The struggle for freedom is ultimately not resistance to autocrats or oligarchs but resistance to the despotism of public opinion.

What generates war is the economic philosophy of nationalism: embargoes, trade and foreign exchange controls, monetary devaluation, etc. The philosophy of protectionism is a philosophy of war.

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

Experience shows that nothing is operated with less economy and with more waste of labor and material of every kind than public services and undertakings. Private enterprise on the other hand naturally induces the owner to work with the greatest economy in his own interest.

Mankind does not drink alcohol because there are breweries, distilleries, and vineyards; men brew beer, distill spirits, and grow grapes because of the demand for alcoholic drinks.

The causes of all panics, crashes and depressions can be summed up in only four words: the misuse of credit.

The [liberals] consider profits as objectionable. The very existence of profits is in their eyes a proof that wage rates could be raised without harm to anybody. They speak of profit without dealing with loss. Profit and loss are the instruments by means of which the consumers keep a tight rein on all business activities. A profitable enterprise tends to expand; an unprofitable one tends to shrink. The elimination of profit renders production rigid and abolishes the consumer's control.