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people do not recogniie this difference. Sdll today, in dealing with the problem of interest, sutesmen, or politicians, as WttU as public opinioa, believe that creditors are the rich and the debtors are the poor. Therefore, they think that a pohcy of eas\' mone\', a pohcy of lo^mng interest rates artificially by government interference, is m fa\T>r of the poor and against the rich. In fact, the poor and the less urll-to-do o^ti deposits with savings banks, have bonds, insurance p>oUcies, and are enaded to pensions. According to a ne\%'spaper account toda\'. there are 67; miUion ou-nen of bonds (promises to pa\') m this country-. I don't knou' whether or not this figure is accurate. But nevertheless these bonds are uidcK- distributed, and so this means that the majont\' are noc debtors but creditors. All these people are creditors. On the other hand, the owners of the common stock of a corporation that has issued bonds, or is indebted to banks, are not creditors, but debtors. SimibrK' the big real estate operator who has a big mortgage is also a debtor. Therefore, it is no longer true to %j\ that the nch are creditors and the poor are debtors Cônditioro m this regani have changed considerably. One of Hitler's great rallying cries \%-as "l)o a^-a>' wMh interrst slavrry. Long live the debtor; perish the crrditor" But one Cterman ne^»-spaper recognized the error in this and \%Tote an article >»ith the headline. "Do You Knou That Yoc' YtK-Rstif Ari a Cruhuir?" I cannot «>• that this anicle \%-as apprecuted by Hitler There desrloped u>nie >ran agti a hi>stilirv- to ii\ing and capital accumulation This opp*nition to saving lAn't be attributed to Marx, because Marx didn't understand hin% capital was accumulated Karl Marx didn't Uircscc the dc\TU>pment of large Ci>rporatK>m and ouncnhip by many small sasrrs A Kussun econonust who \kt% mHuenced by Marx declared snn agi» thai the whole eiommiK *\'Uem ol capitalism was seh-contradu ton. Instead of consuming esrrvihing that was pn)dtKed. a great part of the things prinhued i\ sasrvl and accumubted as additional capital. Ihere will be more and m«>re for lonung generatiom What is the sense of this? For whom do the> accumulate all this? Like a mnrr the> accumulate, but who will enjos what the usYt earns' it is ndKrulom; it is bad: something NhmiKl he done about it John Mavnard Ke^ne^ (lHH3-p>4/»| succeeded uith his anti-tasnng pn>grjm Acct>rding to him. there is danger in inrr-\a\ing He belicvrd. and many people accepted his viesfc. that opp«)rtunities for imrttmctit were limited. There may not be \uffuient imrstment opportunitiet to absorb all the income that is set aside a\ savings Business will become bad because there IS too much savings Therefore, it was possible to save too much.
SAVINGS. INVESTMENT. AND ECONOMIC CALCULATION The sane doctrine 6001 anodier pome of viei»' had been prr\-alent for a very long time. IVof>le believrd due a new invmoon—a bbor-saving device—would produce whji wa* called "technological uncmplov-mcnt." 1 h» was the idea dial led d»e early uniom co dc«tro>- nuchino. Prrscnt- djy uniom ttill ha\r the ume idea, but they are not %o unvophiôcatcd as ti> deuioy the machinev—' havr more rriined methodt. As (ar as wc can «ee. hunun n^-ants uv practicalK' unhmited. What we n'-cd to fulfill sacnfactiom n more accumulacxNi of capital gocxhThe only ri lUMi we don't ha\T a hijchct ûmhrd of Ininic in thn country* u that we don't have enough capital icoodt to pn>duce all the thmfc^ that people vôuld like to ha\T I don't want to u>- that people ah%'a>-% nuke the best \i r of economic improvement* llut whaie%x'r it n that \t>u want. 11 rn|Uires moir imrscmeni and more nunpcmrr to utnf>- 11. We could iiMprove conditions, we could dunk €i( morr %vay% 10 employ* capital, even ui the wealthiest parts of the United State*, esm in (Ulifornu ITierr will iJN^'ays be plenty of room for imrtfment at long a* there 1% tirartity of the Duiertal factor* of prttdtutHtn Wr caniMic inugine a «iate o( alTair* without diu icarcity We cannot inufpne hfe in a "l^nd t^ (
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UUDWIGVON MTSES Marxism Unmasked Fr
Page 4 and 5:
Luiwk; von MisEs
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11m h.m4 n fHiMnhc«J W thr hnrnd^t
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Acknowledgments The lectures by Lud
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MARXISM UNMASKED iv*as ine\itable.
