The boom squanders through malinvestment scarce factors of production and reduces the stock available through overconsumption; its alleged blessings are paid for by impoverishment.

Within the market society each serves all his fellow citizens and each is served by them. It is a system of mutual exchange of services and commodities, a mutual giving, and receiving.

Servile labour disappeared because it could not stand the competition of free labour; its un-profitability sealed its doom in the market economy.

This is the difference between slavery and freedom. The slave must do what his superior orders him to do, but the free citizen-and this is what freedom means-is in a position to choose his own way of life.

Socialism and interventionism. Both have in common the goal of subordinating the individual unconditionally to the state.

The productivity of social cooperation surpasses in every respect the sum total of the production of isolated individuals.

The essence of democracy is not that everyone makes and administers laws but that lawgivers and rulers should be dependent on the people's will in such a way that they may be peaceably changed if conflict occurs.