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What Makes Small Business Develop Into Big Business Is Not Spending, But Saving And Capital Accumulation.
-Ludwig Von Mises
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What Makes Small Business

Ludwig Von Mises
...
What Makes Small Business Develop Into Big Business Is Not Spending, But Saving And Capital Accumulation.

Understanding the Quote: "what makes small business develop into big business is not spending, but..."

This quote by Ludwig Von Mises reflects deeply on the theme of saving. It connects to the universal human journey of purpose, motivation, and reflection. Often categorized under Saving, Small Business, Bigs, the quote offers insight, emotional clarity, and intellectual inspiration to readers worldwide.

Whether you’re a student exploring new ideas, a leader trying to motivate your team, or someone seeking direction in life — this quote provides value. It resonates because it’s more than words — it’s a bridge between experience and wisdom. It shows how Ludwig von Mises interprets life's core challenges and triumphs.

Lessons From the Quote

This quote teaches resilience and focus. It reminds readers that no matter where they stand in life, reflection and self-awareness lead to growth. Each word has meaning, and when studied, it becomes clear how impactful thoughtful language can be.

About Ludwig Von Mises

Ludwig Von Mises is celebrated for insightful thoughts on saving and small business. Their legacy lives on through writings that guide, comfort, and inspire. Discover more on their profile page.

Actionable Takeaways

  • Reflect on how this quote applies to your current life path.
  • Share the message with someone who needs inspiration.
  • Write your thoughts on this quote in a journal or blog post.
  • Use it as a daily affirmation or reminder.

Closing Thoughts

Quotes like this endure because they capture universal truths. They comfort us in solitude and empower us in groups. Carry this quote forward — live by its wisdom, share its message, and keep its essence alive.

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Saving
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The Recurrence Of Periods Of Depression And Mass Unemployment Has Discredited Capitalism In The Opinion Of Injudicious People. Yet These Events Are Not The Outcome Of The Operation Of The Free Market. They Are On The Contrary The Result Of Well-intentioned But Ill-advised Government Interference With The Market.
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Not Mythical Material Productive Forces, But Reason And Ideas Determine The Course Of Human Affairs. What Is Needed To Stop The Trend Toward Socialism And Despotism Is Common-sense And Moral Courage.
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Almost All The Fathers Of Socialism Were Members Of The Upper Middle Class Or Of The Professions.
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The Fact Is That, Under A Capitalistic System, The Ultimate Bosses Are The Consumers. The Sovereign Is Not The State, It Is The People.
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The Market Steers The Capitalistic Economy. It Directs Each Individual's Activities Into Those Channels In Which He Best Serves The Wants Of His Fellow-men. The Market Alone Puts The Whole Social System Of Private Ownership Of The Means Of Production And Free Enterprise In Order And Provides It With Sense And Meaning.
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Notwithstanding All The Passionate Fulminations Of The Spokesmen Of Governments, The Inevitable Consequences Of Inflationism And Expansionism...are Coming To Pass. And Then, Very Late Indeed, Even Simple People Will Discover That Keynes Did Not Teach Us How To Perform The 'miracle...of Turning A Stone Into Bread,' But The Not At All Miraculous Procedure Of Eating The Seed Corn.
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Used To The Conditions Of A Capitalistic Environment, The Average American Takes It For Granted That Every Year Business Makes Something New And Better Accessible To Him. Looking Backward Upon The Years Of His Own Life, He Realizes That Many Implements That Were Totally Unknown In The Days Of His Youth And Many Others Which At That Time Could Be Enjoyed Only By A Small Minority Are Now Standard Equipment Of Almost Every Household.
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In Relation To The Immense Sacrifices That The State Demands Of The Individual Through The Blood Tax, It Seems Rather Incidental Whether It Compensates The Soldier More Or Less Abundantly For The Loss Of Time That He Suffers From His Military-service Obligation.
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What Economic Calculation Requires Is A Monetary System Whose Functioning Is Not Sabotaged By Government Interference.
