"At the end of the eighteenth and the beginning of the nineteenth century the generally dominant idea, derived from Ricardo and Adam Smith, was that commerce must be entirely unfettered, and that free trade was fundamentally linked with economic life. But the Liberals have ‘emptied the baby with the bath,’ with the result that the state, in opposition to them, has assumed more and more control over the economic process and has even gone into business on its own account. In my opinion the results achieved by the state as business manager have, on the whole, been bad… The function of the state, however, is to administer; and administration is something wholly different from enterprise under business management."