Nothing Is So Retentive As A Nation's

Democracy Is A Political Method, That Is To Say, A Certain Type Of Institutional Arrangement For Arriving At Political — Legislative And Administrative — Decisions And Hence Incapable Of Being An End In Itself.

The Strategic Stimulus To Economic Development In Schumpeter's Analysis Is Innovation, Defined As The Commercial Or Industrial Application Of Something New---a New Product, Process Or Method Of Production, A New Market Or Source Of Supply, A New Form Of Commercial, Business Or Financial Organization.

The Function Of Entrepreneurs Is To Reform Or Revolutionize The Pattern Of Production By Exploiting An Invention Or, More Generally, An Untried Technological Possibility For Producing A New Commodity Or Producing An Old One In A New Way, By Opening Up A New Source Of Supply Of Materials Or A New Outlet For Products, By Reorganizing An Industry And So On.

The Metal Of Economic Theory Is In Marx's Pages Immersed In Such A Wealth Of Steaming Phrases As To Acquire A Temperature Not Naturally Its Own.

Lack Of Outlets, Excess Capacity, Complete Deadlock, In The End Regular Recurrence Of National Bankruptcies And Other Disasters-perhaps World Wars From Sheer Capitalist Despair-may Confidently Be Anticipated. History Is As Simple A That.