Ludwig von Mises: “What begot modern industrialization and the
unprecedented improvement in material conditions that it brought about was
neither capital previously accumulated nor previously assembled technological
knowledge. In England, as well as in the other western countries that followed
it on the path of capitalism, the early pioneers of capitalism started with
scanty capital and scanty technological experience. At the outset of
industrialization was the philosophy of private enterprise and initiative, and
the practical application of this ideology made the capital swell and the
technological know-how advance and ripen. One must stress this point because
its neglect misleads the statesmen of all backward nations in their plans for
economic improvement. They think that industrialization means machines and
textbooks of technology. In fact, it means economic freedom that creates both
capital and technological knowledge.”
And in even simpler terms, Adam Smith explained, back in 1776: “Little
else is requisite to carry a state to the highest degree of opulence from the
lowest barbarism but peace, easy taxes, and a tolerable administration of
justice; all the rest being brought about by the natural course of things.”
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