Very few of the heroes of the Golden Age of American finance had much interest in the solid realities of what underlay their structure of stocks and bonds and credits. Later on, a Henry Ford might introduce an era of intensely production-minded captains of industry, but the Harrimans, Morgans, Fricks, and Rockefellers were far more interested in the exciting manipulation of huge masses of intangible wealth than in the humdrum business of turning out goods.

As the histories of ancient and modern democracies illustrate, the pressure of political movement in times of war, civil commotion, or general anxiety pushes in the direction of authority, not away from it.

If one could divine the nature of the economic forces in the world, one could foretell the future.

Less than seventy-five years after it officially began, the contest between capitalism and socialism is over: capitalism has won.

Smith, as we have said, was not the proponent of any one class. He was a slave to his system. His whole economic philosophy stemmed from his unquestioning faith in the ability of the market to guide the system to its point of highest return. The market — that wonderful social machine — would take care of society's needs if it was left alone. "Consumption is the sole end and purpose of all production," he wrote.

Growth is the mantra of our society because the economy can't remain healthy without growth.Impregnable monopolies aside (and these are few), profits are both the hallmark of capitalism and its Achilles heel, for no business can permanently maintain its prices much above its costs. There is only one way in which profits can be perpetuated; a business-or an entire economy-must grow.

Economists can be called the worldly philosophers for they sought to embrace in a scheme of philosophy the most worldly of man's activities-his drive for wealth.