“In his great work, Capitalism, Socialism and Democracy, Schumpeter speculated that the utilitarian turn of mind required and promoted by capitalism would, over time, corrode the practices central in bourgeois civilization. He suggested that the practice of long-term saving depended on a degree of marital and family stability that the habits of mind encouraged by advanced capitalist economies made unsustainable. Here Schumpeter advanced in its canonical form the argument that late modern capitalism expresses and aggravates cultural contradictions which make the free market unviable in political terms. By contrast with Schumpeter, Hayek celebrated the powers of creative destruction of capitalism without ever grasping that the traditional bourgeois social order he sought to preserve was among the cultural residues of the past that a late modern free market economy consigns to oblivion.”
“I felt it my duty to take, and to inflict upon the reader, considerable trouble in order to lead up effectively to my paradoxical conclusion: capitalism is being killed by its achievements.”
Capitalism, Socialism and Democracy
“Love and hate have so blurred the results of such serious work as has so far been done on this question—it is not much—that even mere restatement of widely accepted views seemed justified here and the...”
Capitalism, Socialism and Democracy
“The classical theory of monopolistic pricing (the Cournot-Marshall theory) is not entirely valueless, especially when overhauled so as to deal not only with the instantaneous maximization of monopoly ...”
Capitalism, Socialism and Democracy
“Current economic theory is almost wholly a theory of the administration of a given industrial apparatus. But much more important than the manner in which capitalism administers given industrial struct...”
Capitalism, Socialism and Democracy
“Frank presentation of ominous facts was never more necessary than it is today because we seem to have developed escapism into a system of thought.”
Capitalism, Socialism and Democracy