Murray Rothbard defines the phrase free market: "a summary term for an array of exchanges that take place in society. Each exchange is undertaken as a voluntary agreement between two people or between groups of people represented by agents."
"It may well be, that is, that the Bolsheviks had never had the slightest idea of what their aims would mean concretely for the economic life of Russia, how those aims would of necessity have to be implemented, or what the consequences would be."
It is no coincidence that the century of total war coincided with the century of central banking.
The economic policy dominant in the Europe of the 17th and 18th centuries assumed that intervention in economic affairs was a proper function of government.
Unfortunately, some people prefer to attribute the cause of inflation not to an increase in the quantity of money but to the rise in prices.
The theory of class conflict did not begin with Karl Marx. It began with two French libertarians, and James Mill developed a similar theory in the 1820s and 1830s.
One of the characteristic features of this age is the general attack launched by all governments and pressure groups against the rights of creditors.
Roosevelt stands for the national government as we know it today: a vast, unfathomable bureaucratic apparatus.
When an elected official or government bureaucrat interferes with a valid, non-coerced exchange, they may appear to be helping one individual when they are actually harming a foundation of modern society; free exchange of goods and services.
The particular crises to which Keynes reacted were themselves the products of misguided government policies.
