The superior freedom of the capitalist system, its superior justice, and its superior productivity are not three superiorities, but one. The justice follows from the freedom and the productivity follows from the freedom and the justice.

We are so accustomed to the miracle of private enterprise that we habitually take it for granted. But how does private industry solve the incredibly complex problem of turning out tens of thousands of different goods and services in the proportions in which they are wanted by the public? ... It solves these problems through the institutions of private property, competition, the free market, and the existence of money - through the interrelations of supply and demand, costs and prices, profits and losses.

A Day never passes without some ardent reformer or group of reformers suggesting some new government intervention, some new statist scheme to fill some alleged 'need' or relieve some alleged distress.

When the government makes loans or subsidies to business, what it does is to tax successful private business in order to support unsuccessful private business.

There are millions receiving government payments who have come to consider them as an earned right, who of course find them inadequate, and who are outraged at the slightest suggestion of a critical re-examination of the subject. The political pressure for constant extension and increase of these benefits is almost irresistible.

If a government resorts to inflation, that is, creates money in order to cover its budget deficits or expands credit in order to stimulate business, then no power on earth, no gimmick, device, trick or even indexation can prevent its economic consequences.

Libertarians are learning to their sorrow that big businessmen cannot necessarily be relied upon to be their allies in the battle against extension of governmental encroachments.