Capitalism

There are only two great economic systems in operation in the world today. If Capitalism in the spirit of Christian love can solve the problem of distribution and bring unemployment to an end, it will find itself spreading and recapturing the nations it has lost to its rival. But if Capitalism is permeated with selfishness it will gradually give way to Communism, Technocracy or some other form of Socialism.

You know, the only trouble with capitalism is the capitalists. They’re too damn greedy.

In the usual (though certainly not in every) public decision on economic policy, the choice is between courses that are almost equally good or equally bad. It is the narrowest decisions that are most ardently debated. If the world is lucky enough to enjoy peace, it may even one day make the discovery, to the horror of doctrinaire free-enterprisers and doctrinaire planners alike, that what is called capitalism and what is called socialism are both capable of working quite well.

The decadent international but individualistic capitalism in the hands of which we found ourselves after the war is not a success. It is not intelligent. It is not beautiful. It is not just. It is not virtuous. And it doesn't deliver the goods.

History suggests that capitalism is a necessary condition for political freedom. Clearly it is not a sufficient condition.

The problem of social organization is how to set up an arrangement under which greed will do the least harm, capitalism is that kind of a system.

We have to define that word which good economists always try to avoid: capitalism is that form of private property economy in which innovations are carried out by means of borrowed money.

I felt it my duty…to inflict upon the reader…my paradoxical conclusion: capitalism is being killed by its achievements.

Gentlemen, a depression is for capitalism like a good, cold douche.

Fascism is capitalism in decay.

The progressive historical role of capitalism may be summed up in two brief propositions: increase in the productive forces of social labour, and the socialisation of that labour. But both these facts manifest themselves in extremely diverse processes in different branches of the national economy.

The genius of capitalism consists precisely in its lack of morality. Unless he is rich enough to hire his own choir, a capitalist is a fellow who, by definition, can ill afford to believe in anything other than the doctrine of the bottom line. Deprive a capitalist of his God-given right to lie and cheat and steal, and the poor sap stands a better than even chance of becoming one of the abominable wards of the state from whose grimy fingers the Reagan Administration hopes to snatch the ark of democracy.

Capitalism and socialism are two distinct patterns of social organization. Private control of the means of production and public control are contradictory notions and not merely contrary notions. There is no such thing as a mixed economy, a system that would stand midway between capitalism and socialism.

A society that chooses between capitalism and socialism does not choose between two social systems; it chooses between social cooperation and the disintegration of society. Socialism is not an alternative to capitalism; it is an alternative to any system under which men can live as human beings.

For it is an essential difference between capitalist and socialist production that under capitalism men provide for themselves, while under Socialism they are provided for.

Under capitalism everybody is the architect of his own fortune.

Liberalism and capitalism address themselves to the cool, well-balanced mind. They proceed by strict logic, eliminating any appeal to the emotions. Socialism, on the contrary, works on the emotions, tries to violate logical considerations by rousing a sense of personal interest and to stifle the voice of reason by awakening primitive instincts.

A man who chooses between drinking a glass of milk and a glass of a solution of potassium cyanide does not choose between two beverages; he chooses between life and death. A society that chooses between capitalism and socialism does not choose between two social systems; it chooses between social cooperation and the disintegration of society. Socialism is not an alternative to capitalism; it is an alternative to any system under which men can live as human beings.

It seems obvious to me now – though I have been slow, I must say, in coming to the conclusion – that the institution of private property is one of the main things that have given man that limited amount of free-and-equalness that Marx hoped to render infinite by abolishing this institution. Strangely enough Marx was the first to see this. He is the one who informed us, looking backwards, that the evolution of private capitalism with its free market had been a precondition for the evolution of all our democratic freedoms. It never occurred to him, looking forward, that if this was so, these other freedoms might disappear with the abolition of the free market.

Since Judaism made Christianity possible and gave it the character of a religion essentially free from magic, it rendered an important service from the point of view of economic history. For the dominance of magic outside the sphere in which Christianity has prevailed in one of the most serious obstructions to the rationalization of economic life. Magic involves a stereotyping of technology and economic relations. When attempts were made in China to inaugurate the building of railroads and factories a conflict with geomancy ensued ... Similar is the relation to capitalism of the castes in India. Every new technical process which an Indian employs signifies for him first of all that he leaves his caste and falls into another, necessarily lower ... An additional fact is that every caste makes every other caste impure. In consequence, workmen who dare not accept a vessel filled with water from each other's hands, cannot be employed together in the same factory room. Obviously, capitalism could not develop in an economic group thus bound hand and foot by magical means.