Quote by Joseph Schumpeter
The capitalist engine is first and last an engine of mass production which unavoidably also means production for the masses. . . . It is the cheap cloth, the cheap cotton and rayon fabric, boots, motorcars and so on that are the typical achievements of capitalist production, and not as a rule improvements that would mean much to the rich man. Queen Elizabeth owned silk stockings. The capitalist achievement does not typically consist in providing more silk stockings for queens but in bringing them within reach of factory girls.
Summary
This quote highlights the essence of capitalism, emphasizing how it is primarily driven by mass production and making products accessible to the masses. It suggests that the true accomplishments of capitalism lie in producing affordable everyday goods like clothing, cars, and boots, rather than creating luxury items or catering solely to the wealthy. By referencing Queen Elizabeth and comparing her silk stockings (an item for the rich) to the products made available to factory girls (representing the common people), the quote underscores the democratizing effect of capitalism, enabling widespread access to previously exclusive goods.
Topics
Capitalism
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