Quote by Joseph Schumpeter

Economic progress, in capitalist society, means turmoil.

Economic progress, in capitalist society, means turmoil.

Summary

This quote suggests that in a capitalist society, economic progress is typically accompanied by upheaval or disruption. It implies that the pursuit of economic growth and development often leads to instability or unease within the social and economic fabric of the society. It may refer to events such as job losses, market volatility, or income inequality, which can arise from the constant drive for profit and competition inherent in capitalism. Thus, according to this perspective, the concept of progress in an economic sense brings about a state of turmoil.

Topics

Economics

By Joseph Schumpeter

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