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MARXISM UNMASKED production will no
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MARXISM UNMASKED ^ His answer was n
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MARXISM UNMASKED and even if the in
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1st lecture Mind, Materialism, and
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Ford, do^"::^ z :z^^zitT '" ^ i*- "
Page 25 and 26: ""'—'•"'"- '-r.,,„,„. which
Page 27 and 28: MATERIALISM, AND THE FATE OF MAN l.
Page 29 and 30: H. con! H .^ . o 17c > ' MIND. MATE
Page 31 and 32: 2nd lecture Class Conflict and Revo
Page 33 and 34: ""^ "^" '" ^'"' "vo.ux.ow.av soc.us
Page 35 and 36: CLASS co.,ucr^ ,„,,,„„^^^^ ^^
Page 37 and 38: ^-"CONP-CT ..o aBvo.u.,o..av socuus
Page 39 and 40: iKli LECTURE Individualism and the
Page 41 and 42: """'"""^"'" '"^ "^ —TM« KBVO.UT.
Page 43 and 44: INDIVIDUALISM AND THE INDUSTRIAL RE
Page 49 and 50: NATIONALISM. SOCIALISM. AND VIOLENT
Page 51 and 52: NATÂL.SM. SOC.AL.SM. ANO V.OLHNT R
Page 53 and 54: NATÔN^M. SOC.AUSM. ..o V.OLHNT aHV
Page 59 and 60: MARXISM AND THE MANIPULATION OF MAN
Page 67 and 68: ( iiinoc MARXISM AND THE MANIPULATI
Page 71 and 72: SAVINGS, INVESTMENT. AND ECONOMIC C
Page 73 and 74: SAVINGS. INVESTMENT. AND ECONOMIC C
Page 75: SAVINGS. INVESTMENT. AND ECONOMIC C
Page 79 and 80: AviNCt, INVetTMENT. AND ECONOMIC CA
Page 81 and 82: 7tm lecture Money, Interest, and th
Page 83 and 84: M U S 1 ^ . ; S I i K i S I . A M>
Page 85 and 86: MONEY INTEREST. AND THE BUSINESS CY
Page 87 and 88: MUStY. ISIlKiST. AND TM£ BL'SISESS
Page 89 and 90: MONEY. INTEaEST. AND THE SUflNESS C
Page 91 and 92: MONEY. INTEREST. AND THE BUSINESS C
Page 93 and 94: MONEY. INTEREtT. AND THE BUSINESS C
Page 95 and 96: MONEY. INTEREST. AND THE BUSINESS C
Page 97 and 98: 8tm lecture Profit and Loss, Privat
Page 99 and 100: PROFIT AND LOSS. PRIVATE PROPERTY.
Page 101 and 102: mOFIT AND LOtf. PRIVATE PItOPERTY.
Page 103 and 104: PROPIT AND LOSS. miVATE PROPERTY. A
Page 105 and 106: FROPIT AND LOSS. PaiVATE PROPCIK.TV
Page 107 and 108: mOFIT AND LOSS. miVATE mOPERTY. AND
Page 109 and 110: FOREIGN INVESTMENTS AND THE SPiaiT
Page 111 and 112: t FOREIGN INVESTMENTS AND THE SriRI
Page 113 and 114: FOREIGN INVESTMENTS AND THE SPIRIT
Page 115 and 116: FOREIGN INVESTMENTS AND THE SPIRIT
Page 117 and 118: POKEfCN INVESTMENTS AND THE SfiRIT
Page 119 and 120: FOREIGN INVESTMENTS AND THE SPIIIIT
Page 121 and 122: FOaEICN INVESTMENTS AMD THE SPIRIT
Page 123 and 124: " Abteoce di pUnninK" upuntvn, 46 A
Page 125 and 126: 31 FairDcallS rcocnl tvocrvt Boiwi,
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ManoMn-Lcmmun-Solinnm. 1. 17 Mauryk
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FOUNDATION FOR ECONOMIC EDUCATION ^
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^' "'•f -'m UFM FRANCISCO MARROOl
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