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Quotation of the Day…

Posted By Don Boudreaux On October 4, 2012 @ 7:22 am In Country Problems | Comments Disabled

… is from page 161 of the 1975 HarperPerennial printing of the third (1950) edition of Joseph Schumpeter [1]‘s 1942 volume, Capitalism, Socialism, and Democracy [2]:

Perhaps the most striking feature of the picture is the extent to which the bourgeoisie, besides educating its own enemies, allows itself in turn to be educated by them.  It absorbs the slogans of current radicalism and seems quite willing to undergo a process of conversion to a creed hostile to its very existence.  Haltingly and grudgingly it concedes in part the implications of that creed….

This is verified by the very characteristic manner in which particular capitalist interests and bourgeoisie as a whole behave when facing direct attack.  They talk and plead – or hire people to do it for them; they snatch at every chance of compromise; they are ever ready to give in; they never put up a fight under the flag of their own ideals and interests – in this country [the U.S.] there was no real resistance anywhere against the imposition of crushing financial burdens during the last decade [the 1930s] or against labor legislation incompatible with the effective management of industry.

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[1] Joseph Schumpeter: http://www.econlib.org/library/Enc/bios/Schumpeter.html

[2] Capitalism, Socialism, and Democracy: http://www.amazon.com/Capitalism-Socialism-Democracy-Third-Edition/dp/0061561614/ref=la_B000AP9F38_1_1?ie=UTF8&qid=1342962851&sr=1-1

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