World History

By advocating an increased monetary role for the state, Keynes has made the credit cycle considerably worse and more destabilising.

If Keynes was such a model champion of the free society, how can we account for his peculiar comments, in 1933, endorsing, though with reservations, the social "experiments" that were going on at the time in Italy, Germany, and Russia?

Price-control schemes have been failing for thousands of years. Now it looks like politicians in Washington are going to give price controls yet another try.

Slavery was a monstrously unfair and immoral institution. It was also inefficient, compared to a system based on free labor.

"Herein lies the key to changing society — changing public opinion or people's preferences toward government. And the only way people are likely to change their preferences is through education and persuasion; force is ineffective."

Austrian monetary thought can be traced back right to the very founding father of monetary economics, the great Nicholas Oresme, the 14th century Bishop of Lisieux.

Things might have been much worse were it not for the efforts of a relative handful of intellectuals who have fought against socialist theory for more than a century. Without them, it might have been 99% in support of socialist tyranny.

It was Ludwig von Mises who revealed the intimate connections between Austrian economics and authentic liberalism.

Anti-poverty programs pushed by social democrats have enabled ever higher levels of corruption as bigger government programs mean the ultra-rich can skim more off the top.

A return to such conditions could mean only the eradication of the bulk of today's population and complete impoverishment for those remaining.