But would the young do any better under the same circumstances? Will they do any better when their turns come? The answer is that youth would not and cannot, given the financial and economic framework within which the elders are operating. While the moral convictions of individuals are important in the long run, it is institutions that determine the immediate course of events - particularly the institutions of finance.

The totalitarian toil-state originates in the propertylessness of the majority.

The one important distinction between the two factors of production is that in a free society, ownership of the human factor, labor, cannot be concentrated while ownership of the non-human factor, capital, can be.

Property in everyday life, is the right of control.

The rising productivity of labor is a myth, a statistical illusion created by measuring combined output in terms of labor input.

It is the institutions of society, not parental genes, that bestow the blessings of ownership of productive capital.

Political power without economic power is sterile.