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The Capitalist System Of Production Is An Economic Democracy In Which Every Penny Gives A Right To Vote. The Consumers Are The Sovereign People. The Capitalists, The Entrepreneurs, And The Farmers Are The People's Mandatories. If They Do Not Obey, If They Fail To Produce, At The Lowest Possible Cost, What
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The Luxury Of Today Is The Necessity Of Tomorrow. Every Advance First Comes Into Being As The Luxury Of A Few Rich People, Only To Become, After A Time, An Indispensable Necessity Taken For Granted By Everyone. Luxury Consumption Provides Industry With The Stimulus To Discover And Introduce New, Things. It Is One Of The Dynamic Factors In Our Economy. To It We Owe The Progressive Innovations By Which The Standard Of Living Of All Strata Of The Population Has Been Gradually Raised.
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Facts Per Se Can Neither Prove Nor Refute Anything. Everything Is Decided By The Interpretation And Explanation Of The Facts, By The Ideas And The Theories.
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The So-called Liberals Of Today Have The Very Popular Idea That Freedom Of Speech, Of Thought, Of The Press, Freedom Of Religion, Freedom From Imprisonment Without Trial-that All These Freedoms Can Be Preserved In The Absence Of What Is Called Economic Freedom. They Do Not Realize That, In A System Where There Is No Market, Where The Government Directs Everything, All Those Other Freedoms Are Illusory, Even If They Are Made Into Laws And Written Up In Constitutions.
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Our Whole Civilization Rests On The Fact That Men Have Always Succeeded In Beating Off The Attack Of The Re-distributors.
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The Middle-of-the-road Policy Is Not An Economic System That Can Last. It Is A Method For The Realization Of Socialism By Installments.
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As The Science Of Economics...exploded The Fallacies Of Every Brand Of Utopianism, It Was Outlawed And Stigmatized As Unscientific.
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Once The Principle Is Admitted That It Is The Duty Of The Government To Protect The Individual Against His Own Foolishness, No Serious Objections Can Be Advanced Against Further Encroachments.
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The Reichswirtschaftsministerium ('reich Ministry Of Economic Affairs') Tells The Shop Managers What And How To Produce, At What Prices And From Whom To Buy, At What Prices And To Whom To Sell. It Assigns Every Worker To His Job And Fixes His Wages. It Decrees To Whom And On What Terms The Capitalists Must Entrust Their Funds. Market Exchange Is Merely A Sham.
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The Unpopularity Of Economics Is The Result Of Its Analysis Of The Effects Of Privileges. It Is Impossible To Invalidate The Economists Demonstration That All Privileges Hurt The Interests Of The Rest Of The Nation Or At Least A Great Part Of It.
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You Know That The Population Is Of This Planet Is Now Ten Times Greater Than It Was In The Ages Preceding Capitalism.; You Know That All Men Today Enjoy A Higher Standard Of Living Than Your Ancestors Did Before The Age Of Capitalism. But How Do You Know That You Are The One Out Of Ten Who Would Have Lived In The Absence Of Capitalism? The Mere Fact That You Are Living Today Is Proof That Capitalism Has Succeeded, Whether Or Not You Consider Your Own Life Very Valuable.
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How Pale Is The Art Of Sorcerers, Witches, And Conjurors When Compared With That Of The Government's Treasury Department!
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Government Force Is Derived From The Sum Of The Physical Force Each Citizen Could Exert Which By One Citizen Himself Would Be Ineffective, But When Summed From The Force Of All The Area's Citizens Indeed Composes A Power No Citizen Or Group Can Withstand. That Force Is Then Rightly But Justly To Be Used Against Those Who Violate The Foundation Pillars Of Freedom.
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The [liberals] Consider Profits As Objectionable. The Very Existence Of Profits Is In Their Eyes A Proof That Wage Rates Could Be Raised Without Harm To Anybody. They Speak Of Profit Without Dealing With Loss. Profit And Loss Are The Instruments By Means Of Which The Consumers Keep A Tight Rein On All Business Activities. A Profitable Enterprise Tends To Expand; An Unprofitable One Tends To Shrink. The Elimination Of Profit Renders Production Rigid And Abolishes The Consumer's Control.
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The System That Would Stand Midway Between Capitalism And Socialism.
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Marx And Engels Openly Declared That The Progressive Income Tax And The Death Tax Are 'economically Untenable' And That They Advocated Them Only Because 'they Necessitate Further Inroads' Upon The Capitalist System And Are 'unavoidable' As A Means Of Bringing About Socialism.
