The capitalist system was termed "capitalism" not by a friend of the system, but by an individual who considered it to be the worst of all historical systems, the greatest evil that had ever befallen mankind. That man was Karl Marx.

Depression is the aftermath of credit expansion.

The whole of mankind's progress has had to be achieved against the resistance and opposition of the state and its power of coercion.

The characteristic feature of capitalism that distinguishes it from pre-capitalist methods of production was its new principle of marketing. Capitalism is not simply mass production, but mass production to satisfy the needs of the masses.

Liberalism must be intolerant of every sort of intolerance.

State interference in economic life, which calls itself economic policy, has done nothing but destroy economic life. Prohibitions and regulations have by their general obstructive tendency fostered the growth of the spirit of wastefulness.

War...is harmful, not only to the conquered but to the conqueror.