Goddess of the Market: Ayn Rand and the American Right
by Jennifer Burns · 18 Oct 2009 · 495pp · 144,101 words
way she looked at you when she was talking to you, which I found kind of fascinating and frightening almost.” One evening the Cornuelles brought Murray Rothbard to Rand’s home. A Brooklyn native, Rothbard had stumbled across organized libertarianism by way of the infamous Roofs or Ceilings? pamphlet that had caused
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rigors of writing without truly breaking her concentration. The Collective was becoming a hermetically sealed world. Within this insular universe dangerous patterns began to develop. Murray Rothbard caught a glimpse of this emerging dark side in 1954. In the years since their first meeting, Rothbard had gathered to himself a subset of
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imperative for the survival of our way of life.” 19 By contrast, secular and agnostic libertarians were more likely to tolerate or even embrace Rand. Murray Rothbard jumped into the fray on Rand’s side. Rothbard was deeply impressed by Atlas Shrugged, and his earlier reservations about Rand vanished. He began attending
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Atlas Shrugged was published, Leonard Peikoff had given a series of lectures on Objectivism. His informal talks attracted a few members of the Collective and Murray Rothbard’s Circle Bastiat. But Leonard was too junior, and his status with Rand too insecure, for him to front an organization devoted to her philosophy
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Branden or Rand presiding. Defendants who promptly confessed their guilt and promised to work harder at living Objectivist principles were let back into the fold. Murray Rothbard was again one of the first outsiders to witness this new direction. He had reconnected with Rand after reading Atlas Shrugged, a work he considered
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for Goldwater, but began to form their own clubs. Anarchism too was beginning to circulate among the more radical students, primarily through the efforts of Murray Rothbard. In 1962 Rothbard published his two-volume Man, Economy, and the State, an exegesis of his mentor Ludwig Von Mises’s thought. The book was
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that my self-condemnation is ceaseless.”59 Efron’s expulsion was accompanied by a notice in The Objectivist, a harbinger of splits to come. As Murray Rothbard knew, trials had a long pedigree in Objectivist society. They took on new importance as Nathan and Ayn’s relationship crumbled. Trials were a way
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distinct political movement. They were no longer conservatives, but following in Rand’s footsteps they would remain part of the right. Immediately after the convention Murray Rothbard and his new comrade Karl Hess attempted to pull the exodus of libertarians to the left, but it was Rand who emerged as a more
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was borne out by the 1972 election, when the new party nominated candidates for both president and vice president. After an unsuccessful attempt to draft Murray Rothbard, the convention settled on Rand’s old friend John Hospers, a philosophy professor at the University of Southern California, and Tonie Nathan, a broadcast journalist
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was awarded the National Book Award for Anarchy, State, and Utopia, a philosophic defense of the limited state. Nozick had been introduced to libertarianism through Murray Rothbard and cited both Rothbard and Rand in his pathbreaking book. Typically understood as a response to the egalitarianism of his Harvard colleague John Rawls, Anarchy
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flowering of the libertarian subculture. Even while attacking the argument Rawls had propounded in A Theory of Justice, Nozick was equally concerned with responding to Murray Rothbard and the ongoing minarchist/anarchist debate. He intended to establish that a state could be compatible with “solid libertarian moral principles.” Nozick was an enthusiastic
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ignorant of the strides libertarianism had made in the academy. Accordingly the early libertarian movement was shaped largely by popularizers like Rand, Robert LeFevre, and Murray Rothbard. Now grass-roots publications such as A Is A Newsletter began paying attention to the latest publications from Chicago, and Friedman and other luminaries likewise
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a satirist’s dream come true. In Mary Gaitskill’s Two Girls, Fat and Thin, she is the stern Anna Granite, founder of “Definitism,” while Murray Rothbard mocked her as Carson Sand in Mozart Was a Red.9 That Rand had spawned a veritable genre of parodists spoke to her continued appeal
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libertarian movement, Jonathan Schoenwald’s essay in the edited volume The Vietnam War on Campus: Other Voices, More Distant Drums (2001) ignores Rand and identifies Murray Rothbard as the sole source of right-wing radicalism. Rand and libertarianism more generally are given a thorough, albeit brief, treatment by John Kelley in Bringing