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Society Cannot Contribute Anything To The Breeding And Growing Of Ingenious Men. A Creative Genius Cannot Be Trained. There Are No Schools For Creativeness. A Genius Is Precisely A Man Who Defies All Schools And Rules, Who Deviates From The Traditional Roads Of Routine And Opens Up New Paths Through Land Inaccessible Before. A Genius Is Always A Teacher, Never A Pupil; He Is Always Self-made.
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Under The Gold Standard Gold Is Money And Money Is Gold. It Is Immaterial Whether Or Not The Laws Assign Legal Tender Quality Only To Gold Coins Minted By The Government.
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Without Calculation, Economic Activity Is Impossible. Since Under Socialism Economic Calculation Is Impossible, Under Socialism There Can Be No Economic Activity In Our Sense Of The Word All Economic Change, Therefore, Would Involve Operations The Value Of Which Could Neither Be Predicted Beforehand Nor Ascertained After They Had Taken Place. Everything Would Be A Leap In The Dark. Socialism Is The Renunciation Of Rational Economy.
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He Who Disdains The Fall In Infant Mortality And The Gradual Disappearance Of Famines And Plagues May Cast The First Stone Upon The Materialism Of The Economists.
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The School Is A Political Prize Of The Highest Importance. It Cannot Be Deprived Of Its Political Character As Long As It Remains A Public And Compulsory Institution.
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Those Who Disagree With The Dictator's Plan Have No Other Means To Carry On Than To Defeat The Despot By Force Of Arms.
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Spontaneous Actions Of Individuals, Aiming At Nothing Else Than At The Improvement Of Their Own State Of Satisfaction, Undermined The Prestige Of The Coercive Status System Step By Step.
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If One Regards Inflation As An Evil, Then One Has To Stop Inflating. One Has To Balance The Budget Of The Government.
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There Is No Western, Capitalistic Country In Which The Conditions Of The Masses Have Not Improved In An Unprecedented Way.
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Action Based On Reason, Action Therefore Which Is Only To Be Understood By Reason, Knows Only One End, The Greatest Pleasure Of The Acting Individual.
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If The Government Objects To Monopoly Prices For New Inventions, It Should Stop Granting Patents.
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In The Long Run The Ideas Of The Majority, However Detrimental They May Be, Will Carry On. The Future Of Mankind Depends On The Ability Of The Elite To Influence Public Opinion In The Right Direction.
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The Santa Claus Principle Liquidates Itself.
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All Present-day Governments Are Fanatically Committed To An Easy Money Policy.
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There Would Not Be Any Profits But For The Eagerness Of The Public To Acquire The Merchandise Offered For Sale By The Successful Entrepreneur. But The Same People Who Scramble For These Articles Vilify The Businessman And Call His Profit Ill-got.
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The Genuine History Of Mankind Is The History Of Ideas. It Is Ideas That Distinguish Man From All Other Beings. Ideas Engender Social Institutions, Political Changes, Technologi- Cal Methods Of Production, And All That Is Called Economic Conditions.
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It Is True That Some Secluded Intellectuals In Their Esoteric Circles Talk Differently. They Proclaim The Priority Of What They Call Eternal Absolute Values And Feign In Their Declamations—not In Their Personal Conduct—a Disdain Of Things Secular And Transitory. But The Public Ignores Such Utterances. The Main Goal Of Present-day Political Action Is To Secure For The Respective Pressure Group Memberships The Highest Material Well-being. The Only Way For A Leader To Succeed Is To Instill In People The Conviction That His Program Best Serves The Attainment Of This Goal.
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Effort
No Private Enterprise Will Ever Fall Prey To Bureaucratic Methods Of Management If It Is Operated With The Sole Aim Of Making Profit.
Fall
Management
Prey
The Boom Produces Impoverishment. But Still More Disastrous Are Its Moral Ravages. It Makes People Despondent And Dispirited. The More Optimistic They Were Under The Illusory Prosperity Of The Boom, The Greater Is Their Despair And Their Feeling Of Frustration.
