Capitalism Quote by Ludwig von Mises
“For it is an essential difference between capitalist and socialist production that under capitalism men provide for themselves, while under Socialism they are provided for.”
About This Quote
Source Book: Human Action by Ludwig von Mises, 1949
Capitalism relies on individuals providing for themselves, whereas socialism offers provision by the collective.
In simple terms: Capitalism = self-provision; Socialism = collective provision.
Recognize the source of provision in economic systems.
Themes
Mood
Type
When to use this quote
- policy debate
- business strategy
- personal finance
Key Concepts
Questions to Reflect On
- Is self-provision always feasible?
- How do mixed economies blend these principles?
The dichotomy oversimplifies mixed economies.