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Freewheeling History of the Modern American Libertarian Movement (2007) also recognizes Rand as a foundational thinker of libertarianism, alongside F. A. Hayek, Milton Friedman, and Murray Rothbard. Taken together, these books indicate a new interest in the history of libertarianism and a dawning understanding that political conservatism draws from both secular and
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Right,” Roosevelt’s political opposition is described in Sheldon Richman, “New Deal Nemesis: The ‘Old Right’ Jeffersonians,” Independent Review 1, no. 2 (1996): 201–48; Murray Rothbard, The Betrayal of the American Right (Auburn, AL: Ludwig von Mises Institute, 2007); Leo Ribuffo, The Old Christian Right (Philadelphia: Temple University Press, 1983); Justin
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background and career are described in Justin Raimondo, An Enemy of the State: The Life of Murray N. Rothbard (Amherst, NY: Prometheus Books, 2000). 30. Murray Rothbard, “Two Walters Interview Transcript,” Rothbard Papers, Ludwig von Mises Institute, Auburn, AL. 31. Rothbard to AR, October 3, 1957, “Letters 1957 July–December,” Rothbard Papers
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, “My Thirty Years with Ayn Rand: An Intellectual Memoir,” The Objectivist Forum, June 1987, 2; Sylvester Petro, Oral History ARP. 46. Murray Rothbard to Richard Cornuelle, August 11, 1954, Rothbard Papers. 47. Murray Rothbard to AR, October 8, 1957, Rothbard Papers. 48. Ibid. 49. Ibid. 50. Richard Cornuelle, Oral History, ARP. 51. N. Branden
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” Saturday Review, October 12, 1957, 25. 12. Biographical Interview 17, April 19, 1961. 13. On his reluctance to write the review, see Whittaker Chambers to Murray Rothbard, August 25, 1958, “Letters 1958 July–Dec,” Rothbard Papers, Mises Institute. Chambers’s worldview is described in Sam Tanenhous, Whittaker Chambers: A Biography (New York
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F. Buckley, Jr., Papers, Yale University Library. 18. John Chamberlain, “To the Editor: An Open Letter to Ayn Rand,” National Review, February 1, 1958, 118. Murray Rothbard also took Rand’s side in the ensuing exchange of letters. See Rothbard, “To the Editor,” National Review, January 25, 1968, 95. 19. In addition
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AR, October 3, 1957, Letters 1957, July–Dec, Rothbard Papers, Ludwig von Mises Institute. 28. Murray Rothbard to Kenneth S. Templeton, November 18, 1957, Letters 1957, July–Dec, Rothbard Papers. 29. Murray Rothbard to “Mom and Pop,” Friday afternoon 5:30, Rothbard Papers. 30. Details are taken from an interview with Robert Hessen, December
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7, 2007; Murray Rothbard to “Mom and Pop,” July 23, 1958, Wed night 8:30 pm, Rothbard Papers. The paper was eventually published. Murray N. Rothbard, “The Mantle of
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,” in Scientism and Values, ed. Helmut Schoeck and James W. Wiggins (New York: D. Van Nostrand, 1960), 159–180. 31. Murray Rothbard to “Mom and Pop,” Friday afternoon, 5:30, Rothbard Papers; Murray Rothbard to Whittaker Chambers, August 25, 1958, Letters 1958 Jul–Dec, Rothbard Papers. This episode is also described in Justin Raimondo
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,An Enemy of the State: The Life of Murray N. Rothbard (Amherst, NY: Prometheus Books, 2000); Murray Rothbard, “Mozart Was a Red,” available at www.lewrockwell.com/rothbard/mozart.html [February 19, 2009]; Murray Rothbard, “The Sociology of the Ayn Rand Cult,” available at www.lewrockwell.com/rothbard/rothbard23.html [February 28, 2009
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Murray N. Rothbard (Amherst, NY: Prometheus Books, 2000). Rothbard’s greatest coup was placing an article in Ramparts, the flagship magazine of the student left. Murray Rothbard, “Confessions of a Right-Wing Liberal,” Ramparts, June 15, 1968, 48–52. 13. Richard Weaver, Ideas Have Consequences (Chicago: Regnery, 1948). Though Weaver disliked the
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been covered in multiple accounts, from which my rendition draws. I have also relied on documentary sources, as cited. See Tuccille, Radical Libertarianism, 96–109; Murray Rothbard, For a New Liberty: The Libertarian Manifesto (New York: MacMillan, 1973), 5–7; Gregory L. Schneider, Cadres for Conservatism: Young Americans for Freedom and the
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2, Dowd Papers. 23. Confidential Report to National YAF Leadership, January 16, 1970, 2, YAF National Convention, Box 24, Evers Papers. 24. Don Ernsberger to Murray Rothbard, August 25, 1969, Evers Papers, Box 24. Also see criticism of Rothbard in “TANSTAAFL! Report of the Libertarian Caucus,” no. 2, YAF Convention Series, St
