“The capitalist engine is first and last an engine of mass production which unavoidably also means production for the masses. . . . It is the cheap cloth, the cheap cotton and rayon fabric, boots, motorcars and so on that are the typical achievements of capitalist production, and not as a rule improvements that would mean much to the rich man. Queen Elizabeth owned silk stockings. The capitalist achievement does not typically consist in providing more silk stockings for queens but in bringing them within reach of factory girls.”
Quote by Joseph A. Schumpeter
Author
Joseph A. Schumpeter
Joseph A. Schumpeter was a renowned economist known for his research on innovation and entrepreneurship. His theories have had a profound impact on modern economics. more
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