But it's sad that so many people are confused and they think, 'Oh that's free markets in the US', when it's one of the least free market countries on earth.
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