“Towards the end of his life, Schumpeter re-painted his picture of capitalist development on an even broader canvas. In Capitalism, Socialism and Democracy (Schumpeter 1950), he offered a complex, multifaceted argument that the type of capitalism he had earlier described might be passing from the historical scene, morphing by small degrees into some variety of socialism.”

—  Sidney G. Winter

Dynamic Capability as a Source of Change, 2008

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Sidney G. Winter photo
Sidney G. Winter4
American economist 1935

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“Schumpeter’s work, his dynamic view of the entrepreneur and creative destruction has had a great impact on me. He indeed wrote a book, Capitalism, Socialism and Democracy, which intended to give a complex analysis of the two systems. But these two books, and a few others (e. g., some of Mises’s and Hayek’s works) are rather exceptional. A typical American textbook on economic systems is not written with the same ambition about capitalism with which I wrote about socialism. It doesn’t give you a general model of capitalism, including the characterization of the political, ideological, and social spheres.”

János Kornai (1928) Hungarian economist

János Kornai, in "An Interview with János Kornai : Interviewed by Olivier Blanchard", Macroeconomic Dynamics, 1999

“The term ‘kinship’ correctly suggests the existence not only of contemporary relatives but also of ancestors. Indeed, the recent discussion of dynamic capability was prefigured historically, with a variety of terminology, in a number of sources. Perhaps the most directly relevant example among these earlier contributions is Schumpeter’s discussion of the ‘routinization of innovation’ (Schumpeter 1950). Schumpeter’s argument presented, however, an issue that remains central in contemporary discussion of dynamic capability—the possibly problematic character of the claim that there is such a thing as ‘learned competence’ for doingnew things.”

Sidney G. Winter (1935) American economist

Dynamic Capability as a Source of Change, 2008

Douglass C. North photo

“A final aspect of all open access orders is Schumpeter’s notion of creative destruction, one of the most powerful descriptions of a competitive, open access economy. When Schumpeter wrote Capitalism, Socialism, and Democracy in the early 1940s, the economic theory of perfect competition among atomistic firms (i. e., firms too small to have market power) had come under sustained attack as unrealistic. Large and powerful economic organizations dominated the new economy, and their behavior did not match the textbooks. Despite this dominance, the economy produced historically unprecedented, sustained economic development. Schumpeter asked, How could large businesses that were supposed to choke off competition and growth nonetheless generate such spectacular productivity increases in a world that seemed ever more competitive?”

Douglass C. North (1920–2015) American Economist

Source: Violence and Social Orders (2009), Ch. 4 : Open Access Orders

Michael Parenti photo

“It is not Socialism that subverts democracy, but democracy that subverts capitalism.”

Michael Parenti (1933) American academic

Source: Democracy for the Few (2010 [1974]), sixth edition, Chapter 17, p. 320

Ernest Mandel photo

“Capital, explaining the origins of the capitalist mode of production, points towards the inevitable historical decline and fall of this same social system. An economic theory based upon the historical relativity of every economic system, its strict limitation in time, tactlessly reminds Messrs the capitalists, their hangers-on and their apologists that capitalism itself is a product of history. It will perish in due course as it once was born. A new social form of economic organization will then take the place of the capitalist one: it will function according to other laws than those which govern the capitalist economy.”

Ernest Mandel (1923–1995) Belgian economist and Marxist philosopher

Introduction to Capital. Introduction to volume 1 (1976)

Hugo Chávez photo

“Everyday I become more convinced, there is no doubt in my mind, as many intellectuals have said, that it is necessary to transcend capitalism. But capitalism can not be transcended through capitalism itself; it must be done through socialism, true socialism, with equality and justice. I’m also convinced that it is possible to do it under democracy, but not in the type of democracy being imposed by Washington.”

Hugo Chávez (1954–2013) 48th President of Venezuela

Hugo Chávez during his closing speech at the World Social Forum in Porto Alegre, Brazil. January 31, 2005. http://www.venezuelanalysis.com/news.php?newsno=1486 <br class="br">2005

Vladimir Lenin photo

“Democracy is of great importance for the working class in its struggle for freedom against the capitalists. But democracy is by no means a boundary that must not be overstepped; it is only one of the stages in the process of development from feudalism to capitalism, and from capitalism to communism.”

Vladimir Lenin book The State and Revolution

5.4, Essential Works of Lenin (1966)
The State and Revolution (1917)

Julius Streicher photo

“Social Democracy preached against capitalism for half a century. After the November revolution the Reds had the opportunity to direct capitalism into the proper paths: but nothing happened!”

Julius Streicher (1885–1946) German politician

Die Sozialdemokratie hat ein halbes Jahrhundert den Kampf gegen den Kapitalismus gepredigt. Nach der Novemberrevolution hatten die Roten Gelegenheit, den Kapitalismus in richtige Bahnen zu leiten: aber es geschah nichts!
06/01/1927, speech in the Bavarian regional parliament ("Kampf dem Weltfeind", Stürmer publishing house, Nuremberg, 1938)

Karl Marx photo

“We have just seen that, apart from money-capital, circulating capital is only another name for commodity-capital. But to the extent that labour power circulates in the market, it is not capital, no form of commodity-capital. It is not capital at all; the labourer is not a capitalist, although he brings a commodity to market, namely his own skin.”

Karl Marx book Das Kapital

Source: Das Kapital (Buch II) (1893), Vol. II, Ch. X, p. 211.

Leopold Stokowski photo

“A painter paints his pictures on canvas. But musicians paint their pictures on silence.”

Leopold Stokowski (1882–1977) British conductor

Addressing an audience at Carnegie Hall, as quoted in The New York Times (11 May 1967); often this is quoted without the humorous final sentence.
Context: A painter paints his pictures on canvas. But musicians paint their pictures on silence. We provide the music, and you provide the silence.

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