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Bonus Quotation of the Day…

… is from page 299 of the 1975 HarperPerennial printing of the third (1950) edition of Joseph Schumpeter’s profound 1942 volume, Capitalism, Socialism, and Democracy:

The essential point to grasp is this. No responsible person can view with equanimity the consequences of extending the democratic method, that is to say the sphere of “politics,” to all economic affairs.

DBx: Schumpeter died 70 years ago today.