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Quotation of the Day…

… is from page 107 of Hayek’s vital 1948 collection, Individualism and Economic Order; specifically, it’s from the first paragraph of Hayek’s 1947 address, to the inaugural meeting of the Mont Pelerin Society, entitled “‘Free’ Enterprise and Competitive Order”:

There is some justification at least in the taunt that many of the pretending defenders of “free enterprise” are in fact defenders of privileges and advocates of government activity in their favor rather than opponents of all privileges.  In principle the industrial protectionism and government-supported cartels and agricultural policies of the conservative groups are not different from the proposals for a more far-reaching direction of economic life sponsored by the socialists.