living standards

A Quote by Ludwig von Mises on capitalism and living standards

Today, in the capitalist countries, there is relatively little difference between the basic life of the so-called higher and lower classes; both have food, clothing, and shelter. But in the eighteenth century and earlier, the differences between the man of the middle class and the man of the lower class was that the man of the middle class had shoes and the man of the lower class did not have shoes.  

Ludwig von Mises

Source: Economic Policy: Thoughts for Today and Tomorrow, Pages: 9

Contributed by: Brian

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