21. The Idea of Liberty is Western


The history of civilization is the record of a ceaseless struggle for liberty.

5. The Non-Neutrality of Money

The* monetary economists of the sixteenth and seventeenth centuries succeeded in dissipating the popular fallacies concerning an alleged stability of money. The old error disappeared, but a new one originated, the illusion of money’s neutrality.

1. Social Science and Natural Science


The foundations of the modern social sciences were laid in the eighteenth century. Up to this time we find history only.

4. The Position of Money among Economic Goods

Karl* Knies has recommended to replace the traditional division of economic goods into consumer goods and producer goods with a threefold classification: producer goods, consumer goods, and means of exchange.

11. Economic Nationalism and Peaceful Economic Cooperation

The task of one privileged to address an audience of serious and conscientious citizens on problems of international relations is thankless indeed. If he is anxious to do his duty and to show things as they really are, he cannot help dispelling illusions, unmasking fallacies and exhibiting the intricacy of the problems involved.

16. A Hundred Years of Marxian Socialism


In this year 1967, in which the University of Chicago celebrates its seventy-fifth anniversary, the present-day world’s most powerful political movement, Marxism, commemorates the two most important dates of its history.

9. The Disintegration of the International Division of Labor


The international division of labor was an achievement of the spirit of Liberalism. International trade has to some extent existed from the oldest times. There was a regular commerce in some commodities the production of which was limited to special geographical conditions. There was occasional trade when some extraordinary event offered unusual opportunities.

18. Observations on the Cooperative Movement



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