Thursday, October 28, 2021

von Mises saw it coming

 This post is a 2018 reprint by the Mises Institute of a speech given by the economist Ludvig Von Mises in 1950 in NYC

His forecast of what was to come is simply amazing and frightening. 
Were it not for the short interlude of the Regan and Thatcher administrations the US and UK would be where the rest of Europe and much of the world are today, but judging from current economic policy proposals we seem to be on track to follow after all.
The case is made so simply and clearly that a child could get it. It would seem that naivete, wishful thinking and/or the propensity to appropriate someone else's wealth are too strong for most humans to resist.

Pass this on in case we can still change enough minds before our children are abandoned to a future of a Chinese-style existence.

The Middle of the Road Leads to Socialism

TAGS Socialism

01/11/2018Ludwig von Mises

The fundamental dogma of all brands of socialism and communism is that the market economy or capitalism is a system that hurts the vital interests of the immense majority of people for the sole benefit of a small minority of rugged individualists. It condemns the masses to progressing impoverishment. It brings about misery, slavery, oppression, degradation and exploitation of the working men, while it enriches a class of idle and useless parasites.

This doctrine was not the work of Karl Marx. It had been developed long before Marx entered the scene. Its most successful propagators were not the Marxian authors, but such men as Carlyle and Ruskin, the British Fabians, the German professors, and the American Institutionalists. And it is a very significant fact that the correctness of this dogma was contested only by a few economists who were very soon silenced and barred from access to the universities, the press, the leadership of political parties and, first of all, public office. Public opinion by and large accepted the condemnation of capitalism without any reservation.