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.
Joseph A. SchumpeterDemocracy is a political method, that is to say, a certain type of institutional arrangement for arriving at political โ legislative and administrative โ decisions and hence incapable of being an end in itself.
Joseph A. SchumpeterThe 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. SchumpeterThe spirit of a people, its cultural level, its social structure, the deeds its policy may prepareโall this and more is written in its fiscal history, stripped of all phrases. He who knows how to listen to its message here discerns the thunder of world history more clearly than anywhere else.
Joseph A. SchumpeterIn one important sense, Marxism is a religion. To the believer it presents, first, a system of ultimate ends that embody the meaning of life and are absolute standards by which to judge events and actions; and, secondly, a guide to those ends which implies a plan of salvation and the indication of the evil from which mankind, or a chosen section of mankind, is to be saved.
Joseph A. Schumpeter