Quotation of the Day…

by Don Boudreaux on August 12, 2014

in Myths and Fallacies

… is from page 50 of the 2006 Liberty Fund edition of Ludwig von Mises’s 1956 volume, The Anti-Capitalistic Mentality:

It was not vain disquisitions about a vague concept of justice that raised the standard of living of the common man in the capitalistic countries to its present height, but the activities of men dubbed as “rugged individualists” and “exploiters.”  The poverty of the backward nations is due to the fact that their policies of expropriation, discriminatory taxation and foreign exchange control prevent the investment of foreign capital while their domestic policies preclude the accumulation of indigenous capital.

All those resisting capitalism on moral grounds as an unfair system are deluded by their failure to comprehend what capital is, how it comes into existence and how it is maintained, and what the benefits are which are derived from its employment in production processes.

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