The political objective of universal capitalism is maximum individual autonomy, the separation of political power wielded by the holders of public office from economic power held by citizens, and the broad diffusion of privately owned economic power.

What have the masses been clamoring for? Jobs and welfare, and they got 'em. They've also got unions and managements like two armies converting the whole economy into a battleground with the customers as victims, except that the victims are also in the army. They think in battle terms by day and like customers at night.

Everyone should own a piece of the wealth-producing capital of this country, but not everyone can be a manager. Or should be.

The scarcity that afflicts the world is not the fault of either science or nature. The cause is defective economic institutions which abort technology's affluence producing potential.

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

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.

No Keynesian has ever proposed a measure designed to make the individual more productive; for that would require institutional means for enabling him to acquire ownership of the nonhuman factor of production: capital.