Optimistic
Frustration
People
If We Live Our Lives As A Gift It Is Possible To Reach A Blissful State Of Eternal Happiness. It Is Those Who Live Their Life With A Sense Of Entitlement That Undermine Peace , Freedom And Liberty. Know That Every Breath Is A Miracle And Every Moment A Blessing And You Will Achieve Your Dreams. Planning Other People's Actions Means To Prevent Them From Planning For Themselves, Means To Deprive Them Of Their Essentially Human Quality, Means Enslaving Them.
Dream
Mean
Blessing
Economically Considered, War And Revolution Are Always Bad Business.
Money
War
Revolution
In Life Everything Is Continually In Flux.
Flux
As The Liberal Sees It, The Task Of The State Consists Solely And Exclusively In Guaranteeing The Protection Of Life, Health, Liberty, And Private Property Against Violent Attacks. Everything That Goes Beyond This Is An Evil. A Government That, Instead Of Fulfilling Its Task, Sought To Go So Far As Actually To Infringe On Personal Security Of Life And Health, Freedom, And Property Would, Of Course, Be Altogether Bad.
Government
Evil
Liberty
Whether We Like It Or Not, It Is A Fact That Economics Cannot Remain An Esoteric Branch Of Knowledge Accessible Only To Small Groups Of Scholars And Specialists. Economics Deals With Society's Fundamental Problems; It Concerns Everyone And Belongs To All. It Is The Main And Proper Study Of Every Citizen.
Groups
Citizens
Fundamentals
It Is Certain That Many Intellectuals Envy The Higher Income Of Prosperous Businessmen And That These Feelings Drive Them Toward Socialism. They Believe That The Authorities Of A Socialist Commonwealth Would Pay Them Higher Salaries Than Those That They Earn Under Capitalism.
Believe
Envy
Feelings
Economic Control Is Not Merely Control Of A Sector Of Human Life That Can Be Separated From The Rest; It Is The Control Of The Means For All Our Ends.
Mean
Economic
Ends
A Nation, Therefore, Has No Right To Say To A Province: You Belong To Me, I Want To Take You. A Province Consists Of Its Inhabitants. If Anybody Has A Right To Be Heard In This Case It Is These Inhabitants. Boundary Disputes Should Be Settled By Plebiscite.
Want
Boundaries
Disputes
Depression Is The Aftermath Of Credit Expansion.
Expansion
Aftermath
Credit
What Impels Every Man To The Utmost Exertion In The Service Of His Fellow Man. Is, In The Market Not Compulsion On The Part Of Gendarmes, Hangmen And Penal Courts, It Is Self Interest.
Men
Self
Fellow Man
Governments, Political Parties, Pressure Groups, And The Bureaucrats Of The Educational Hierarchy Think They Can Avoid The Inevitable Consequences Of Unsuitable Measures By Boycotting And Silencing The Independent Economists. But Truth Persists And Works, Even If Nobody Is Left To Utter It.
Educational
Party
Independent
On The Unhampered Market There Prevails An Irresistible Tendency To Employ Every Factor Of Production For The Best Possible Satisfaction Of The Most Urgent Needs Of The Consumers. If The Government Interfered With This Process, It Can Only Impair Satisfaction; It Can Never Improve It.
Government
Needs
Satisfaction
At Eighty-eight How Do You Feel When Getting Up In The Morning?...amazed!
Morning
Eight
Age
A Country Becomes More Prosperous In Proportion To The Rise In The Invested Capital Unit Per Unit Of Its Population.
Country
Population
Proportion
One Has To Recognize That Science Is Not Metaphysics, And Certainly Not Mysticism; It Can Never Bring Us The Illumination And The Satisfaction Experienced By One Enraptured In Ecstasy. Science Is Sobriety And Clarity Of Conception, Not Intoxicated Vision.
Illumination
Sobriety
Vision
The Illusiveness Of This Concept Of National Income Is To Be Seen In Its Dependence On Changes In The Purchasing Power Of The Monetary Unit. The More Inflation Progresses, The Higher Rises The National Income.
Progress
Income
Making Money
Daily Experience Proves Clearly To Everybody But The Most Bigoted Fanatics Of Socialism That Governmental Management Is Inefficient And Wasteful.
Management
Socialism
Prove
What Vitiates Entirely The Socialists Economic Critique Of Capitalism Is Their Failure To Grasp The Sovereignty Of The Consumers In The Market Economy.
