The Freeman 1972 - The Ludwig von Mises Institute

GARY NORTHOWNERSHIPFREE BUT NOT CHEAPOwnership of the means of production is not a privilege, but aa social liability. Capitalists and landowners are compelled toemploy their property for the best possible satisfaction of theconsumers. If they are slo'wand inept in the .performance of theirduties, they are penalized by losses. If they do not learn the lessonand do not reforn~ the,ir conduct of affairs, they lose their 'wealth.No investment is safe forever. Hewhodoes not use his propertyin serving the consumers in the most efficient 'way is doomed tofailure. There is no room left for people who would like to enjoytheir fortunes in idleness and thoughtlessness.LUDWIG VON MISES 1THERE IS no more fundamentalquestion in the field of politicaleconomy than that of the ownershipof property. Marx, no .lessthan Adam Smith, saw this clearly.Invariably, the question ofownership must raise the questionof sovereignty. It also raises theMr. North is a member' of the staff of theFoundation. for Economic Education. This articlewill appear as a chapter of his forthcomingbook, An Introduction to Christian Economics(Nutley, New Jersey: Craig Press).knotty question of stew:ardship.The roots of Western Civilizationextend back to the Hebrews.The message of the law and theprophets of the Old Testamentreturned again and again to theissue of ultimate sovereignty. Themessage was clear enough: God issovereign, and not men, nor anyhuman institution. All earthly,human sovereignty is thereforederivative and limited.The advent of rationalist and401