Human civilization is not something achieved against nature; it is rather the outcome of the working of the innate qualities of man.

All the talk about the so-called unspeakable horror of early capitalism can be refuted by a single statistic: precisely in these years in which British capitalism developed, precisely in the age called the Industrial Revolution in England, in the years from 1760 to 1830, precisely in those years the population of England doubled.

Experience shows that nothing is operated with less economy and with more waste of labor and material of every kind than public services and undertakings. Private enterprise on the other hand naturally induces the owner to work with the greatest economy in his own interest.

The socialist system, however, forbids this fundamental freedom to choose one's own career. Under socialist conditions, there is only one economic authority, and it has the right to determine all matters concerning production.

What economic calculation requires is a monetary system whose functioning is not sabotaged by government interference.

The final outcome of the credit expansion is general impoverishment.

The characteristic mark of this age of dictators, wars and revolutions is its anticapitalistic bias. Most governments and political parties were eager to restrict the sphere of private initiative and free enterprise.