However, and here we return again to our main theme, we would merely be deluding ourselves if we drew such a sharp dividing line between the realm of… - Wilhelm Röpke

The more we gained knowledge of these new totalitarian systems of mass-rule, the more we realized not only their similarity of structure, but also the fact that we had to do with a type of dominance that had been known in earlier epochs. We discovered that what the ancients called “tyrannis,” or ”cheirokratia,” what Sulla or the tyrants of the Italian Renaissance had practised, and what finally alarmed the world in the French Revolution and under Napoleon, had surprisingly many similarities with modern totalitarianism, although this latter had elements with which they cannot be compared, and although it possessed means of domination unknown in past ages.

It is impossible indeed not to look with considerable uneasiness at the type of the "modern economist" as he developed after Keynes' revolutionary book, whom Keynes himself regarded with alarm at the end of his days. It is the type of man who is obsessed by one thing, i.e. "effective demand," which he thinks must be kept up at whatever cost, while he forgets the working of the mechanism of prices, wages, interest and exchange rates.

The place of any good in this scale of values is determined ultimately by the strength of the subjective demand for it.