suffer shipwreck entrepreneurs public-spirited, socialist-etatistic le — Ludwig von Mises, Theory Money Credit

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They did not suffer shipwreck because the entrepreneurs were not public-spirited, as the socialist-etatistic legend has it. They were bound to fail because the economic organization based upon division of labour and private property in the means of production can function only so long as price-determination in the market is free.

Ludwig von Mises, The Theory of Money and Credit

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Related Topics: capitalism, economics, freedom, money

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