Socialism has been a great tragedy this century.

We turn to Marx, therefore, not because he is infallible, but because he is inescapable.

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.

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

Socialism has been a great tragedy this century.

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.

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.