Joseph Schumpeter Quotes


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A major problem of new and emerging democracies is that many people believe that majority rule per se is democracy. In Egypt for example, Morsi and his Muslim Brotherhood won the election. They then assumed that they had the right to do anything including exempting the government from judicial review or deciding the role of women in society or denying freedom of religion to non-Muslim citizens. Democracy is not a serial autocracy with each new autocrat being selected by a free and fair election.


Joseph Schumpeter
Joseph Schumpeter
  • Born: February 8, 1883
  • Died: January 8, 1950
  • Nationality: Austrian, American
  • Profession: Political Economist

Joseph Aloïs Schumpeter was an Austrian political economist. Born in Moravia, he briefly served as Finance Minister of Austria in 1919. In 1932, he became a professor at Harvard University where he remained until the end of his career, eventually obtaining U.S. citizenship. One of the most influential economists of the 20th century, Schumpeter popularized the term "creative destruction" in economics.