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| Joseph Schumpeter
Aggregative analysis, here, as elsewhere, not only does not tell the whole tale but necessarily obliterates the main (and the only interesting) point of the tale. Bureaucracy is not an obstacle to democracy but an inevitable complement to it. Capitalism inevitably and by virtue of the very logic of its civilization creates, educates and subsidizes a vested interest in social unrest. Capitalism stands in trial before judges who have the sentence of death in their pockets. ... The only success victorious defense can possibly produce is a change in the indictment. Capitalism, then, is by nature a form or method of economic change and not only never is but never can be stationary. Capitalist evolution produces a labor movement which obviously is not the creation of the intellectual group. Consumer satisfaction supplies the social meaning for all economic activity, or by the fact that new and unfamiliar commodities have ultimately to be "taken up," with a view to latent of potential or foreseen consumers' wishes. Democracy is a political method, that is to say, a certain type of institutional arrangement for arriving at political – legislative and administrative – decisions and hence incapable of being an end in itself. Different methods of employment, and not saving ... have changed the face of the economic world in the last fifty years. Economic progress, in capitalist society, means turmoil. Entrepreneurial profit is the expression of the value of what the entrepreneur contributes to production. For the duration of its collective life, or the time during which its identity may be assumed, each class resembles a hotel or an omnibus, always full, but always of different people. However useful for many purposes, total output is a figment which would not exist at all, were there no statisticians to create it. It is by no means farfetched or paradoxical to say that 'progress' unstabilizes the economic world, or that it is by virtue of its mechanism a cyclical process. It is, after all, only common sense to realize that, but for the fact that economic life is a process of incessant internal change, the business cycle, as we know it, would not exist. Labor never craved intellectual leadership but intellectuals invaded labor politics. Motorcars travel faster than they otherwise would because they are provided with brakes. The ballot is stronger than bullets. The capitalist engine is first and last an engine of mass production which unavoidably means also production for the masses. The classical writers ... clearly perceived, though they may have exaggerated, the role of saving and accumulation [as] ... they linked saving to the rate of "progress." The essential point to grasp is that in dealing with capitalism we are dealing with an evolutionary process. The evolution of the capitalist style of life could be easily – and perhaps most tellingly – described in terms of the genesis of the modern Lounge Suit. The question that is so clearly in many potential parents minds: "Why should we stunt our ambitions and impoverish our lives in order to be insulted and looked down upon in our old age?" We have to define that word which good economists always try to avoid: capitalism is that form of private property economy in which innovations are carried out by means of borrowed money. We must always start from the satisfaction of wants, since they are the end of all production. Within the institutional framework of capitalism, the manufacturer's and the trader's self-interest made for maximum performance in the interest of all. |
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