A Quote by Henry Hazlitt
When each of us is free to work out his own economic destiny, within the framework of the market economy, the institution of private property, and the general rule of law, we will all improve our economic condition much faster than when we are ordered around by bureaucrats.
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Property should be in a general sense common, but as a general rule private... In well-ordered states, although every man has his own property, some things he will place at the disposal of his friends, while of others he shares the use of them.
It is therefore our business to restore economic freedom through the restoration of the only institution under which it flourishes, which institution is Property. The problem before us is, how to restore Property so that it shall be, as it was not so long ago, a general institution.
The United States can no longer rely upon foreign nations such as China to bail us out of our economic irresponsibility. We must live within our means and implement creative, free-market solutions to put Americans back in jobs and to create economic opportunities.
The economic borderlines of our world will not be drawn between countries, but around Economic Domains. Along the twin paths of globalization and decentralization, the economic pieces of the future are being assembled in a new way. Not what is produced by a country or in a country will be of importance, but the production within global Economic Domains, measured as Gross Domain Products. The global market demands a global sharing of talent. The consequence is Mass Customization of Talent and education as the number one economic priority for all countries
The supremacy of Parliament and the embedding of property rights in Common Law put political power in the hands of men anxious to exploit the new economic opportunities and provided the framework for a judicial system to protect and encourage productive economic activity
If we as a society want to cure unemployment, raise real wages, and in other ways improve our economy, we will base public policy on private property rights, the non-aggression principle and the law of free association. In the free and prosperous society, everyone may do precisely as he pleases, provided only that he does not initiate violence against non-aggressors.
President Obama's assault on the free-enterprise market and venture capitalists is anti-American and shows his greatest insecurity: his lack of private sector experience and his inability to understand the economy and help businesses thrive in these uncertain economic times.
The Western world, in spite of its advantages of mechanization and industrial efficiency is today in a worse mess than ever before in history. The adoption Western economic theory and practice will not help us in achieving our goal of creating a happy and contented people. We must work our destiny in our own way and present to the world an economic system based on true Islamic concept of equality of manhood and social justice.
I have read a great deal of economic theory for over 50 years now, but have found only one economic "law" to which I can find NO exceptions: Where the State prevents a free market, by banning any form of goods or services, consumer demand will create a black market for those goods or services, at vastly higher prices. Can YOU think of a single exception to this law?
This is, after all, the country that gave the world the rule of law, parliamentary democracy, the right to own property, the English language, and the free market... we are a remarkable people, and we have so much more to give.
But if we are to retain freedom, then we can only do so by keeping the determining mass of the citizens the possessors of property with personal control over it, as individuals or as families. For property is the necessary condition of economic freedom in the full sense of that term. He that has not property is under economic servitude to him who has property, whether the possessor of it be another individual or the State.
My concern over private property is that it no longer fosters individuality. The historic destiny of private property is that it has created a highly corporatized economy, and I have to ask myself why. What is it in the market that led 100 capitalists to dissolve into 10 as a result of rivalry and accumulation, 10 into 3, and I think if the system has its way, those 3 into 1?
If economic catastrophe does come, will it be a time that draws Christians together to share every resource we have, or will it drive us apart to hide in our own basements or mountain retreats, guarding at gunpoint our private stores from others? If we faithfully use our assets for his kingdom now, rather than hoarding them, can't we trust our faithful God to provide for us then?
Let us today seek to find that place within each of us where dreams are made, where our highest aspirations take shape. Let us confirm the power of our humanity by giving architecture and substance to the dreams we have for our nation, so that the promised land of social and economic justice that is within our dreams will soon be within our sight.
Economic activity, especially the activity of a market economy, cannot be conducted in an institutional, juridical or political vacuum. On the contrary, it presupposes sure guarantees of individual freedom and private property, as well as a stable currency and efficient public services.
Property, as a general social institution, well-divided property, having disappeared and Capitalism having taken its place, you cannot reverse the process without acting against natural economic tendencies.
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