A state is not the same thing as a society, although the Greeks and Romans thought it was. A state is an organization of power on a territorial basis.

The history of the last century shows, as we shall see later, that the advice given to governments by bankers, like the advice they gave to industrialists, was consistently good for bankers, but was often disastrous for governments, businessmen, and the people generally.

A state is not the same thing as a society, although the Greeks and Romans thought it was. A state is an organization of power on a territorial basis.

No scientist ever believes that he has the final answer or the ultimate truth on anything.

When profits are pursued by geographic interchange of goods, so that commerce for profit becomes the central mechanism of the system, we usually call it "commercial capitalism." In such a system goods are conveyed from ares where they are more common (and therefore cheaper) to areas where they are less common (and therefore less cheap). This process leads to regional specialization and to division of labor, both in agricultural production and in handicrafts.

The argument that the two parties should represent opposed ideals and policies, one, perhaps, of the Right and the other of the Left, is a foolish idea acceptable only to doctrinaire and academic thinkers. Instead, the two parties should be almost identical, so that the American people can throw the rascals out at any election without leading to any profound or extensive shifts in policy. Then it should be possible to replace it, every four years if necessary, by the other party, which will be none of these things but will still pursue, with new vigor, approximately the same basic policies.

Each central banksought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world.