Economic
Economy
Sovereignty
Education Rears Disciples, Imitators, And Routinists, Not Pioneers Of New Ideas And Creative Geniuses. The Schools Are Not Nurseries Of Progress And Improvement, But Conservatories Of Tradition And Unvarying Modes Of Thought.
Learning
School
Knowledge
Credit Expansion Is The Governments' Foremost Tool In Their Struggle Against The Market Economy. In Their Hands It Is The Magic Wand Designed To Conjure Away The Scarcity Of Capital Goods, To Lower The Rate Of Interest Or To Abolish It Altogether, To Finance Lavish Government Spending, To Expropriate The Capitalists, To Contrive Everlasting Booms, And To Make Everybody Prosperous.
Struggle
Government
Hands
The Essential Feature Of Government Is The Enforcement Of Its Decrees By Beating, Killing, And Imprisoning.
Government
Essentials
Enforcement
Capital Does Not 'beget Profit' As Marx Thought. The Capital Goods As Such Are Dead Things That In Themselves Do Not Accomplish Anything. If They Are Utilized According To A Good Idea, Profit Results. If They Are Utilized According To A Mistaken Idea, No Profit Or Losses Result. It Is The Entrepreneurial Decision That Creates Either Profit Or Loss.
Loss
Ideas
Decision
The Main Achievement Of Economics Is That It Has Provided A Theory Of Peaceful Human Cooperation. This Is Why The Harbingers Of Violent Conflict Have Branded It As A Dismal Science And Why This Age Of Wars, Civil Wars, And Destruction Has No Use For It.
War
Achievement
Peaceful
If One Takes Pleasure In Calling The Gold Standard A "barbarous Relic," One Cannot Object To The Application Of The Same Term To Every Historically Determined Institution. Then The Fact That The British Speak English - And Not Danish, German, Or French - Is A Barbarous Relic Too, And Every Briton Who Opposes The Substitution Of Esperanto For English Is No Less Dogmatic And Orthodox Than Those Who Do Not Wax Rapturous About The Plans For A Managed Currency.
Speak English
Gold
Facts
The Philosophy Of Protectionism Is A Philosophy Of War.
Peace
Philosophy
War
Every Collectivist Assumes A Different Source For The Collective Will, According To His Own Political, Religious And National Convictions.
Religious
Political
Different
Nobody Ever Recommended A Dictatorship Aiming At Ends Other Than Those He Himself Approved. He Who Advocates Dictatorship Always Advocates The Unrestricted Rule Of His Own Will
Dictator
Ends
Dictatorship
It Is The Rule Of Law Alone Which Hinders The Rulers From Turning Themselves Into The Worst Gangsters.
Law
Worst
Gangsters
In Many Fields Of The Administration Of Interventionist Measures, Favoritism Simply Cannot Be Avoided.
Fields
Administration
Favoritism
Society Is Best Served When The Means Of Production Are In The Possession Of Those Who Know How To Use Them Best.
Mean
Use
Possession
Sovereignty Must Not Be Used For Inflicting Harm On Anyone, Whether Citizen Or Foreigner.
Peace
War
House
It Is Inherent In The Nature Of The Capitalistic Economy That, In The Final Analysis, The Employment Of The Factors Of Production Is Aimed Only Toward Serving The Wishes Of Consumers.
Wish
Finals
Analysis
The Market Economy-capitalism-is A Social System Of Consumers' Supremacy.
Economy
Social
Supremacy
Political Ideas That Have Dominated The Public Mind For Decades Cannot Be Refuted Through Rational Arguments. They Must Run Their Course In Life And Cannot Collapse Otherwise Than In Great Catastrophe.
Running
Ideas
Political
Against What Is Stupid, Nonsensical, Erroneous, And Evil, [classical] Liberalism Fights With The Weapons Of The Mind, And Not With Brute Force And Repression.
Stupid
Fighting
Evil
The Planner Is A Potential Dictator Who Wants To Deprive All Other People Of The Power To Plan And Act According To Their Own Plans. He Aims At One Thing Only: The Exclusive Absolute Preeminence Of His Own Plan.
People
Want
Dictator
Nothing, However, Is As Ill Founded As The Assertion Of The Alleged Equality Of All Members Of The Human Race.
Race
Members
Ill
Society Is Joint Action And Cooperation In Which Each Participant Sees The Other Partner's Success As A Means For The Attainment Of His Own.
