In Economic Life Competition Is Never Completely

Situations Emerge In The Process Of Creative Destruction In Which Many Firms May Have To Perish That Nevertheless Would Be Able To Live On Vigorously And Usefully If They Could Weather A Particular Storm.

Those Revolutions Are Not Strictly Incessant; They Occur In Discrete Rushes Which Are Separated From Each Other By Spans Of Comparative Quiet. The Process As A Whole Works Incessantly However, In The Sense That There Always Is Either Revolution Or Absorption Of The Results Of Revolution, Both Together Forming What Are Known As Business Cycles.

The Intellectual And Social Climate Needed To Allow Entrepreneurship To Thrive Will Not Exist In Advanced Capitalism.

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.

Want And Effective Demand Are Not The Same Thing. If They Were, The Poorest Nations Would Be The Ones To Display The Most Vigorous Demand.