Socialism needs to pull down wealth; liberalism seeks to raise up poverty. Socialism would destroy private interests, Liberalism would preserve [them] ... by reconciling them with public right. Socialism would kill enterprise; Liberalism would rescue enterprise from the trammels of privilege and preference. Socialism assails the preeminence of the individual; Liberalism seeks ... to build up a minimum standard for the mass. Socialism exalts the rule; Liberalism exalts the man. Socialism attacks capitalism; Liberalism attacks monopoly.

[There are dangers in] the disposition to hunt down rich men as if they were noxious beasts.

There are two processes which we adopt consciously or unconsciously when we try to prophesy. We can seek a period in the past whose conditions resemble as closely as possible those of our day, and presume that the sequel to that period will, save for some minor alterations, be similar. Secondly, we can survey the general course of development in our immediate past, and endeavor to prolong it into the near future. The first is the method the historian; the second that of the scientist. Only the second is open to us now, and this only in a partial sphere.

I have never promised anything but blood, tears, toil and sweat. Now, however we have a new experience. We have a victory - a remarkable and definite victory. The bright gleam has caught the helmets of our soldiers and warmed and cheered all our hearts.

If you put two economists xin a room, you get two opinions, unless one of them is Lord Keynes, in which case you get three opinions.

And a pamphlet called Pick me up There is no genuine hatred against Herr Hitler.

I cannot help reflecting that if my father had been American and my mother British instead of the other way around, I might have gotten here on my own.