A Quote by Ludwig von Mises
The market steers the capitalistic economy. It directs each individual's activities into those channels in which he best serves the wants of his fellow-men. The market alone puts the whole social system of private ownership of the means of production and free enterprise in order and provides it with sense and meaning.
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The market economy is the social system of the division of labor under private ownership of the means of production. Everybody acts on his own behalf; but everybodys actions aim at the satisfaction of other peoples needs as well as at the satisfaction of his own. Everybody in acting serves his fellow citizens.
Capitalism or market economy is that system of social cooperation and division of labor that is based on private ownership of the means of production.
There is no use in deceiving ourselves. American public opinion rejects the market economy, the capitalistic free enterprise system that provided the nation with the highest standard of living ever attained. Full government control of all activities of the individual is virtually the goal of both national parties.
Smith, as we have said, was not the proponent of any one class. He was a slave to his system. His whole economic philosophy stemmed from his unquestioning faith in the ability of the market to guide the system to its point of highest return. The market — that wonderful social machine — would take care of society's needs if it was left alone. "Consumption is the sole end and purpose of all production," he wrote.
Free markets. What does this system mean? The answer is simple: it is the market economy, it is the system in which the cooperation of individuals in the social division of labor is achieved by the market.
Competition on the market aims at assigning to every individual that function in the social system in which he can render to all his fellow men the most valuable of the services he is able to perform.
If business is going to continue to sell through the decades, it must also promote an understanding of what made those products possible, what is necessary to a free market, and what our free market means to the individual liberty of each of us, to be certain that the freedoms under which this nation was born and brought to this point shall endure in the future ... for America is the product of our freedoms.
Within the market society each serves all his fellow citizens and each is served by them. It is a system of mutual exchange of services and commodities, a mutual giving, and receiving.
The future of private enterprise capitalism is also the future of a free society. There is no possibility of having a politically free society unless the major part of its economic resources are operated under a capitalistic private enterprise system.
Outside the firm, price movements direct production, which is co-ordinated through a series of exchange transactions on the market. Within a firm, these market transactions are eliminated and in place of the complicated market structure with exchange transactions is substituted the entrepreneur-co-ordinator, who directs production.
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.
We hold that the ownership of private property is the right and privilege of every American citizen and is one of the foundation stones upon which this nation and its free enterprise system has been built and has prospered. We feel that private property rights and human rights are inseparable and indivisible. Only in those nations that guarantee the right of ownership of private property as basic and sacred under their law is there any recognition of human rights.
The organizer of industry who thinks he has 'made' himself and his business has found a whole social system ready to his hand in skilled workers, machinery, a market, peace and order - a vast apparatus and a pervasive atmosphere, the joint creation of millions of men and scores of generations. Take away the whole social factor, and we have not Robinson Crusoe with his salvage from the wreck and his acquired knowledge, but the native savage living on roots, berries and vermin.
Every nation on the Earth that embraces market economics and the free enterprise system is pulling millions of its people out of poverty. The free enterprise system creates prosperity, not denies it.
A fact rarely suspected, let alone understood, is that businessmen are by no means the chief beneficiaries of the free market, private ownership, limited government way of life. Many business ventures fail entirely. Who then are the beneficiaries? The masses!
All systems are capitalist. It's just a matter of who owns and controls the capital -- ancient king, dictator, or private individual. We should properly be looking at the contrast between a free market system where individuals have the right to live like kings if they have the ability to earn that right and government control of the market system such as we find today in socialist nations.
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