If We Can Reduce The Risk Of

A Claim For Equality Of Material Position Can Be Met Only By A Government With Totalitarian Powers.

Capitalism Created The Possibility Of Employment.

It Is Also True That The Less Possible It Becomes For A Man To Acquire A New Fortune, The More Must The Existing Fortunes Appear As Privileges For Which There Is No Justification. Policy Is Then Certain To Aim At Taking These Fortunes Out Of Private Hands, Either By The Slow Process Of Heavy Taxation Of Inheritance Or By The Quicker One Of Outright Confiscation. A System Based On Private Property And Control Of The Means Of Production Presupposes That Such Property And Control Can Be Acquired By Any Successful Man.

The Younger Generation Of Today Has Grown Up In A World In Which In School And Press The Spirit Of Commercial Enterprise Has Been Represented As Disreputable And The Making Of Profit As Immoral, Where To Employ A Hundred People Is Represented As Exploitation But To Command The Same Number As Honorable.

I Have Arrived At The Conviction That The Neglect By Economists To Discuss Seriously What Is Really The Crucial Problem Of Our Time Is Due To A Certain Timidity About Soiling Their Hands By Going From Purely Scientific Questions Into Value Questions.