Inspirational
Mean
Joints
All That Lenin Learned About Business From The Tales Of His Comrades Who Occasionally Sat In Business Offices Was That It Required A Lot Of Scribbling, Recording, And Ciphering. Thus, He Declares That Accounting And Control Are The Chief Things Necessary For The Organizing And Correct Functioning Of Society. . . . Here We Have The Philosophy Of The Filing Clerk In Its Full Glory.
Atheist
Philosophy
Office
We Must Fight All That We Dislike In Public Life. We Must Substitute Better Ideas For Wrong Ideas.
Fighting
Ideas
Substitutes
The Market Economy As Such Does Not Respect Political Frontiers. Its Field Is The World.
Business
Political
Doe
The Entrepreneur Profits To The Extent He Has Succeeded In Serving The Consumers Better Than Other People Have Done.
People
Entrepreneur
Done
If, As Is Generally The Case, The Heirs Are Not Equal To The Demands Which Life Makes On An Entrepreneur, The Inherited Wealth Rapidly Vanishes.
Entrepreneur
Demand
Heirs
Economics Is A Theoretical Science And As Such Abstains From Any Judgement Of Value. It Is Not Its Task To Tell People What Ends They Should Aim At. It Is A Science Of The Means To Be Applied For Attainment Of Ends Chosen, Not, To Be Sure, A Science Of The Choosing Of Ends. Ultimate Decisions, The Valuations And The Choosing Of Ends, Are Beyond The Scope Of Any Science. Science Never Tells A Man How He Should Act; It Merely Shows How A Man Must Act If He Wants To Attain Definite Ends.
Mean
Men
People
Fascism Was An Emergency Makeshift. To View It As Something More Would Be A Fatal Error.
Errors
Views
Would Be
The Word "capitalism" Expresses, For Our Age, The Sum Of All Evil. Even The Opponents Of Socialism Are Dominated By Socialist Ideas.
Ideas
Evil
Age
The Main Propoganda Trick Of Supporters Of The Allegedly "progressive" Policy Of Government Control Is To Blame Capitalism For All That Is Unsatisfactory In Present-day Conditions And To Extol The Blessings Of Socialism. They Have Never Attempted To Prove Their Fallacious Dogmas, All They Did Was To Call Their Adversaries Names And Cast Suspicion Upon Their Motives. And, Unfortunately, The Average Citizen Cannot See Through These Stratagems. The Liars Must Be Afraid Of The Truth And Are Therefore Driven To Suppress Its Pronouncement.
Philosophy
Liars
Blessing
The Characteristic Mark Of Economic History Under Capitalism Is Unceasing Economic Progress, A Steady Increase In The Quantity Of Capital Goods Available, And A Continuous Trend Toward An Improvement In The General Standard Of Living.
Progress
Economic History
Trends
Thus, The Isolated Interference With One Or A Few Prices Of Consumer Goods Always Bring About Effects-and This Is Important To Realize-which Are Even Less Satisfactory Than The Conditions That Prevailed Before.
Government
Important
Realizing
Experience Shows That Nothing Is Operated With Less Economy And With More Waste Of Labor And Material Of Every Kind Than Public Services And Undertakings. Private Enterprise On The Other Hand Naturally Induces The Owner To Work With The Greatest Economy In His Own Interest.
Hands
Waste
Kind
Innovators And Creative Geniuses Cannot Be Reared In Schools. They Are Precisely The Men Who Defy What The School Has Taught Them.
School
Men
Creative
It Is Impossible To Understand The History Of Economic Thought If One Does Not Pay Attention To The Fact That Economics As Such Is A Challenge To The Conceit Of Those In Power.
Challenges
Doe
Attention
It Is Indeed One Of The Principal Drawbacks Of Every Kind Of Interventionism That It Is So Difficult To Reverse The Process.
Kind
Drawbacks
Process
There Is, In Fact, Only One Solution: The State, The Government, The Laws Must Not In Any Way Concern Themselves With Schooling Or Education. Public Funds Must Not Be Used For Such Purposes. The Rearing And Instruction Of Youth Must Be Left Entirely To Parents And To Private Associations And Institutions
Government
Law
Parent
Government Cannot Make Man Richer, But It Can Make Him Poorer.
