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2-volume hardback Copyright © 2007 Ludwig von Mises Institute
Pocket paperback edition Copyright © 2011 Ludwig von Mises Institute and published under the Creative Commons Attribution License 3.0.
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Published by Ludwig von Mises Institute
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ISBN: 978-1-61016-200-5
Dedication
The Ludwig von Mises Institute dedicates this volume
to all of its generous donors, and in particular
wishes to thank these Patrons:
Legatum Global Development
Douglas E. French and Deanna Forbush
Robert L. Luddy
Mr. and Mrs. Jeremy S. Davis
In memory of Mr. and Mrs. Harry G. Guthmann
Don Printz, M.D.
Hall McAdams
Introduction by Mark Thornton
INTRODUCTION
And now I would appeal with confidence to men of all schools, who prefer truth, justice, and the public good to their own systems. Economists! Like you, I am the advocate of LIBERTY; and if I succeed in shaking some of these premises which sadden your generous hearts, perhaps you will see in this an additional incentive to love and to serve our sacred cause.
Bastiat, “To the Youth of France,”
Economic Harmonies, p. 14
I. That Which Is Seen, and That Which Is Not Seen
I.
II. The Law
II.
THE LAW1
The law perverted! The law—and, in its wake, all the collective forces of the nation—the law, I say, not only diverted from its proper direction, but made to pursue one entirely contrary! The law become the tool of every kind of avarice, instead of being its check! The law guilty of that very iniquity which it was its mission to punish! Truly, this is a serious fact, if it exists, and one to which I feel bound to call the attention of my fellow citizens.
III. Government
III.
GOVERNMENT1
Iwish someone would offer a prize—not of a hundred francs, but of a million, with crowns, medals and ribbons—for a good, simple and intelligible definition of the word “Government.”
What an immense service it would confer on society!
IV. What Is Money?
IV.
WHAT IS MONEY?1
“Hateful money! Hateful money!” cried F——, the economist, despairingly, as he came from the Committee of Finance, where a project of paper money had just been discussed.
“What’s the matter?” I said. “What is the meaning of this sudden dislike to the most extolled of all the divinities of this world?”
F. Hateful money! Hateful money!
B. You alarm me. I hear peace, liberty, and life cried down, and Brutus went so far even as to say, “Virtue! Thou art but a name!” But what can have happened?
V. Capital and Interest
V.
CAPITAL AND INTEREST
1. INTRODUCTION
My object in this treatise is to examine the real nature of the Interest on Capital, for the purpose of proving that it is lawful and explaining why it should be perpetual. This may appear a radical proposition, and yet, I confess, I am more afraid I may weary the reader by a series of mere truisms. But it is no easy matter to avoid this danger, when the facts with which we have to deal are known to every one by personal, familiar, and daily experience.
VI. Economic Sophisms—First Series
VI.
ECONOMIC SOPHISMS—FIRST SERIES
Introduction
INTRODUCTION1
My design in this little volume is to refute some of the arguments that are urged against the Freedom of Trade.
I do not propose to engage in a contest with the protectionists; but rather to instill a principle into the minds of those who hesitate because they sincerely doubt.
