The philosophy of protectionism is a philosophy of war. The wars of our age are not at variance with popular economic doctrines; they are, on the contrary, the inescapable result of a consistent application of these doctrines.

You know that the population is of this planet is now ten times greater than it was in the ages preceding capitalism.; you know that all men today enjoy a higher standard of living than your ancestors did before the age of capitalism. But how do you know that you are the one out of ten who would have lived in the absence of capitalism? The mere fact that you are living today is proof that capitalism has succeeded, whether or not you consider your own life very valuable.

Under the gold standard gold is money and money is gold. It is immaterial whether or not the laws assign legal tender quality only to gold coins minted by the government.

Capitalism or market economy is that system of social cooperation and division of labor that is based on private ownership of the means of production.

Capitalism has improved the standard of living of the wage earners to an unprecedented extent. The average American family enjoys today amenities of which, only a hundred years ago, not even the richest nabobs dreamed.

The productivity of social cooperation surpasses in every respect the sum total of the production of isolated individuals.

No increase in the welfare of the member of society can result from the availability of an additional quantity of money.