When will Labour learn that you cannot build Jerusalem in Brussels.
Margaret ThatcherRead
Adam Smith's 'invisible hand' is not above sudden, disturbing, movements. Since its inception, capitalism has known slumps and recessions, bubble and froth; no one has yet dis-invented the business cycle, and probably no one will; and what Schumpeter famously called the 'gales of creative destruction' still roar mightily from time to time. To lament these things is ultimately to lament the bracing blast of freedom itself.
Interpretation
What this quote means
This quote reflects on the unpredictable nature of capitalism and the essential role of freedom in driving economic change.
Margaret Thatcher discusses the inherent volatility of capitalism, acknowledging that fluctuations like slumps, recessions, and the 'gales of creative destruction' are part of a dynamic economic system. Rather than lamenting these upheavals, she emphasizes that they are a necessary consequence of the freedom that capitalism provides, suggesting that growth and innovation often arise from challenges and disruptions.
Themes
CapitalismFreedomCreative DestructionBusiness CycleEconomic Change
In practice
Example use cases
This quote could be used in a speech advocating for economic reforms.
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If it's me against 48, I feel sorry for the 48.
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