Ludwig Von Mises (1881-1973) was the 20th century's foremost economist. He was the author of Human Action, Socialism, and a dozen other works.
Excerpted from Chapter 23, Part IV of Mises classic The Theory of Money and Credit (1912). The people of all countries agree that the present state of monetary affairs is unsatisfactory and that a change is highly desirable. However, ideas about the kind of reform...
There are extensive tracts of land, comparable to those in Europe, which are sparsely settled. The United States of America and the British dominions of Canada, Australia, New Zealand, South Africa and so on, are less heavily populated, in comparison with their...
In contrast, however, the interventionist ideas, the socialist ideas, the inflationist ideas of our time, have been concocted and formalized by writers and professors. And they are taught at colleges and universities. You may say: “Today’s situation is...
People say that every civilization must finally fall into ruin and disintegrate. There are eminent supporters of this idea. One was a German teacher, Spengler, and another one, much better known, was the English historian, Toynbee. They tell us that our civilization...
Under interventionist ideas, it is the duty of the government to support, to subsidize, to give privileges to special groups. The idea of the eighteenth century statesmen was that the legislators had special ideas about the common good. But what we have today,...
In the Age of Enlightenment in the years in which the North Americans founded their independence, and a few years later, when the Spanish and Portuguese colonies were transformed into independent nations, the prevailing mood in Western civilization was optimistic. At...
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