It is merely a metaphor to call competition competitive war, or simply, war. The function of battle is destruction; of competition, construction.

The main characteristic of collectivism is that it does not take notice of the individual's will and moral self-determination. In the light of its philosophy the individual is born into a collective and it is "natural" and proper for him to behave as members of this collective are expected to behave. Expected by whom? Of course, by those individuals to whom, by the mysterious decrees of some mysterious agency, the task of determining the collective will and directing the actions of the collective has been entrusted.

One day, because they realize for some reason or other that they must stop credit expansion, the banks do stop creating new credit to lend. Then the firms that have expanded cannot get credit to pay for the factors of production necessary for the completion of the investment projects which they have already committed themselves. Because they cannot pay their bills, they sell off their inventories cheap. Then comes the panic, the breakdown. And the depression starts.

Education rears disciples, imitators, and routinists, not pioneers of new ideas and creative geniuses. The schools are not nurseries of progress and improvement, but conservatories of tradition and unvarying modes of thought.

Each epoch has found in the Gospels what it sought to find there, and has overlooked what it wished to overlook.

No private enterprise will ever fall prey to bureaucratic methods of management if it is operated with the sole aim of making profit.

The gold standard makes the money's purchasing power independent of the changing, ambitions and doctrines of political parties and pressure groups. This is not a defect of the gold standard; it is its main excellence.