There Exists No More Democratic Institution Than

Lack Of Outlets, Excess Capacity, Complete Deadlock, In The End Regular Recurrence Of National Bankruptcies And Other Disasters-perhaps World Wars From Sheer Capitalist Despair-may Confidently Be Anticipated. History Is As Simple A That.

Situations Emerge In The Process Of Creative Destruction In Which Many Firms May Have To Perish That Nevertheless Would Be Able To Live On Vigorously And Usefully If They Could Weather A Particular Storm.

The Very Foundation Of Private Property And Free Contracting Wears Away In A Nation In Which Its Most Vital, Most Concrete, Most Meaningful Types Of Private Property And Free Contracting Disappear From The Moral Horizon Of The People.

In One Important Sense, Marxism Is A Religion. To The Believer It Presents, First, A System Of Ultimate Ends That Embody The Meaning Of Life And Are Absolute Standards By Which To Judge Events And Actions; And, Secondly, A Guide To Those Ends Which Implies A Plan Of Salvation And The Indication Of The Evil From Which Mankind, Or A Chosen Section Of Mankind, Is To Be Saved.

The Stock Exchange Is A Poor Substitute For The Holy Grail.