“… it is precisely because it is not a democracy that China will likely be so successful…What is of vital importance for economic success is economic freedom, meaning the protection of private property, the rule of law, and minimal regulation and taxation, not the right to vote.”

Quotes from Crash Proof (2006)

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Peter D. Schiff40

American entrepreneur, economist and author 1963

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“A government which maintained law and order, defined property rights, served as a means whereby we could modify property rights and other rules of the economic game, adjudicated disputes about the interpretation of the rules, enforced contracts, promoted competition, provided a monetary framework, engaged in activities to counter technical monopolies and to overcome neighborhood effects widely regarded as sufficiently important to justify government intervention, and which supplemented private charity and the private family in protecting the irresponsible, whether madman or child—such a government would clearly have important functions to perform. The consistent liberal is not an anarchist.”

Milton Friedman (1912–2006) American economist, statistician, and writer

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“Now the problem with that theory in my opinion as a First Amendment lawyer who has been doing this for 25 years is that what you’re really saying is that a successful private company is converted into public property and regulated by the government because it is so successful and ubiquitous. And I think that’s an argument conservatives need to think carefully about. Do we really want every private company that’s successful and that has a lot of market share to be called public property for the purposes of regulation and subject to all the regulations that occur, not just the First Amendment but a bunch of other regulations. I think that’s a big question mark.”

Harmeet Dhillon (1969) American lawyer

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“We will continue to pursue the strategy of boosting domestic demand and ensure fast and balanced economic and social development in China. This will create more opportunities for China-U. S. economic cooperation and trade. We will continue to advance the reform of the RMB exchange rate regime, take positive steps in such areas as expanding market access, increasing imports, and strengthening the protection of intellectual property rights, and further expand China-U. S. economic cooperation and trade.”

Hu Jintao (1942) former General Secretary of the Communist Party of China

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“My aim is freedom and voluntary relations in all fields. The market economy is the result of this in the economic realm; in the cultural realm it means freedom of expression; in politics, democracy and the rule of law; in social life, the right to live according to one's own values and to choose one's company.”

Johan Norberg book In Defense of Global Capitalism

In Defense of Global Capitalism

“Intensive research in recent years into the sources of economic growth among both developing and developed nations generally point to a number of important factors: the state of knowledge and skill of a population; the degree of control over indigenous natural resources; the quality of a country's legal system, particularly a strong commitment to a rule of law and protection of property rights; and yes, the extent of a country's openness to trade with the rest of the world. For the United States, arguably the most important factor is the type of rule of law under which economic activity takes place. When asked abroad why the United States has become the most prosperous large economy in the world, I respond, with only mild exaggeration, that our forefathers wrote a constitution and set in motion a system of laws that protects individual rights, especially the right to own property. Nonetheless, the degree of state protection is sometimes in dispute. But by and large, secure property rights are almost universally accepted by Americans as a critical pillar of our economy. While the right of property in the abstract is generally uncontested in all societies embracing democratic market capitalism, different degrees of property protection do apparently foster different economic incentives and outcomes.”

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“No, on the contrary, the Constitution exists to protect that right. The important point is that the Constitution exists to protect individual liberty and individual property. In fact, the most important of all of the rights, really the foundation of all rights, are the rights to private property. But the right to private property is a right for each individual human being to own himself.”

Harry V. Jaffa (1918–2015) American historian and collegiate professor

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“The capitalist system of production is an economic democracy in which every penny gives a right to vote.”

Ludwig von Mises book Bureaucracy

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.
Source: Bureaucracy (1944), Chapter I: Profit Management, § 1: The Operation of The Market Mechanism

“Anti-discrimination law is inconsistent with freedom of association and the right of private property.”

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“It is interesting to note that in nearly all the economics courses it is taught that the income tax is the proper instrument for the regulation of the country’s economy; that private property is not an inalienable right (in fact, there are no inalienable rights); that the economic ills of the country are traceable to the remnants of free enterprise; that the economy of the nation can be sound only when the government manages prices, controls wages, and regulates operations. This was not taught in the colleges before 1913.”

Frank Chodorov (1887–1966) American libertarian thinker

Source: The Income Tax: Root of All Evil (1954), p. 34

“There are so many ways of being wrong and so few ways of being right that it is much more economical to study successes.”

Richard Hamming (1915–1998) American mathematician and information theorist

Methods of Mathematics Applied to Calculus, Probability, and Statistics (1985)

“… it is precisely because it is not a democracy that China will likely be so successful…What is of vital importance for economic success is economic freedom, meaning the protection of private property, the rule of law, and minimal regulation and taxation, not the right to vote.”

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Peter D. Schiff40

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