From The Quotable Mises — surrounding passage

Human Action , p. 562; p. 565 The characteristic feature of capitalism that distinguishes it from pre-capitalist methods of production was its new principle of marketing. Capitalism is not simply mass production, but mass production to satisfy the needs of the masses. Liberty and Property , p. 9

“Capitalism or market economy is that system of social cooperation and division of labor that is based on private ownership of the means of production.”

Bureaucracy , p. 20 Capitalism is essentially a system of mass production for the satisfaction of the needs of the masses. It pours a horn of plenty upon the common man. It has raised the average standard of living to a height never dreamed of in earlier ages. It has made accessible to millions of people enjoyments which a few generations ago were only within the reach of a small élite. The Anti-Capitalistic Mentality , p.