Suggestion of the Communist Manifesto was 'abolition of all right of inheritance.' Looking backward upon the past history of estate taxes, we have to realize that they more and more have approached the goal set by Marx. Estate taxes of the height they have already attained for the upper brackets are no longer to be qualified as taxes. They are measures of expropriation.

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

A society that chooses between capitalism and socialism does not choose between two social systems; it chooses between social cooperation and the disintegration of society. Socialism is not an alternative to capitalism; it is an alternative to any system under which men can live as human beings.

Inflation is the fiscal complement of statism and arbitrary government. It is a cog in the complex of policies and institutions which gradually lead toward totalitarianism .

Laissez faire does not mean: let soulless mechanical forces operate. It means: let individuals choose how they want to cooperate in the social division of labor and let them determine what the entrepreneurs should produce.

Private property creates for the individual a sphere in which he is free of the state. It sets limits to the operation of the authoritarian will.

The history of mankind is the history of ideas.