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., 382. 72. Details on the Koch brothers and Cato’s founding can be found in Doherty, Radicals for Capitalism, 411–13. An alternative account crediting Murray Rothbard is given in Justin Raimondo’s celebratory biography of Rothbard, An Enemy of the State: The Life of Murray N. Rothbard (Amherst, NY: Prometheus Books
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to author. 8. Tobias Wolff, Old School (New York: Knopf, 2003), 68. 9. Mary Gaitskill, Two Girls Fat and Thin (New York: Poseidon Press, 1991); Murray Rothbard, “Mozart Was a Red,” available at www.lewrockwell.com/rothbard/mozart.html. [February 19, 2009]. Rand also appeared, thinly disguised, as the imperious babykiller Vardis
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and Grace Hoag Collection of Dissenting and Extremist Printed Propaganda Library of Congress William Rusher Papers Ayn Rand Papers Ludwig von Mises Institute, Auburn, Alabama Murray Rothbard Papers Ludwig von Mises Papers Stanford University Special Collections Stewart Brand Papers Yale University Library William F. Buckley Jr. Papers Periodicals The Ayn Rand Letter
Crack-Up Capitalism: Market Radicals and the Dream of a World Without Democracy
by Quinn Slobodian · 4 Apr 2023 · 360pp · 107,124 words
the path to a world that was socially divided but economically integrated—separate but global. 1. The most important figure in the secessionist alliance was Murray Rothbard. Born in the Bronx in 1926, he came up through the world of neoliberal think tanks, becoming a member of the Mont Pelerin Society in
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physics doctorate, David published a manifesto titled The Machinery of Freedom: Guide to a Radical Capitalism.18 The book staked out an extreme position, joining Murray Rothbard’s call for anarcho-capitalism, defined as a system in which all state services—from roads to courts and the police—would be privatized. Public
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above a thicket of bay-windowed terrace houses. At the base of the hill was the Cato Institute, founded by Charles Koch, Ed Crane, and Murray Rothbard. Steps away were the offices of Inquiry and Libertarian Review.44 The Friedmans were often joined for dinner by their neighbor Antony Fisher—former chicken
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—as his own state showed—open to purchase and sale. Liechtenstein set itself up as the international champion of the contractual communities that people like Murray Rothbard dreamed of. Given a pulpit at the UN, Hans-Adam espoused a libertarian blueprint for what he called “the state in the third millennium,” or
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group.”60 The notion of free-port clans made the audacious proposition that voluntary agreements between commercial partners would prove as robust as familial ties. Murray Rothbard had spoken of “nations by consent.” This went one further, imagining contracts transmuted into kinship in “clans by consent.” Van Notten and MacCallum were first
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political principles. A socialist in his younger years, he had been shaken by the global financial crisis in 2008, and turned to the works of Murray Rothbard and Ludwig von Mises, which declared that economic systems built on fiat money were inevitably doomed to failure.7 The problem, Schumacher felt, was trying
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/. 6. Murray N. Rothbard, Never a Dull Moment: A Libertarian Look at the Sixties (Auburn, AL: Ludwig von Mises Institute, 2016), 48. 7. Daniel Bessner, “Murray Rothbard, Political Strategy, and the Making of Modern Libertarianism,” Intellectual History Review 24, no. 4 (2014): 445. 8. Murray Newton Rothbard, For a New Liberty: The
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a longtime libertarian. He started the magazine The Individualist in 1970 and lobbied Washington as the executive director of the National Taxpayers Union (NTU) with Murray Rothbard on its executive committee. “Against Taxation,” Libertarian Forum, January 15, 1970. The Sovereign Individual was Davidson and Rees-Mogg’s third collaboration after Blood in
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Ring “Ring City Singapore” Roatán, Honduras robots Rockford Institute Rockwell, Llewellyn “Lew” Jr. Roman Empire, fall of Romania Romer, Paul Ron Paul Survival Report Rothbard, Murray Rothbard-Rockwell Report (Triple R) Rothschild, Baron de “roving capital” Royal Docks Enterprise Zone Royal Dutch Shell Royal Navy rubber rule of law rules Russia. See
Ayn Rand Cult
by Jeff Walker · 30 Dec 1998 · 525pp · 146,126 words
Smith, Philip Smith, and Joan Kennedy Taylor. By phone I talked with Edith Efron, Leisha Gullison, Virginia L. L. Hamel, Robert Hessen, Ralph Raico, and Murray Rothbard. I conducted most of these interviews in 1991–92, and they were used in preparing the two-hour CBC program Ideas: The Legacy of Ayn
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sexual affair. 1957 Atlas Shrugged published. 1958 What will soon become the Nathaniel Branden Institute (NBI) begins, as Branden initiates lectures on Rand’s philosophy. Murray Rothbard and his Cercle Bastiat briefly intersect with Rand’s inner circle. 1960–1962 John Hospers has many philosophical discussions with Rand. 1962 The Objectivist Newsletter
