Economic progress, in capitalist society, means turmoil.

Bureaucracy is not an obstacle to democracy but an inevitable complement to it.

At the heart of capitalism is creative destruction.

I know that it is not enough to be remembered for books and theories. One does not make a difference unless it is a difference in people's lives.

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.

The spirit of a people, its cultural level, its social structure, the deeds its policy may prepare—all 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.

The strategic stimulus to economic development in Schumpeter's analysis is innovation, defined as the commercial or industrial application of something new---a new product, process or method of production, a new market or source of supply, a new form of commercial, business or financial organization.