Socialism takes and redistributes wealth, but it is utterly incapable of creating wealth.

What precisely is this disease that causes inflation and all these other troubles? It has many popular names, such as socialism, communism, state interventionism, and welfare statism.

Coercion is as much the tool of the welfare state as it is of communism. The programs and edicts of both are backed by the police force. All of us know this to be true under communism, but it is equally true under our own brand of welfare statism.

In market terms, one is entitled to what others will offer in willing exchange. That is all!

Politicians, bureaucrats, editors, new commentators, 'economists' teachers,' and other word artists who denounce private enterprise and praise socialism are their own worst enemies...these attackers are unwittingly destroying the sources of their own livelihood. They kill the geese that lay the golden eggs - and don't know it!

The right way is the greatest gratifier of human wishes ever come upon - when allowed to operate. It is as morally sound as the Golden Rule. It is the way of willing exchange, of common consent, of self-responsibility, of open opportunity. It respects the right of each to the product of his labor. It limits the police force to keeping the peace. It is the way of the free market, private property, limited government. On its banner is emblazoned Individual Liberty.

Is it not obvious that the more complex an economy, the more certainly will governmental control of productive effort exert a retarding influence?