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the west coast there were people “listening to taped lectures, writing letters to people back east, having Objectivist celebrities come by and visit their group.” Murray Rothbard recollected that any town’s NBI representative “was generally the most robotic and faithful Randian in his particular area, and so attempts were made . . . to
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.’ This was only the most extreme form of what Rand—and Branden—expected of all students of Objectivism. The top Randians never quite communalized. However Murray Rothbard, an adjunct member of Rand’s circle for several months in 1958, recalls that most of the New York movement resided in Manhattan’s East
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Wright’s was interpreted as betrayal. Rand’s shocked description of Wright’s idolization is a close prefiguring of her own cult 20 years later. Murray Rothbard recalls that even in the early days of the Objectivist movement, “fear was common, fear of displeasing, using an incorrect word or nuance, smiling at
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of most students, some even donning Francisco D’Anconia or Ayn Rand capes and waving their cigarettes about in absurdly-long holders like Rand’s. Murray Rothbard, asked by one Randian why he didn’t smoke, pleaded an allergy, eliciting the response, “Oh, that’s OK, then.” Neo-Objectivist Murray Franck recalls
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has also remarked, “in my not calling it a cult, . . . I’m sort of skating on thin ice. . . . God knows there were cult-like aspects.” Murray Rothbard and a number of longer-term participants see the Objectivist movement as obviously a cult. More hesitant, Nathaniel Branden observes in Judgment Day that there
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promulgating an overtly philosophical base in metaphysics, epistemology, or ethics. Whence her aversion then? Rand’s ego may have loomed larger than any ideological principle. Murray Rothbard’s high profile in the LP’s early days, Nathaniel Branden’s endorsement of the party, and John Hospers becoming its first presidential candidate would
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and various followers, not explicitly named (I name them): Leonard Liggio “sees Ayn Rand’s evaluation of religion as an attack on him—or” as Murray Rothbard saw it, “on his wife.” The Smiths “see Ayn Rand’s rage when they tolerate changes to her play as a moralistic attack on them
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the promise that he would not practice therapy when he moved to California, so many patients like herself had he adversely impacted in New York. Murray Rothbard writes sardonically that while researching Judgment Day, Branden wanted his help “in discovering the names of those whose lives he had wrecked.” Joan Kennedy Taylor
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are appropriate to human beings; (4) Nathaniel Branden is worthy of only marginally less status than Rand, his name ranking with Aristotle’s. The late Murray Rothbard eventually dismissed Branden as “this creep” and “a potz!” Of the whole inner circle he writes that “we came to look at these trumped-up
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may be inappropriate to a wide range of unfortunate circumstances, so it must be possible to have too much self-esteem. In 1989 the late Murray Rothbard remarked upon the quandary this presents in the case of Branden himself: “Old Branden or New Branden, Randian shrink or Biocentric shrink, student or Ph
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having pushed himself to become a decent tennis player and golfer for political schmoozing purposes, his nickname in Washington became ‘The Creeper’. Libertarian economics theorist Murray Rothbard, who knew Greenspan in the late 1950s, writes that “Greenspan was supercilious and monotonic; he had the sense of life of a dead mackerel . . . He
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in the late 1970s were “mainly ‘libertarian’ in character, and many owed as much to the writings of the American ‘anarcho-capitalists’ Ayn Rand and Murray Rothbard as they did to the Institute of Economic Affairs,” a very influential organization promoting free-market thinking. Rand’s ideas receive a fair hearing in
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for my political philosophy is libertarianism.” Her fellow political libertarians had been inspired by a whole pantheon of writers preceding or contemporaneous with Rand, including Murray Rothbard, Lysander Spooner, Albert J. Nock, Frank Chodorov, and Rose Wider Lane. Taylor reminds Objectivists that, “before Atlas Shrugged, Ayn worked with and admired libertarians whose
Ayn Rand and the World She Made
by Anne C. Heller · 27 Oct 2009 · 756pp · 228,797 words
Cornuelle, came to listen and ask questions; many stayed in the seminar for years or even decades. One longtime student and friend of Mises was Murray Rothbard, a quick-witted twenty-eight-year-old intellectual prankster and self-styled “anarcho-capitalist.” The Cornuelle brothers had brought Rothbard to visit Rand in 1952
