Happy birthday, Ludwig von Mises! - a quote to celebrate the 135th anniversary of his birth
Ludwig von Mises was born on September 29, 1881 in Lviv. Let's celebrate the 135th anniversary of his birth with the quote from his book Bureaucracy.
The capitalist system of production is an economic democracy in which every penny gives a right to vote. The consumers are the sovereign people. The capitalists, the entrepreneurs, and the farmers are the people’s mandatories. If they do not obey, if they fail to produce, at the lowest possible cost, what the consumers are asking for, they lose their office. Their task is service to the consumer. Profit and loss are the instruments by means of which the consumers keep a tight rein on all business activities.
You can download the e-book of Bureaucracy for free here.
For a Polish version of this post, click here.
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that's a really nice quote. however the pennies around the world aren't distributed fairly so that everyone has the same voting power.. is this democratic? i don't know...
I agree that not every penny is fairly distributed now. But when Mises talks about the capitalist system of production, he means the free market capitalism, not so called crony capitalism (with government privilege and intervention) we see around the world now.