History suggests that capitalism is a necessary condition for political freedom. Clearly it is not a sufficient condition.

There's no such thing as a free lunch.

The combination of economic and political power in the same hands is a sure recipe for tyranny.

People who intend only to seek their own benefit are “led by an invisible hand to serve a public interest which was no part of” their intention. I say that there is a reverse invisible hand: People who intend to serve only the public interest are led by an invisible hand to serve private interests which was no part of their intention.

The problem of social organization is how to set up an arrangement under which greed will do the least harm, capitalism is that kind of a system.

Making prohibition work is like making water run uphill; it's against nature.

I am myself persuaded, on the basis of extensive study of the historical evidence, that... the severity of each of the contractions - 1920-21, 1929-33, and 1937-38 - is directly attributable to acts of commission and omission by the Reserve authorities and would not have occurred under earlier monetary and banking arrangements.