As the science of economics...exploded the fallacies of every brand of utopianism, it was outlawed and stigmatized as unscientific.

History does not provide any example of capital accumulation brought about by a government. As far as governments invested in the construction of roads, railroads, and other useful public works, the capital needed was provided by the savings of individual citizens and borrowed by the government.

Modern society, based as it is on the division of labor, can be preserved only under conditions of lasting peace.

Neither the entrepreneurs nor the farmers nor the capitalists determine what has to be produced. The consumers do that.

Society is joint action and cooperation in which each participant sees the other partner's success as a means for the attainment of his own.

The usual terminology of political language is stupid. What is 'left' and what is 'right'? Why should Hitler be 'right' and Stalin, his temporary friend, be 'left'? Who is 'reactionary' and who is 'progressive'? Reaction against an unwise policy is not to be condemned. And progress towards chaos is not to be commended.

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