Our Whole Civilization Rests On The Fact

There Is No Means Of Avoiding The Final Collapse Of A Boom Brought About By Credit Expansion. The Alternative Is Only Whether The Crisis Should Come Sooner As The Result Of Voluntary Abandonment Of Further Credit Expansion, Or Later As A Final And Total Catastrophe Of The Currency System Involved.

The Only Source From Which An Entrepreneurs Profits Stem Is His Ability To Anticipate Better Than Other People The Future Demand Of The Consumers.

The Philosophy Commonly Called Individualism Is A Philosophy Of Social Cooperation And The Progressive Intensification Of The Social Nexus.

This Dilettantish Inability To Comprehend The Essential Issues Of The Conduct Of Production Affairs Is Not Only Manifested In The Writings Of Marx And Engels. It Permeates No Less The Contributions Of Contemporary Pseudo-economics.

Big Business Depends Entirely On The Patronage Of Those Who Buy Its Products: The Biggest Enterprises Loses Its Power And Its Influence When It Loses Its Customers.