[E]conomic history is a long record of government policies that failed because they were designed with a bold disregard for the laws of economics

[T]he essence of so-called war prosperity: it enriches some by what it takes from others. It is not rising wealth but a shifting of wealth and income.

The main characteristic of collectivism is that it does not take notice of the individual's will and moral self-determination. In the light of its philosophy the individual is born into a collective and it is "natural" and proper for him to behave as members of this collective are expected to behave. Expected by whom? Of course, by those individuals to whom, by the mysterious decrees of some mysterious agency, the task of determining the collective will and directing the actions of the collective has been entrusted.

The aim of all struggles for liberty is to keep in bounds the armed defenders of peace, the governors and their constables. The political concept of the individual's freedom means: freedom from arbitrary action on the part of the police power.

Economic theory has demonstrated in an irrefutable way that a prosperity created by an expansionist monetary and credit policy is illusory and must end in a slump, an economic crisis.

The root of the evil is not the construction of new, more dreadful weapons. It is the spirit of conquest.

Modern society, based as it is on the division of labor, can be preserved only under conditions of lasting peace.