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support, and that it would be traitorous not to ‘smite’ anyone who criticized her.” Alan Greenspan and Barbara Branden wrote to The New York Times. Murray Rothbard, newly returned to the fold, answered Commonweal’s charge that Atlas lacked compassion and “proceeds from hate;” he pointed out that its author displayed a
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surrounding Rand. At about the same time, Rand received an effusive letter from her former late-night debating partner, Mises student and Circle Bastiat ringleader Murray Rothbard. Rothbard and his friends had obtained early copies of Atlas Shrugged from an airport bookstore where one of them worked and had read the novel
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rejected the libertarian cause, alleging that its promoters had stolen her ideas while failing even to try to master her complete philosophy. The presence of Murray Rothbard and John Hospers among the movement’s leadership didn’t improve her opinion. In fact, after the departure of Branden she wasn’t much interested
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to play Scrabble once a week. Alan Greenspan stopped in to see her when he was in New York. She occasionally spoke to George Reisman, Murray Rothbard’s onetime crony, who was teaching Austrian-school economics at Pepperdine University in Los Angeles, and she grew close to Reisman’s romantic partner, Edith
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Nathaniel Branden Institute OHP Objectivist History Project FO Frank O’Connor IP Isabel Paterson LP Leonard Peikoff AR Ayn Rand NR Nora (Eleanora) Rosenbaum MR Murray Rothbard MS Mimi Sutton JKT Joan Kennedy Taylor JW Jeff Walker MW Marna Wolf FLW Frank Lloyd Wright KEY TO FREQUENTLY USED SOURCES 100 Voices 100
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in liturgical Latin, as a joke: “Ayn Rand, R.I.P.” p. 380. payback for earlier leftist allegations: Discussed in Ralph Raico’s taped speech, “Murray Rothbard, Ludwig von Mises, and Ayn Rand,” Ludwig von Mises Institute lecture. “Oh, I see. The Big Lie”: Author interview with JKT, May 21, 2004. told
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, at that time a self-declared Keynesian, would become famous as an advocate of free markets, but he and AR continued to be at odds (Murray Rothbard, “Milton Friedman Unraveled,” 1971, reprinted in Journal of Libertarian Studies, Fall 2002). At the height of Friedman’s fame in 1979, they would appear on
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LVM would ordinarily be referred to as von Mises, his American admirers called him Mises. didn’t see eye to eye: George Reisman, “Reisman on Murray Rothbard, Ludwig von Mises, and Ayn Rand,” speech presented to the Ludwig von Mises Institute. dinner party he and Frances gave in 1941 or 1942: Unpublished
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on July 10 and July 17, 1954, according to George Reisman (“Reisman on Murray Rothbard, Ludwig von Mises, and Ayn Rand”). arrayed on the sofa: “Reisman on Murray Rothbard, Ludwig von Mises, and Ayn Rand.” “the voice of Judgment”: “Reisman on Murray Rothbard, Ludwig von Mises, and Ayn Rand.” “While I agreed”: Letter from MR to
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3, 1958, courtesy of Justin Raimondo; The Ayn Rand Cult, pp. 156–58; “The Liberty Interview: Nathaniel Branden Speaks,” p. 41. pressure on Rothbard intensified: Murray Rothbard, “My Break with Nathaniel Branden and the Rand Cult,” Liberty, September 1989, p. 30; An Enemy of the State, pp. 125–26. Educational events were
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. B8. Bernice Glatzer Rosenthal, “The Russian Subtext of Atlas Shrugged and The Fountainhead,” The Journal of Ayn Rand Studies, Fall 2004, vol. 6, no. 1. Murray Rothbard, “My Break with Branden and the Rand Cult,” Liberty, September 1989, pp. 27–32. _____, “The Sociology of the Ayn Rand Cult,” monograph, Liberty Publishing, 1987
The Marginal Revolutionaries: How Austrian Economists Fought the War of Ideas
by Janek Wasserman · 23 Sep 2019 · 470pp · 130,269 words
the Austrian School in its multiplicity and multifariousness. First there is a membership question. Present-day US “Austrians” like Ron Paul identify Austrianism with Mises, Murray Rothbard, and, to a lesser extent, Hayek. This definition offers little in the way of explaining what made the Austrians a school, especially in Austria. The
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that central planning necessarily leads to “authoritarian repression and ultimately fascism.” Consequently free-market society is the antidote to this perilous road. Ron Paul, following Murray Rothbard, reduced the Austrian tradition down to a few principles: a subjective theory of value; marginal utility; time preference (humans value present goods more highly than
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J. Howard Pew to establish a libertarian journal, the Freeman, in 1950. Human Action attracted a couple of important libertarian converts to Mises’s economics, Murray Rothbard and Ayn Rand. Finally, it increased Mises’s profile at NYU and the reputation of his flagging seminar. This drew the most important figure of
