The Home of American Intellectual Conservatism — First Principles

March 20, 2019

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Capitalism versus Socialism
Ludwig von Mises - 09/13/11

What is the path to economic recovery? According to many sources these days, only further government programs—with billions of dollars in government spending—can spur recovery. In this environment, we need to remind ourselves of the fundamental source of America’s historic prosperity: the free-enterprise system. And there is no better place to start than this classic piece from the ISI vault by the great economist Ludwig von Mises. Here Mises recounts how capitalism has “radically transformed all human affairs”—improving standards of living, increasing population, bringing great luxuries even to the common man, and improving the general standard of education. “All this,” Mises notes, “is not an achievement of government.” In fact, he writes, “more often than not it is precisely governmental action that frustrates beneficial developments.”

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