The endeavours to prolong the prosperity and to secure full employment by means of the expansion of money and credit, in the end created a worldwide inflationary development to which employment so adjusted itself that inflation could not be discontinued without producing extensive unemployment.#
The liberal demand for freedom is thus a demand for the removal of all manmade obstacles to individual efforts, not a claim that the community or the state should supply particular goods.#
The decline of liberal doctrine, beginning in the 1870s, is closely connected with a reinterpretation of freedom as the command over, and usually the provision by the state of, the means of achieving a great variety of particular ends.#