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and libertarian circles, since his theory seemed to provide irrefutable proof for their assumptions. These groups felt they had found their bible. As the convert Murray Rothbard gushed, “From you [Mises] I have learned for the first time that economics is a coherent structure, and I am sure that this has been
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theory and ideology that defined it. By the late 1960s, Mises’s US followers had produced their share of innovative work, especially Israel Kirzner and Murray Rothbard. A growing cadre of scholars, journalists, conservative and libertarian activists, and business elites esteemed the new Mises School, yet original Austrian School members felt somewhat
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Royalton, Vermont, in June 1974. The program focused on select “Austrian” themes: methodology and praxeology, market processes, capital theory, and business cycle theory. Israel Kirzner, Murray Rothbard, and Ludwig Lachmann were the keynote participants. Unfortunately for the assembled, Hayek withdrew at the last minute. Thus, at the first official “Austrian economics” conference
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’s US students, who expressed complementary concerns to Furth’s. The American felt some trepidation about a definition of Austrian economics that emphasized libertarianism—and Murray Rothbard—too heavily. Although proud of his intellectual patrimony, Kirzner struggled with the politics that contemporary Austrians derived from their economics: 1) Your [Machlup] reference to
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lost on Haberler, who brought the fight for free enterprise to his policy work. This bellicose lesson was even more consequential for many US Austrians. Murray Rothbard in particular tried to propel Austrian ideas into the public consciousness through “centers of intellectual inquiry and education . . . independent of State power.” He made a
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. On normal science, see Kuhn, Structure, chs. 2–4. 24. Howey, Marginal Utility, 13, 25–32, 211–12. Again, Kauder and many American Austrians like Murray Rothbard rejected this narrative, arguing that the marginal tradition ran parallel to the “mistaken” views of the classicists and had a lineage dating back to the
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. 28. Hayek, Constitution, 199–214, 384–450. 29. Ibid., 41–43. 30. Hamowy, introduction to Constitution, 17–21. 31. Mises, “Liberty,” 174. Mises’s acolyte Murray Rothbard described Hayek’s tome in even more scathing terms: “Constitution of Liberty is, surprisingly and distressingly, an extremely bad, and, I would even say, evil
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. London: Independent Labour Party, 1907. Bessner, Daniel. Democracy in Exile: Hans Speier and the Rise of the Defense Intellectual. Ithaca, NY: Cornell University Press, 2018. ———. “Murray Rothbard, Political Strategy, and the Making of Modern Libertarianism.” Intellectual History Review 24, no. 4 (2014): 441–56. Bilo, Simon. “Mises in NYC.” Paper presented at
Endless Money: The Moral Hazards of Socialism
by William Baker and Addison Wiggin · 2 Nov 2009 · 444pp · 151,136 words
colonies to ignite rebellion. The ensuing war required massive financing, and once again the new world turned to the borrowing and printing of new dollars. Murray Rothbard estimates that the Continental Congress issued over $225 million of paper money in the five years through 1779, dwarfing the money supply of just $12
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purchases, it would ameliorate some of the devaluation. In his short but trenchant analysis in 1994 of fractional reserve banking, The Case Against the Fed, Murray Rothbard laid out another methodology for establishing an benchmark price of gold based upon liquidation value of the Federal Reserve. For perspective, in 1994 gold closed
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Net Liquidation Liability 660 2,630 Necessary Gold Value $2,500 $10,100 Total Note: Totals may not add due to rounding. Methodology developed by Murray Rothbard. or miscellaneous accounts. Today there are a host of credits provided by the Fed to weak banks, which are collateralized by troubled assets. There has
Demanding the Impossible: A History of Anarchism
by Peter Marshall · 2 Jan 1992 · 1,327pp · 360,897 words
to those who are likely to abuse it, and the less the response which can be expected from the individual’.54 Even ‘anarcho-capitalists’ like Murray Rothbard assume individuals would have equal bargaining power in a market-based society. At the same time, while opposing power over others, anarchists are not necessarily
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society to its government and argued that civil society should be organized as a voluntary association. Contemporary right-wing libertarians in the United States like Murray Rothbard and Robert Nozick have been impressed by Spooner’s arguments, but his concern with equality as well as liberty makes him a left-wing individualist