Men
Liberty
Politics
The Aim Of All Struggles For Liberty Is To Keep In Bounds The Armed Defenders Of Peace, The Governors And Their Constables. The Political Concept Of The Individual's Freedom Means: Freedom From Arbitrary Action On The Part Of The Police Power.
Struggle
Mean
Political
Human Civilization Is Not Something Achieved Against Nature; It Is Rather The Outcome Of The Working Of The Innate Qualities Of Man.
Men
Civilization
Quality
Men Are Fighting One Another Because They Are Convinced That The Extermination And Liquidation Of Adversaries Is The Only Means Of Promoting Their Own Well-being.
Peace
War
Mean
My Theories Explain, But Cannot Slow The Decline Of A Great Civilization. I Set Out To Be A Reformer, But Only Became The Historian Of Decline.
Civilization
Decline
Theory
A Free Press Can Only Exist Where There Is Private Control Over The Means Of Production
Mean
Free Press
Productions
Continued Inflation Inevitably Leads To Catastrophe.
Inflation
Catastrophe
The Real Bosses, In The Capitalist System Of Market Economy, Are The Consumers.
Real
Boss
Economy
Socialism Is The Renunciation Of Rational Economy.
Socialism
Economy
Rational
Human Action Is Purposeful Behavior.
Action
Behavior
Humans
Under A Socialist Mode Of Production All Personal Incentives Which Selfishness Provides Under Capitalism Are Removed, And A Premium Is Put Upon Laziness And Negligence. Whereas In A Capitalist Society Selfishness Incites Everyone To The Utmost Diligence, In A Socialist Society It Makes For Inertia And Laxity.
Selfishness
Incentives
Laziness
While Under Precapitalistic Conditions Superior Men Were The Masters On Whom The Masses Of The Inferior Had To Attend, Under Capitalism The More Gifted And More Able Have No Means To Profit From Their Superiority Other Than To Serve To The Best Of Their Abilities The Wishes Of The Majority Of The Less Gifted.
Mean
Equality
Men
The Truth Is That Most People Lack The Intellectual Ability And Courage To Resist A Popular Movement, However Pernicious And Ill-considered.
Life
People
Intellectual
A Society That Chooses Between Capitalism And Socialism Does Not Choose Between Two Social Systems; It Chooses Between Social Cooperation And The Disintegration Of Society. Socialism Is Not An Alternative To Capitalism; It Is An Alternative To Any System Under Which Men Can Live As Human Beings.
Men
Two
Doe
Only The Naive Inflationist's Could Believe That Government Could Enrich Mankind Through Fiat Money.
Believe
Government
Mankind
The Policies Advocated By The Welfare School Remove The Incentive To Saving On The Part Of Private Citizens.
School
Citizens
Incentives
Capitalism Or Market Economy Is That System Of Social Cooperation And Division Of Labor That Is Based On Private Ownership Of The Means Of Production.
Mean
Division Of Labor
Cooperation
The Boom Squanders Through Malinvestment Scarce Factors Of Production And Reduces The Stock Available Through Overconsumption; Its Alleged Blessings Are Paid For By Impoverishment.
Blessing
Overconsumption
Factors Of Production
There Is No Means By Which Anyone Can Evade His Personal Responsibility. Whoever Neglects To Examine To The Best Of His Abilities All The Problems Involved Voluntarily Surrenders His Birthright To A Selfappointed Elite Of Supermen. In Such Vital Matters Blind Reliance Upon 'experts' And Uncritical Acceptance Of Popular Catchwords And Prejudices Is Tantamount To The Abandonment Of Self-determination And To Yielding To Other People's Domination. As Conditions Are Today, Nothing Can Be More Important To Every Intelligent Man Than Economics. His Own Fate And That Of His Progeny Are At Stake.
Determination
Mean
Responsibility
Peace And Not War Is The Father Of All Things.
Peace
Father
War
Socialism And Interventionism. Both Have In Common The Goal Of Subordinating The Individual Unconditionally To The State.
Goal
Common
Socialism
Manufacturing And Commercial Monopolies Owe Their Origin Not To A Tendency Imminent In A Capitalist Economy But To Governmental Interventionist Policy Directed Against Free Trade And Laissez Faire.
