The greater the strength of duty, the greater the liberty. No genius is required to see clearly that an unhampered market economy best fulfills the peaceful wants and ambitions of everyone involved. Each best serves himself by serving others, producing his own specialty, trading for theirs. The pursuit of commerce reconciles nations, calms wars, strengthens peace, and commutes the private good of individuals into the common benefit of all. Mankind is so fallen that no man can be trusted with unchecked power over his fellows.
Democracy extends the sphere of individual freedom, socialism restricts it.