Socialist thought owes its appeal to the young largely to its visionary character; the very courage to indulge in Utopian thought is in this respect a source of strength for socialism which traditional liberalism sadly lacks. Speculation about general principles provides an opportunity for the play of the imagination of those who are unencumbered by much knowledge of the facts of present-day life. Their ideas suffer from inherent contradictions, and any attempt to put them into practice must produce something utterly different from what they expect.

There is, in a competitive society, nobody who can exercise even a fraction of the power which a socialist planning board would possess.

Many who think themselves infinitely superior to the aberrations of Nazism, and sincerely hate all manifestations, work at the same time for ideals whose realization would lead straight to the abhorred tyranny.

'Emergencies' have always been the pretext on which the safeguards of individual liberty have been eroded.

A claim for equality of material position can be met only by a government with totalitarian powers.

I do not think it is an exaggeration to say history is largely a history of inflation, usually inflations engineered by governments for the gain of governments.

It is, indeed, part of the liberal attitude to assume that, especially in the economic field, the self-regulating forces of the market will somehow bring about the required adjustments to new conditions, although no one can foretell how they will do this in a particular instance. There is perhaps no single factor contributing so much to people