Thought

Peter Drucker

Fascism is the stage reached after communism has proved an illusion, and it has proved as much an illusion in Russia as in pre-Hitler Germany.
Peter Drucker, The End of Economic Man: The Study of the New Totalitarians (1939), pp. 245 – 246.

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On July 31, 1703, Daniel Defoe — who would later become famous as the author of Robinson Crusoe and other literary works — was placed in a pillory for the crime of seditious libel. The sedition pertained to a satirical pamphlet he had published, “The Shortest-Way with the Dissenters; Or, Proposals for the Establishment of the Church.” The mob pelted him with flowers.

On the same date in 1912, Milton Friedman was born. Friedman became one of the most influential economists of the 20th century, and one of the most effective advocates of free markets, as well. His books include Capitalism and Freedom and two famous collaborations, A Monetary History of the United States (with Anna Schwartz) and Free to Choose (with his wife, Rose Director Friedman).