Rothbard opens with a theoretical treatment of business cycle theory, showing how an expansive monetary policy generates imbalances between investment and consumption. He proceeds to examine the Fed's policies of the 1920s, demonstrating that it was quite inflationary even if the effects did not show up in the price of goods and services. He showed that the stock market correction was merely one symptom of the investment boom that led inevitably to a bust.

The Great Depression was not a crisis for capitalism but merely an example of the downturn part of the business cycle, which in turn...

Rothbard opens with a theoretical treatment of business cycle theory, showing how an expansive monetary policy generates imbalances between investment and consumption. He proceeds to examine the Fed's policies of the 1920s, demonstrating that it was quite inflationary even if the effects did not show up in the price of goods and services. He showed that the stock market correction was merely one symptom of the investment boom that led inevitably to a bust. The Great Depression was not a crisis for capitalism but merely an example of the downturn part of the business cycle, which in turn was...

The Panic of 1819 was America's first great economic crisis. And this is Rothbard's masterful account, the first full scholarly book on the topic and still the most definitive. Rothbard tells the story about a disaster that could not be attributed to some specific government blunder or disaster. It seemed to originate from within the economic system itself. Its cause was not obvious to observers at the time. Confronted with something new, the Panic engendered much discussion and debate about possible causes and remedies. As Rothbard observes, the panic provides -an instructive picture of a...

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Here is Rothbard's mini-biography of Lord Keynes, one that makes use of all modern research to reconstruct Keynes's life and works in a way that is absolutely devastating. We read about his schooling, his secret societies, his political associations and sponsors - as well as his intellectual shifts and dodges throughout his life. To put it mildly, Keynes was not the genius liberal of his reputation. He shifty, duplicitous, and manipulative from beginning to end, and his deliberately obfuscating economic theory reflects those traits. When...

For Murray Rothbard, libertarianism wasn't an intellectual parlor game, nor was it a personal affectation: for him, it was a banner that was meant to be carried into battle. Ever the happy warrior, he sought to bring the radical libertarian perspective to bear on the events of the day, and it was a task he delighted in. From 1967 thru 1968, Rothbard churned out 58 columns for the Freedom Newspapers, addressing the campus revolt; the massive antiwar demonstrations; the Six-Day War between Israel and the Arab powers; the Newark riots; the Vietnam war; the persecution of H. Rap Brown, the...