“Capitalism does not merely mean that the housewife may influence production by her choice between peas and beans; or that plant managers have some voice in deciding what and how to produce: it means a scheme of values, an attitude toward life, a civilization—the civilization of inequality and of the family fortune.” CapitalismInequality Book:Capitalism, Socialism and Democracy Source: Capitalism, Socialism and Democracy
“Wherever autocratic power vanished at an early date—as in the Netherlands and later in England—and the protective interest receded into the background, they swiftly discovered that trade must be free—“free to the nethermost recesses of hell.” EnglandImperialismFree TradeNetherlandsProtectionismSocial ClassesMercantalism Author:Joseph Alois Schumpeter
“Voters thereby prove themselves bad and indeed corrupt judges of such issues and often they even prove themselves bad judges of their own long-run interests, for it is only the short-run promise that tells politically and only short-run rationality that asserts itself effectively.” DemocracyVotersVoters And Voting Book:Capitalism, Socialism and Democracy Source: Capitalism, Socialism and Democracy
“The reduced sense of responsibility and the absence of effective volition in turn explain the ordinary citizen's ignorance and lack of judgement in matters of domestic and foreign policy which are if anything more shocking in the case of educated people and of people who are successfully active in non-political walks of life than it is with uneducated people in humble stations.” ResponsibilityDemocracyVotersIrresponsibility Book:Capitalism, Socialism and Democracy Source: Capitalism, Socialism and Democracy
“Socialist endeavour of the Fabian type would not have amounted to anything at any other time. But it did amount to much during the three decades preceding 1914, because things and souls were ready for that kind of message and neither for a less nor for a more radical one. Formulation and organization of existing opinion were all that was needed in order to turn possibilities into articulate policy, and this "organizing formulation" the Fabians provided in a most workmanlike manner. They were reformers. The spirit of the times made socialists of them. They were genuine socialists because they aimed at helping in a fundamental reconstruction of society which in the end was to make economic care a public affair.” Economics PhilosophyFabian Socialism Book:Capitalism, Socialism and Democracy Source: Capitalism, Socialism and Democracy