Joseph Schumpeter
Austrian-American · 1883–1950
Austrian-American economist and political scientist, known for his theory of creative destruction and his analysis of innovation, entrepreneurship, and the dynamics of capitalism.
Wikipedia ↗“The entrepreneur is essentially a man of action, driven not by hedonistic motives but by the dream and the will to found a private kingdom, the will to conquer, and the joy of creating.”
German
“The typical entrepreneur is more self-centred than other types, because he relies less than they do on tradition and connection and because his characteristic task — theoretically as well as historically — consists precisely in breaking up old, and creating new, tradition.”
German
“The process of Creative Destruction is the essential fact about capitalism. It is what capitalism consists in and what every capitalist concern has got to live in.”
English
“The opening up of new markets, foreign or domestic, and the organizational development from the craft shop to such concerns as U.S. Steel illustrate the same process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one.”
English
“Capitalism, then, is by nature a form or method of economic change and not only never is but never can be stationary.”
English
“Can capitalism survive? No. I do not think it can.”
English
“The history of capitalism is studded with violent bursts and catastrophes. The process not only destroys firms and industries that have become obsolete, but also sweeps away whole institutional frameworks and cultural values.”
English