Ltat Est Mort; Vive Ltat! [Liberty, May 24, 1890.] To the Editor of Liberty:(26 1) Hooks-and-eyes are very useful. Hooks are useless; eyes are useless. Yet in combination they are useful. This is cooperation. Where you have division of labor and consequent differentiation of function and, eventually, of structure, there is cooperation. Certain tribes of ants have working members and fighting members. The military caste are unable to collect food, which is provided for them by the other members of the community, in return for which they devote themselves to the defence of the whole society. But for these soldiers the society would perish. If either class perished, the oth...
These letters, addressed to Frederic Bastiat, an economist, originally appeared in a debate published in The Voice of the People, in 1849. Interest and Principal A Loan is a Service On the one hand, it is very true, as you have unquestionably established, that a loan is a service. And as every service has a value, and, in consequence, is entitled by its nature to a reward, it follows that a loan ought to have its price, or, to use the technical phrase, ought to bear interest. But it is also true, and this truth is consistent with the preceding one, that he who tends, under the ordinary conditions of the professional lender, does not deprive himself, as you phrase it, of the capital which be lends. He lends it, on the contrary, precisely bec... (From : Anarchy Archives.)