America’s Great Depression

This book applies Austrian business cycle theory to understanding the onset of the 1929 Great Depression. Rothbard first summarizes the Austrian theory and offers a criticism of competing theories, including the views of Keynes. Rothbard then considers Federal Reserve policy in the 1920s, showing its inflationary character. The influence of Benjamin Strong, the Governor of […]

The Ethics of Liberty

Professor Hans Hoppe, in his outstanding new introduction to the reissue of The Ethics of Liberty, hits the nail on the head. He contrasts Murray Rothbard with Robert Nozick, a much more famous figure among academic philosophers and political theorists. Although both writers embrace libertarianism (Nozick much less ardently or consistently than Rothbard), their styles […]

Man, Economy, and State

Murray N. Rothbard‘s great treatise Man, Economy, and State and its complementary text Power and Market, are here combined into a single edition as they were written to be. It provides a sweeping presentation of Austrian economic theory, a reconstruction of many aspects of that theory, a rigorous criticism of alternative schools, and an inspiring […]

Socialism

An Economic and Sociological Analysis Ludwig von Mises’s Socialism is the most important critical examination of socialism ever written. Socialism is most famous for Mises’s penetrating economic calculation argument. The book contains much more however. Mises not only shows the impossibility of socialism: he defends capitalism against the main arguments socialists and other critics have […]

Capitalism, Socialism, and Democracy

When Joseph Schumpeter’s book first appeared, the New English Weekly predicted that ‘for the next five to ten years it will certainly remain a work with which no one who professes any degree of information on sociology or economics can afford to be unacquainted’. The prophecy has been justified, but how much more fully than its maker anticipated. A generation […]