THE DARK SIDE OF THE BUSINESS CYCLE
TO PROTECT YOUR FREEDOM AND INTERESTS FROM THE VICISSITUDES OF THE MARKETPLACE
the State does not acquire supremacy over such [vast private] enterprises, it becomes
their puppet, and they become the real State."
"In all of the
panics there were recognizable constants. First came an expansion in business activity.
This usually centered on some dominant form of investment. . . Then, as time passed,
expansion gave way to speculation. . . The banks, needless to say, provided the money that
financed the speculation that in each case preceded the crash."
its civilization may be decaying, shading off into something else, or tottering toward a
"The growth of a
large business is merely a survival of the fittest . . . The American Beauty rose can be
produced in the splendor . . . only by sacrificing the early buds which grow around it.
This is not an evil tendency in business. It is merely the working-out of a law of nature
and a law of God."
"As soon as men
lived in society they must have noticed that some guilty men eluded the severity of the
laws. . . 'Every family has misfortunes, and it was easy for us to inoculate the belief
that these misfortunes were sent by a divine hand, the avenger of secret offences.'"
"Mankind are, in
all ages, caught by the same baits: the same tricks played over and over again, still
"We must not
even demand to know the explanation in all cases alike; there are some in which it is
quite enough if the fact itself is exhibited, e.g. in the case of first principles; the
fact is primary and a starting-point."