10 September 2009

He Said It: Schumpeter

"Queen Elizabeth owned silk stockings. The capitalist achievement does not typically consist in providing more silk stockings for queens but in bringing them within the reach of factory girls in return for steadily decreasing amounts of effort. [...] [T]he capitalist process, not by coincidence but by virtue of its mechanism, progressively raises the standard of life of the masses." --Joseph Schumpeter, Capitalism, Socialism, and Democracy(1942), pp. 67-8

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