Joseph A. Schumpeter Quotes About Politics

Quotes about: Politics

• 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.

  Joseph A. Schumpeter

  Excellence, Bankers, Saving

  Joseph A. Schumpeter (2011). “The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle”, p.74, Transaction Publishers

• 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 A. Schumpeter

  Meaningful, People, Foundation

  Joseph A. Schumpeter (2013). “Capitalism, Socialism and Democracy”, p.141, Routledge

• There is another method of obtaining money... It does not presuppose the existence of accumulated results of previous development, and hence may be considered as the only one which is available in strict logic. This method of obtaining money is the creation of purchasing power by banks. The form it takes is immaterial.

  Joseph A. Schumpeter

  Doe, Development, May

• Access to the national dividend is usually to be had only on condition of some productive service previously rendered or of some product previously sold. This condition is, in this case, not yet fulfilled. It will be fulfilled only after the successful completion of the new combinations. Hence this credit will in the meantime affect the price level.

  Joseph A. Schumpeter

  Successful, Credit, Levels

  Joseph A. Schumpeter (2011). “The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle”, p.74, Transaction Publishers

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