Churchill By Himself: The Definitive Collections of Quotations, ed. Richard Langworth, 2008, p. 394, Belle Vue, Manchester (Europe, p. 212) (1947, 6 December)
“

When losses are made, under the present system those losses are borne by the individuals who sustained them and took the risk and judged things wrongly, whereas under State management all losses are quartered upon the taxpayers and the community as a whole. The elimination of the profit motive and of self-interest as a practical guide in the myriad transactions of daily life will restrict, paralyse and destroy British ingenuity, thrift, contrivance and good housekeeping at every stage in our life and production, and will reduce all our industries from a profit-making to a loss-making process.

— Winston Churchill

What It Means

This is a placeholder explanation generated by the low-overhead model. It interprets "When losses are made, under the present system those losses are borne by the individuals who sustained them and took the risk and judged things wrongly, whereas under State management all losses are quartered upon the taxpayers and the community as a whole. The elimination of the profit motive and of self-interest as a practical guide in the myriad transactions of daily life will restrict, paralyse and destroy British ingenuity, thrift, contrivance and good housekeeping at every stage in our life and production, and will reduce all our industries from a profit-making to a loss-making process." in the context of "Churchill By Himself: The Definitive Collections of Quotations, ed. Richard Langworth, 2008, p. 394, Belle Vue, Manchester (Europe, p. 212) (1947, 6 December)" to mean that wisdom is timeless.

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Source: Wikiquote: "Winston Churchill" (Quotes, Post-war years (1945–1955)) The 'What it means' explanation text was generated by Google Gemini Flash (accessed February 05, 2026). https://gemini.google.com/app

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Winston Churchill

About Winston Churchill

Sir Winston Leonard Spencer Churchill KG OM CH TD FRS PC (November 30, 1874 – January 24, 1965) was a British statesman who served as Prime Minister of the United Kingdom from 1940 to 1945, during the Second World War, and again from 1951 to 1955. Churchill was a Sandhurst-educated soldier, a Nobel Prize-winning writer and historian, a prolific painter, and one of the longest-serving politicians in British history. Apart from two years between 1922 and 1924, he was a Member of Parliament (MP) from 1900 to 1964 and represented a total of five constituencies. Ideologically an economic liberal and imperialist, he was for most of his career a member of the Conservative Party, which he led from 1940 to 1955, though he was a member of the Liberal Party from 1904 to 1924.