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.

Socialism has been a great tragedy this century.

We cannot help living in history. We can only fail to be aware of it.

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

Capitalism is the only society in human history in which neither tradition nor conscious direction supervises the total effort of the community; it is the only society in which the future, the needs for tomorrow, are entirely left to an automatic system.

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.

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.