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Financial Quotes

Capitalism versus Socialism Quotes

  • "China embraced capitalism to entrench its socialist elite. The US embraced socialism to entrench its capitalist elite."
    Jim Chanos (1958–), US hedge fund manager
    Referring to the US bank bailout of 2008–09
    Source: Presentation (February 2010)
  • "The fact that global capitalism is flawed does not mean that we should turn to communism or withdraw into national isolation, just as the failure of communism does not mean that markets are perfect."
    George Soros (1930–), Hungarian-born US financier, entrepreneur, and philanthropist
    Speech to the Council on Foreign Relations, New York.
    Source: “The Crisis of Global Capitalism: Open Society Endangered” (December 10, 1998)
  • "The natural counterpart of a free market economy is a politics of insecurity."
    John Gray (1948–), British academic and writer
    Source: False Dawn (1998)
  • "Communism has failed, but capitalism has not succeeded."
    William Keegan (1938–), British author and journalist
    Source: The Spectre of Capitalism (1992)
  • "Prosperity or egalitarianism—you have to choose. I favor freedom—you never achieve real equality anyway: you simply sacrifice prosperity for an illusion."
    Mario Vargas Llosa (1936–), Peruvian novelist, playwright, and essayist
    Source: Independent on Sunday (London) (May 5, 1991)
  • "You cannot go to sleep with one form of economic system and wake up the next morning with another."
    Mikhail Gorbachev (1931–), Russian former president
    Source: Guardian (London) (December 7, 1990)
  • "In the end we beat them with Levi 501 jeans. Seventy-two years of Communist indoctrination and propaganda was drowned out by a three-ounce Sony Walkman."
    P. J. O'Rourke (1947–), US humorist and journalist
    Source: “The Death of Communism,” Rolling Stone (November 1989)
  • "Less than seventy-five years after it officially began, the contest between capitalism and socialism is over: capitalism has won."
    Robert L. Heilbroner (19192005), US economist
    Source: “Reflections: The Triumph of Capitalism,” New Yorker (January 23, 1989)
  • "Capitalism is at its liberating best in a noncapitalist environment. The crypto-businessman is the true revolutionary in a Communist country."
    Eric Hoffer (19021983), US philosopher
    Source: Reflections on the Human Condition (1973)
  • "Capitalism inevitably and by virtue of the very logic of its civilization creates, educates and subsidizes a vested interest in social unrest."
    Joseph Alois Schumpeter (18831950), US economist and social theorist
    Source: Capitalism, Socialism and Democracy (1942), ch. 13
  • "The twentieth century marks the turning point from the old capitalism to the new, from the domination of capital in general to the domination of financial capital."
    Vladimir Ilich Lenin (18701924), Russian revolutionary leader and political theorist
    Source: Imperialism, the Higher Stages of Capitalism (1917)
  • "If there is a man on this Earth who is entitled to all the comforts and luxuries of this life … it is the man whose labor produces them … Does he get them in the present system?"
    Eugene V. Debs (18551926), US politician and labor union leader
    Speech at Girard, Kansas.
    Source: “The Issue” (May 23, 1908)
  • "During its rule of scarce one hundred years, capitalism has created more massive and more colossal productive forces than have all preceding generations together."
    Karl Marx (18181883), German political and economic philosopher
    Source: The Communist Manifesto (cowritten with Friedrich Engels, 1848)

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