Liberty'''.that condition of man in which coercion of some by others is reduced as much as possible in society

To combat the depression by a forced credit expansion is to attempt to cure the evil by the very means which brought it about.

I am certain, however, that nothing has done so much to destroy the juridical safeguards of individual freedom as the striving after this mirage of social justice.

If I am not mistaken, psychology, psychiatry and some branches of sociology, not to speak about the so-called philosophy of history, are even more affected by what I have called the scientistic prejudice, and by specious claims of what science can achieve.

In the United States, where it has become almost impossible to use "liberal" in the sense in which I have used it, the term "libertarian" has been used instead. It may be the answer; but for my part I find it singularly unattractive. For my taste it carries too much the flavor of a manufactured term and of a substitute. What I should want is a word which describes the party of life, the party that favors free growth and spontaneous evolution. But I have racked my brain unsuccessfully to find a descriptive term which commends itself.

Freedom can be preserved only if it is treated as a supreme principle which must not be sacrificed for particular advantages.

It is because every individual knows little and, in particular, because we rarely know which of us knows best best that we trust the independent and competitive efforts of many to induce the emergence of what we shall want when we see it.