Keynes and Schumpeter on Capitalism

["Henry C.K. Liu" <hliu@xxxxxxxxxxxxxx>]

John Maynard Keynes (1883–1946), National Self-Sufficiency, sct. 3
(1933), repr. In Collected Works, vol. 11 (1982):
"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."

"The best way to destroy the capitalist system is to debauch the
currency. By a continuing process of inflation governments can
confiscate, secretly and unobserved, an important part of the wealth of
their citizens."
John Maynard Keynes, Essays in Persuasion, ch. 2 (1931).

 Keynes attributed this view to Lenin (also referred to in Economic
Consequences of the Peace, ch. 6, 1919), though the words have never
been found in Lenin’s writings.

 Joseph A. Schumpeter (1883–1950), Capitalism, Socialism and Democracy,
ch. 3 (1942):
"Economic progress, in capitalist society, means turmoil."

And in ch. 13, sct. 2 (1942):

 "Capitalism inevitably and by virtue of the very logic of its
civilization creates, educates and subsidizes a vested interest in
social unrest."