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, and the spluttering pyrotechnics of the Weathermen. The seventies and eighties in the United States saw a resurgence of right-libertarianism, with ‘anarcho-capitalists’ like Murray Rothbard drawing inspiration from Spooner and Tucker. The Libertarian Party became in the eighties the third largest party in the country. Philosophers like Robert Paul Wolff
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had an important influence on neo-Conservatives, especially those on the right wing of the Conservative Party in Britain. Anarcho-capitalists like David Friedman and Murray Rothbard go much further. In some ways, their position appears to be a revival of the principles of the Old Right against the New Deal which
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of her own views, which to others appear mere dogma. She remained a minimal statist and explicitly rejected anarchism. Amongst anarcho-capitalist apologists, the economist Murray Rothbard is probably most aware of the anarchist tradition. He was originally regarded as an extreme right-wing Republican, but went on to edit la Boétie
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might help to rehabilitate anarchism amongst other socialists, it would inevitably exclude individualist anarchists like Max Stirner and Benjamin Tucker and modern anarcho-capitalists like Murray Rothbard. Anarchism finds itself largely in the socialist camp, but it also has outriders in liberalism. It cannot be reduced to socialism, and is best seen
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moderate form, right libertarianism embraces laissez-faire liberals like Robert Nozick who call for a minimal State, and in its extreme form, anarcho-capitalists like Murray Rothbard and David Friedman who entirely repudiate the role of the State and look to the market as a means of ensuring social order. While undoubtedly
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Goverment, Second Treatise (1690), op. cit., sec. 123, p. 179 5 David Friedman. The Machinery of Freedom (New York: Harper & Row, 1971), p. 156 6 Murray Rothbard, For a New Liberty: The Libertarian Manifesto, rev. edn. (New York: Collier Books, 1978), pp. 46, 23–24 7 Rothbard, ‘Society without a State’, Nomos
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de la servitude volontaire, ed. Maurice Rat (Paris: Armand Colin, 1963) La Boétie, Etienne de, The Politics of Obedience: The Discourse of Voluntary Servitude, ed. Murray Rothbard (New York: Free Life, 1975) Landauer, Gustav, Social Democracy in Germany (Freedom Press, 1896) Landauer, Gustav, Die Revolution (Frankfurt, 1907) Landauer, Gustav, For Socialism, trans
How Capitalism Saved America: The Untold History of Our Country, From the Pilgrims to the Present
by Thomas J. Dilorenzo · 9 Aug 2004 · 283pp · 81,163 words
, even while these intellectuals condemn the supposed evils of capitalism, they refuse to acknowledge what the twentieth century’s many experiments with socialism proved: as Murray Rothbard has put it, “An egalitarian society can only hope to achieve its goals by totalitarian methods of coercion.”4 A second reason why intellectuals tend
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mercantilism in America. The American economy has featured what might be called creeping mercantilism ever since. Anticapitalists of all varieties have always praised mercantilism. As Murray Rothbard wrote, government intervention–minded Keynesian economists “hail mercantilists as prefiguring their own economic insights; Marxists, constitutionally unable to distinguish between free enterprise and special privilege
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job. This just spread unemployment around, however. The only thing that reduces unemployment is increased production (which increases the derived demand for labor). As economist Murray Rothbard explained, Hoover was pursuing the agenda of organized labor. “The point is that unions did not have the power to enforce wage floors [i.e
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explained. Mises’s theory of the business cycle was advanced by his student, Nobel laureate Friedrich Hayek, and later by another one of his students, Murray Rothbard, in his book America’s Great Depression. According to the so-called Austrian theory, the money in circulation is either spent on consumption items (such
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. 2. Ibid., 16. 3. Thomas Sowell, The Vision of the Anointed: Self-Congratulation as a Basis for Social Policy (New York: Basic Books, 1995). 4. Murray Rothbard, “Egalitarianism as a Revolt Against Nature,” in Egalitarianism as a Revolt Against Nature and Other Essays, 2nd ed. (Auburn, AL: Ludwig von Mises Institute, 2000
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, The Real Lincoln: A New Look at Abraham Lincoln, His Agenda, and an Unnecessary War (New York: Three Rivers Press, 2003), especially Chapter 4. 47. Murray Rothbard, “Mercantilism: A Lesson for Our Times?” in The Logic of Action Two (Cheltenham, UK: Edward Elgar, 1997), 43. 48. George Reisman, Capitalism: A Treatise on
