Albert Jay Nock

Price-regulation by State authority (through State purchase, like our Farm Board) was tried in China about 350 B.c. It did not work. It was tried again, with State distribution, in the first century A.D., and did not work. Private trading was suppressed in the second century B.C., and regional planning was tried a little later. They did not work; the costs were too high. In the eleventh century A.D., a plan like the R.F.C. was tried, but again cost too much. State monopolies are very old; there were two in China in the seventh century B.C. I suppose there is not a single item on the modern politician’s agenda that was not tried and found wanting ages ago