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

The characteristic feature of modern capitalism is mass production of goods destined for consumption by the masses. The result is a tendency towards a continuous improvement in the average standard of living, a progressing enrichment of the many.

The struggle for freedom is ultimately not resistance to autocrats or oligarchs but resistance to the despotism of public opinion.

The final outcome of the credit expansion is general impoverishment.

Government policies try to prevent the emergence of serious unemployment by credit expansion, i.e., inflation. The outcome was rising prices, renewed demands for higher wages and reiterated credit expansion; in short, protracted inflation.

All present-day governments are fanatically committed to an easy money policy.

There would not be any profits but for the eagerness of the public to acquire the merchandise offered for sale by the successful entrepreneur. But the same people who scramble for these articles vilify the businessman and call his profit ill-got.