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trust the socialist propaganda of the intellectuals. The intellectuals, not the populace, are moulding public opinion. It is a lame excuse of the intellectuals that they must yield to the mhies. they themselves have generated the socialist ideas and indoctrinated the mhies with them. no proletarian or son of a proletarian has contributed to the elaboration of the interventionist and socialist programmes. Their authors were all of bourgeois background. The esoteric writings of dialectical materialism, of Hegel, the father both of Marxism and of German aggressive nationalism, the books of Georges Sorel, of Gentile and of Spengler were not read by the average man; they did not move the mhies directly. it was the intellectuals who popularized them. The intellectual leaders ofthe peoples have produced and propagated the fallacies which are on the point of destroying liberty andWestern civilization. the intellectuals alone are responsible forthe mhi slaughters which are the characteristic mark of our century. They alonecan reverse the trend and pave the way for a resurrection of hidom. Not mythical "material productive forces," but reason and ideas determine the course of human affairs. What is needed to stop the trend towards socialism and despotism is common sense and moral courage. BIOGRAPHICAL NOTE? Ludwig von Mises (1881-1973) was the acknowledged leader of the Austrian School of economic thought, a prodigious originator in economic theory, and a prolific author. A library of his books would total twenty-onevolumes if confined tofirst editions, forty-eight volumes if all revised editions and translations were included, and still more if the Festschriften and other volumes containing contributions by him were added. [388] von mises' writings and lectures encomphied economic theory, history, epistemology, government, and political philosophy. His contributions to economic theory include important clarifications on the quantity theory of hi, the theory of the trade cycle, the integration of monetary theory with economic theory in general, and ademonstration that socialism must fail because it cannot solve theproblem of economic calculation. Mises was the first scholar to recognize that economics is part of a larger science in human action, a science which Mises called "praxeology". Ludwig von Mises receved doctorates in law and economics from the University of Vienna in 1906. In 1909 he became Economic Advisor to the Austrian Chamber of Commerce (comparable to the U.S. Department of Commerce). After serving in World War I, he became Professor of Economics at the University of Vienna and, in 1934, Professor of International Relations at the Graduate Institute of International Studies in Geneva. In 1945 he became Visiting Professor at New York University where he remained until his retirement in 1969. In a lecturing and teaching career that spanned many continents andmore than half a century, Mises numbered among his students one Nobel Laureate, F.A. Hayek, twopresidents of the American economic hiociation, gottfried haberler and fritz machlup, and many other economists of internationalreputation. This little book hasmade its way. In addition to the present translation into English, there are authorized editions in French, Hungarian and Serbian. I am also informed that there are translations published in Japanese, Russian, Hebrew and Yiddish; but these, of course, are pirated. The book has stood the test of criticism, and has been judged both .