This, then, is freedom in the external life of man-that he is independent of the arbitrary power of his fellows.

Without speculation there can be no economic activity reaching beyond the immediate present.

The market system makes all producers responsible to the consumer.

What is lacking to the underdeveloped nations is not knowledge, but capital.

Inflation has always been an important resource of policies of war and revolution and why we also find it in the service of socialism.

The greater productivity of work under the division of labor is a unifying influence. It leads men to regard each other as comrades in a joint struggle for welfare, rather than as competitors in a struggle for existence. It makes friends out of enemies, peace out of war, society out of individuals.

The issue is always the same: the government or the market. There is no third solution.