Capitalist Economy
Liberty
Libertarian
Some Experts Have Declared That It Is Necessary To Tax The People Until It Hurts. I Disagree With These Sadists.
Hurt
People
Experts
Under Capitalism Everybody Provides For Their Own Needs By Serving Others.
Needs
Serving Others
Capitalism
True, Man Cannot Escape Death. But For The Present He Is Alive; And Life, Not Death, Takes Hold Of Him... It Is Mans Innate Nature That He Seeks To Preserve And To Strengthen His Life, That He Is Discontented And Aims At Removing Uneasiness, That He Is In Search Of What May Be Called Happiness.
Life
Men
Alive
The Essence Of Democracy Is Not That Everyone Makes And Administers Laws But That Lawgivers And Rulers Should Be Dependent On The People's Will In Such A Way That They May Be Peaceably Changed If Conflict Occurs.
Freedom
Law
Essence
An Intellectual Inferiority Of The Masses Would Manifest Itself Most Evidently In Their Aiming At The Abolition Of The System In Which They Themselves Are Supreme And Are Served By The Elite Of The Most Talented Men.
Equality
Men
Egalitarianism
What Is Needed For A Sound Expansion Of Production Is Additional Capital Goods, Not Money Or Fiduciary Media. The Credit Expansion Is Built On The Sands Of Banknotes And Deposits. It Must Collapse.
Media
Fiduciary
Credit
If The Practice Persists Of Covering Government Deficits With The Issue Of Notes, Then The Day Will Come Without Fail, Sooner Or Later, When The Monetary Systems Of Those Nations Pursuing This Course Will Break Down Completely. The Purchasing Power Of The Monetary Unit Will Decline More And More, Until Finally It Disappears Completely.
Government
Disappear Completely
Practice
The Prevailing Legal And Moral Views Of A Time Are Held Not Only By Those Whom They Benefit But By Those, Too, Who Appear To Suffer From Them. Their Domination Is Expressed In That Fact- That The People From Whom They Claim Sacrifice Accept Them.
Sacrifice
Views
People
Man Is Born An Asocial And Antisocial Being. The Newborn Child Is A Savage. Egoism Is His Nature. Only The Experience Of Life And The Teachings Of His Parents, His Brothers, Sisters, Playmates, And Later Of Other People Force Him To Acknowledge The Advantages Of Social Cooperation And Accordingly To Change His Behavior.
Brother
Children
Teaching
Interventionism Cannot Be Considered As An Economic System Destined To Stay. It Is A Method For The Transformation Of Capitalism Into Socialism By A Series Of Successive Steps.
Steps
Transformation
Socialism
The Direction Of All Economic Affairs Is In The Market Society A Task Of The Entrepreneurs. Theirs Is The Control Of Production. They Are At The Helm And Steer The Ship. A Superficial Observer Would Believe That They Are Supreme. But They Are Not. They Are Bound To Obey Unconditionally The Captain's Orders.
Believe
Order
People
It Is Necessary To Curb The Power Of Government. This Is The Task Of All Constitutions, Bills Of Rights And Laws. This Is The Meaning Of All Struggles Which Men Have Fought For Liberty.
Freedom
Struggle
Men
The Advocates Of Public Control Cannot Do Without Inflation. They Need It In Order To Finance Their Policy Of Reckless Spending And Of Lavishly Subsidizing And Bribing The Voters.
Order
Needs
Voters
Suggestion Of The Communist Manifesto Was 'abolition Of All Right Of Inheritance.' Looking Backward Upon The Past History Of Estate Taxes, We Have To Realize That They More And More Have Approached The Goal Set By Marx. Estate Taxes Of The Height They Have Already Attained For The Upper Brackets Are No Longer To Be Qualified As Taxes. They Are Measures Of Expropriation.
Past
Goal
Suggestions
The Common Man Is The Sovereign Consumer Whose Buying Or Abstention From Buying Ultimately Determines What Should Be Produced And In What Quantity And Quality.
Men
Liberty
Quality
Government And State Can Never Be Perfect Because They Owe Their Raison D'être To The Imperfection Of Man And Can Attain Their End, The Elimination Of Man's Innate Impulse To Violence, Only By Recourse To Violence, The Very Thing They Are Called Upon To Prevent.
Men
Perfect
Violence
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