The standard of living of the common man is higher in those countries which have the greatest number of wealthy entrepreneurs.
There is no western, capitalistic country in which the conditions of the masses have not improved in an unprecedented way.
The consumers suffer when the laws of the country prevent the most efficient entrepreneurs from expanding the sphere of their activities. What made some enterprises develop into "big business" was precisely their success in filling best the demand of the masses.
The gold standard did not collapse. Governments abolished it in order to pave the way for inflation. The whole grim apparatus of oppression and coercion, policemen, customs guards, penal courts, prisons, in some countries even executioners, had to be put into action in order to destroy the gold standard.
The goal of liberalism is the peaceful cooperation of all men. It aims at peace among nations too. When there is private ownership of the means of production everywhere and when laws, the tribunals and the administration treat foreigners and citizens on equal terms, it is of little importance where a country's frontiers are drawn... War no longer pays; there is no motive for aggression... All nations can coexist peacefully.
A famous, very often quoted phrase says: "That government is best, which governs least." I do not believe this to be a correct description of of the functions of a good government. Government ought to do all the things for which it is needed and for which it is established. Government ought to protect the individuals within the country against the violent and fraudulent attacks of gangsters, and it should defend the country against foreign enemies. These are the functions of government within a free system, within the system of the market economy.
A country becomes more prosperous in proportion to the rise in the invested capital unit per unit of its population.
Capitalists have the tendency to move toward those countries in which there is plenty of labor available and at which labor is reasonable. And by the fact that they bring capital into these countries, they bring about a trend toward higher wage rates.
In all countries with a settled bureaucracy people used to say: The cabinets come and go, but the bureaus remain.
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