The system that would stand midway between capitalism and socialism.

Seen from the point of view of the particular group interests of the bureaucrats, every measure that makes the government's payroll swell is progress.

Sovereignty must not be used for inflicting harm on anyone, whether citizen or foreigner.

The recurrence of periods of depression and mass unemployment has discredited capitalism in the opinion of injudicious people. Yet these events are not the outcome of the operation of the free market. They are on the contrary the result of well-intentioned but ill-advised government interference with the market.

What people today call inflation is not inflation, i.e., the increase in the quantity of money and money substitutes, but the general rise in commodity prices and wage rates which is the inevitable consequence of inflation.

Manufacturing and commercial monopolies owe their origin not to a tendency imminent in a capitalist economy but to governmental interventionist policy directed against free trade and laissez faire.

The state can be and has often been in the course of history the main source of mischief and disaster.