This civilization is rapidly passing away, however. Let us rejoice or else lament the fact as much as everyone of us likes; but do not let us shut our eyes to it.
Joseph A. SchumpeterRead
Capitalism stands its trial before judges who have the sentence of death in their pockets. They are going to pass it, whatever the defense they may hear; the only success victorious defense can possibly produce is a change in the indictment.
Interpretation
What this quote means
This quote suggests that capitalism is judged by critics who are biased against it, making fair judgement nearly impossible.
In this quote, Joseph A. Schumpeter highlights the inherent biases that exist in the critique of capitalism. He argues that the system faces a predetermined verdict from its critics, who are more inclined to condemn it regardless of the arguments presented in its defense. The most that proponents of capitalism can hope for is a modification in how it is criticized, rather than an outright acquittal or acceptance. This suggests a critical view of how economic systems are evaluated based on the entrenched beliefs of their judges.
Themes
CapitalismJudgmentCritiqueDefenseBias
In practice
Example use cases
In a debate about economic systems, one could use this quote to emphasize the challenges capitalism faces from its critics.
More from Joseph A. Schumpeter
All quotes →We always plan too much and always think too little.
Joseph A. SchumpeterRead
The function of entrepreneurs is to reform or revolutionize the pattern of production by exploiting an invention or, more generally, an untried technological possibility for producing a new commodity or producing an old one in a new way, by opening up a new source of supply of materials or a new outlet for products, by reorganizing an industry and so on.
Joseph A. SchumpeterRead
It is however always important to remember that the ability to see things in their correct perspective may be, and often is, divorced from the ability to reason correctly and vice versa. That is why a man may be a very good theorist and yet talk absolute nonsense.
Joseph A. SchumpeterRead
Capitalism inevitably and by virtue of the very logic of its civilization creates, educates and subsidizes a vested interest in social unrest.
Joseph A. SchumpeterRead
Recognition of the inevitability of comprehensive bureaucratization does not solve the problems that arise out of it.
Joseph A. SchumpeterRead
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