What Went Wrong: How the 1% Hijacked the American Middle Class . . . And What Other Countries Got Right
by George R. Tyler · 15 Jul 2013 · 772pp · 203,182 words
. We know that Reagan-era presidents cut tax rates on higher incomes. How (and why) did they raise taxes on families in the middle, as Murray Rothbard explained in an epigraph to this chapter? Raising Taxes on the Middle Class: The Alternative Minimum Tax Reagan was borrowing $1 of every $3 he
The Bitcoin Standard: The Decentralized Alternative to Central Banking
by Saifedean Ammous · 23 Mar 2018 · 571pp · 106,255 words
which the economy would have recovered on a sound monetary basis. A better treatment of this episode, and its horrific aftermath, can be found in Murray Rothbard's America's Great Depression. As Britain's gold reserves were leaving its shores to places where they were better valued, the chief of the
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Hayek, Monetary Nationalism and International Stability (Fairfield, NJ: Augustus Kelley, 1989 [1937]). 6 A thorough accounting of Hoover's interventionist policies can be found in Murray Rothbard's America's Great Depression. 7 Quoted in Henry Hazlitt, The Failure of the New Economics. p. 277. 8 Otto Mallery, Economic Union and Durable
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's Democracy: The God That Failed for an excellent discussion of these factors. More foundational and technical discussions can be found in Chapter 6 of Murray Rothbard's Man, Economy, and State, Chapters 18 and 19 in Mises' Human Action, and Eugen von Böhm‐Bawerk's Capital and Interest. 4 Ibn Khladun
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Source: Federal Reserve Economic Data, available at https://fred.stlouisfed.org 13 See Table 10 on p. 206 of the Friedman and Schwartz book. 14 Murray Rothbard, America's Great Depression, 5th ed., p. 186. 15 An excellent detailed treatment of this depression is found in James Grant's book, The Forgotten
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Depression: 1921: The Crash That Cured Itself (Simon & Schuster, 2014). 16 Murray Rothbard, America's Great Depression. 17 “Fisher Sees Stocks Permanently High,” New York Times, October 16, 1929, p. 8. 18 See
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Murray Rothbard, Economic Depressions: Their Cause and Cure (2009). 19 Friedrich Hayek, Denationalization of Money (1976). 20 Bank of International Settlements (2016), Triennial Central Bank Survey. Foreign
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of money…. The quantity of money available in the whole economy is always sufficient to secure for everybody all that money does and can do. Murray Rothbard concurs with Mises:9 A world of constant money supply would be one similar to that of much of the eighteenth and nineteenth centuries, marked
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own good, to free him in the future, Keynes wanted government enslavement for its own sake, as the ultimate end. This may help explain why Murray Rothbard said, “There is only one good thing about Marx, at least he was not a Keynesian.”18 While such a conception might appeal to ivory
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Dawn to Decadence. 15 Élie Halévy and May Wallas. “The Age of Tyrannies,” Economica, New Series, vol. 8, no. 29 (February 1941): 77–93. 16 Murray Rothbard, “The End of Socialism and the Calculation Debate Revisited,” The Review of Austrian Economics, vol. 5, no. 2 (1991). 17 J. M. Keynes, “The End
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of Laissez‐Faire,” in Essays in Persuasion, pp. 272–295. 18 Murray Rothbard, “A Conversation with Murray Rothbard,” Austrian Economics Newsletter, vol. 11, no. 2 (Summer 1990). 19 John Kenneth Galbraith, The Great Crash 1929 (Boston, Ma: Houghton Mifflin Harcourt, 1997), p
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government will be avoided.6 The vision of anarcho‐capitalism May describes is the political philosophy developed by the American economist of the Austrian school, Murray Rothbard. In The Ethics of Liberty Rothbard explains libertarian anarcho‐capitalism as the only logically coherent implication of the idea of free will and self‐ownership
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and an internet connection is cheap and continuously getting cheaper. 6 Timothy C. May. Crypto Anarchy and Virtual Communities. 1994. Available on nakamotoinstitute.org 7 Murray Rothbard, The Ethics of Liberty. (New York, NY: New York University Press, 1998), p. 43. 8 Bitcoin Talk forums, December 30, 2010. Available at: https://bitcointalk
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ed. Auburn, AL: Ludwig von Mises Institute, 2000. _____. “The Austrian Theory of Money.” The Foundations of Modern Austrian Economics (1976): 160–184. _____. “A Conversation with Murray Rothbard.” Austrian Economics Newsletter 11, no. 2 (Summer 1990): 1–5. _____. Economic Depressions: Their Cause and Cure. Auburn, AL: Ludwig von Mises Institute, 2009. _____. “The End
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