Under a socialist mode of production all personal incentives which selfishness provides under capitalism are removed, and a premium is put upon laziness and negligence. Whereas in a capitalist society selfishness incites everyone to the utmost diligence, in a socialist society it makes for inertia and laxity.

Aggressors cannot wage total war without introducing Socialism.

My theories explain, but cannot slow the decline of a great civilization. I set out to be a reformer, but only became the historian of decline.

Fascism was an emergency makeshift. To view it as something more would be a fatal error.

There can be no freedom in art and literature where the government determines who shall create them.

The supremacy of public opinion determines not only the singular role that economics occupies in the complex of thought and knowledge. It determines the whole process of human history.

The early industrialists were for the most part men who had their origin in the same social strata from which their workers came. They lived very modestly, spent only a fraction of their earnings for their households and put the rest back into the business.