With virtually no knowledge of or interest in history, the masses simply take their unprecedented high living standards under capitalism for granted.

As liberals, men like Richter viewed socialism as the great modern counter-revolution, and believed that the achievement of the socialist goal would lead both to appalling poverty and state absolutism. There was nothing in the socialist doctrine of the time that would suggest otherwise.

Winston Churchill was a man of blood and a politico without principle, whose apotheosis serves to corrupt every standard of honesty and morality in politics and history.

Tariffs, government contracts, naval and military spending, nationalized industries, tax policy, social welfare, the legal privileging of labor unions were among the means at the disposal of the governing class to exploit the public at large for the benefits of its various clienteles.

Keynes, far from being a wholehearted lover of freedom, viewed with some sympathy the fascist and Communist ‘experiments’ of the 1930s.

Protectionism, socialism, all varieties of state favoritism and restrictions on competition, and the growth of bureaucracy and jobbery were the means by which special interests sought to exploit the public, the great mass of consumers and taxpayers.

The chief value of the rule lies in preventing an immediate and obvious but inferior good from replacing a longer-range, less obvious but superior one.