Other Schools of Thought

"Oil was supposed to disappear by 1900. But the automatic conserving and incentive workings of the price system have repeatedly given the lie to these absurd projections."

Decades before the socialists gained power, Eugen Richter saw the writing on the wall. The great tragedy of the 20th century is that the world had to learn about totalitarian socialism from bitter experience, instead of Richter's inspired novel. Many failed to see the truth until the Berlin Wall went up. By then, alas, it was too late.

"All the portions served out are of the same size. One insatiable fellow today who asked for more was rightly served by being heartily laughed at. For what more deadly blow could be leveled at one of the fundamental principles of equality?"

Sadly, the Federal Minimum Wage Act of 2007 and the proposed Free of Fees for Carry-On Act are but two of a myriad of examples of how legislators exploit private business in the name of protecting their constituents.

"Everyone who opposed his views, according to Laffemas, was selfish, ignorant, and/or a traitor, and should be dealt with accordingly. All who disobeyed the regulations and prohibitions should suffer confiscation of their goods as well as death."

"In 1943 the Census Bureau divulged data that was used to identify Japanese Americans, who were then confined in concentration camps for the remaining duration of World War II — a fact that was suppressed by the bureau for over 50 years."

The Soviet Union produced the most effective and successful propaganda machine in the history of mankind. Mikhail Suslov was that machine, and that machine was Mikhail Suslov.

Oh, one last thing. Brazil doesn't have the highest ratio of tax revenue to GDP in the western hemisphere. Cuba does.

Roosevelt solidified trends toward centralization that had been at work since the 1860s and institutionalized what amounted to a revolution in the American form of government.

From An Austrian Perspective on the History of Economic Thought, Volume I. Pages 306-338 in the text. Narrated by Jeff Riggenbach.