These three elements—property, freedom, and peace—are the basis of the liberal program. They are the core of a philosophy that can restore our lost prosperity and social stability. Yet I have only begun to scratch the surface of the liberal program. There is more to be said about monetary policy, about trade treaties, about social insurance schemes, and so much else. Yet if our political class could understand this core of freedom, property, and peace, we would be much better off, and I would feel more confident that the next class of freshmen we send to Washington would keep their eye on the prize, which is not redistribution or special rights, but liberty.

“Liberalism,” Mises wrote, “seeks to give men only one thing, the peaceful, undisturbed development of material well-being for all, in order thereby to shield them from the external causes of pain and suffering as far as it lies within the power of social institutions to do so at all. To diminish suffering, to increase happiness: that is its aim.”

Would classical liberalism work in our time? Think about the contentious issues in society today. Every one involves some area of life that is wrapped up in some form of government intervention. Today’s conflicts revolve around the desire to grab hold of someone else’s property using the political apparatus of compulsion that is the state. Would our society be more peaceful and prosperous if it followed the liberal program? The question answers itself.