Bonus Quotation of the Day…

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… is from pages 325-326 of the 1951 Augustus M. Kelly reissue of Frank Knight‘s 1935 collection, The Ethics of Competition; specifically, it’s from Knight’s December 1934 paper titled “Economic Theory and Nationalism” (footnote deleted):

Yet I must enroll myself among those who do not like the change from liberalism to nationalism, and who look with regret upon the passing of freedom as an ideal to be striven for, and to an important degree an actuality. There seems to be no room for doubt that commercialism, while it lasted, made for tolerance and humanity, and to a significant extent practised as well as preached the doctrine of “live and let live.” It encouraged friendliness and good humour, and the sense of a basic human equality, among men of divergent rank and station. This was surely true to a degree far beyond anything ever seen in any other type of culture. And this was in addition to its incomparable multiplication of the means necessary to a decent existence and the even more remarkable diffusion of these means among the masses.