Subject Index

9-11. See September 11

1920s, American Left, 14

1960s, inflation, 151–152

1994 Revolution against the Democrats

failure of, 7

Rothbard on, 4–5

2008 Crash, “unregulated capitalism,” 45

Academia, prizes of professional advancement, 68–69

Aggression. See Violence

AIG bailout, Stockman on, 46

America. See United States of America

Anti-Semitism, Keynes dabbling in, 105

Antifascist alliance, 23–26

Apostles, 101

Arendt, Hannah, “banality of evil” principle, 79

As We Go Marching (Flynn), 15

Austrian School of economics

basic principles, 30–32

economic depressions, 67

on fiat money, 113

on handling economic crisis, 66–67

Late Scholastics, 54, 62–63

relationship with the German Historical School, 71

Autarky principal, 20

Azpilcueta Navarrus, Martin de, 59

Bailouts

AIG, 46

LTCM, 46

“Banality of evil” principle

Arendt on, 79

examples of, 80

Banking

Nazism, 38–39

See also Central banking; Federal Reserve; Money

Bastiat, Frédéric

on the costs of the state, 81

on the state and prosperity, 19

Bill Bradley campaign, 91

Bloomsbury Group, influence on Keynes, 102

Blumert, Burton Samuel, 135–138

Bourgeoisie

fascism, 16–17

imperialism, 20–21

support for Bush administration, 6

Bretton Woods, Hazlitt’s battle with, 100, 109, 113–124

Budget deficits, Stockman on, 47, 48

Bureaucracy

administration of capitalism, 19–20

New York City public school system, 29

Burns, Arthur

as a model for Greenspan, 127

relationship with Rothbard, 128

Bush, George W.

bourgeoisie support for Bush administration, 6

Christianity, 36

comparison to Hitler, 35, 36

September 11, 35–36

Business cycles

Akun, 151

Greenspan’s understanding of, 129

Capitalism

2008 crash and “unregulated capitalism,” 45

bureaucratic administration of, 19–20

fascist opposition to, x

socialists on, x

under Nazism, 40

Cartels. See Monopolies

Central banking

and inflation, 149–150

militarism and, 147–154

See also Federal Reserve

Central planning, Reimann on Nazi central planning, 36–40

Chafuen, Alejandro, on the Late Scholastics, 54

Christianity, George W. Bush, 36

Classical theory, versus German Historical School, 71

Climate change, “banality of evil” principle, 80

Clinton, Bill

Monica Lewinsky scandal, 5

Rothbard on, 4

Cold War, origin of, 88

Collectivism

“end justifies the means” principle, 34

under fascism, x

Common Sense of Political Economy, The (Wicksteed), 106–107

Conservatism

Roberts on new conservatives, 7–8

See also Right wing

Contagion effect, Stockman on, 46

Control, and the state, 83

Covarrubias y Leiva, Diego de, 59–60

Credit, Luis de Molina on, 61

Currency arbitrage, Domingo de Soto on, 58

Currency controls, Bretton Woods, 116

Currency exchange, Martin de Azpilcueta Navarrus on, 59

Defense. See Militarism

Deficits, Stockman on, 47, 48

Depressions

Austrian School of economics on, 67

See also Great Depression; New Deal

Diamond-water paradox, Luis de Molina on, 61

Dictatorship, in fascism, 18–19

Draft. See National service

Economic calculation, 31

Economic depressions

Austrian School of economics on, 67

See also Great Depression; New Deal

Economic science

compared to mainstream economics, 65–66

Diego de Covarrubias y Leiva, 59–60

Domingo de Soto, 58

founders of, 53–63

Francisco de Vitoria, 57–58

German Historical School versus classical theory, 71

Luis de Molina, 60–62

Martin de Azpilcueta Navarrus, 59

Mises on, 54–55

rise of during the Middle Ages, 55–56

Saint Thomas Aquinas, 56–57

Economic value

Diego de Covarrubias y Leiva on, 59

Luis de Molina on, 60–61

Economics in One Lesson (Hazlitt), 100

the writing of, 122

Economics (Samuelson), 89

Education

New York City public school system bureaucracy, 29

Ron Paul on the importance to the state, 140

See also Austrian School of economics

Ely, Bert, on Greenspan, 132

Employment, Obama jobs bill, 41

“End justifies the means” principle, Hayek on, 34

Enemy of the State (Raimondo), 145

English Civil War, natural society, 84

Ethics. See Morality

Fascism

antifascist alliance, 23–26

capitalism, opposition to, x

cartelization of the private sector, 11, 16

collectivism under, x

defined, ix

dictatorship in, 18–19

Flynn on characteristics of, 17–23

growth under, 19

Keynes as an advocate of, 105

militarism, ix

origin of, 13–15

real incomes, 13

socialists on, x

United States, 1–49

evidence of, x

police, 22

red-state fascism, 3–10

violence under, 43

Federal Reserve

independence of, 152

role in state spending and borrowing, 21

role of, 150–151

Ron Paul on, 159–160

versus the gold standard, 152

Fiat money, Austrian School on, 113

Flynn, John T., x

As We Go Marching, 15

on characteristics of fascism, 17–23

Foreign exchange. See Currency exchange

Foreign policy, Ron Paul, 139–140, 157

Free market, Austrian School of economics, 30–31

Freedom. See Liberty

General Theory, The (Keynes), 100, 103–104

Hazlitt on, 110

Mises on, 104

Rothbard on, 104, 105

German Historical School, versus classical theory, 71

Global warming, “banality of evil” principle, 80

Gold

convertibility, 116

Greenspan’s understanding of, 129

Gold standard

defined, 123

Hazlitt on, 118

Keynes opposition to, 103

prior to Bretton Woods, 115

versus the Federal Reserve, 152

Government. See Fascism; Mussolini; Nation State; Nazism; New Deal; State; United States of America

Great Deformation, The (Stockman), 45–49

Great Depression

Hazlitt on, 108–109

See also New Deal

Greenspan, Alan

connection to Ayn Rand, 129–130

Ely on, 132

understanding of both the business cycle and gold, 129

versus Rothbard, 125–134

Yellen’s relationship with, 132

Grice-Hutchinson, Marjorie, The School of Salamanca, 54

Growth

rise of wealth and economic science during the Middle ages, 55–56

stimulus under Nazism, 39–40

under fascism, 19

See also Economic depressions; Great Depression; New Deal

Hayek, Frederich

on the “end justifies the means” principle, 34

on Keynes’ views late in life, 106

on the moral choice of economists, 67–68

Nobel Prize and tribute to Mises, 75

on the state’s money, 153

Hazlitt, Henry

about, x

on Bretton Woods, 100, 109, 113–124

Economics in One Lesson, 100, 122

on The General Theory, 110

on the Great Depression, 108–109

on Keynes’ support for Bretton Woods, 121

meeting with Mises, 109

moral courage, 111

opposition to the New Deal, 73–74

versus Keynes, 99–111

Health care

Diego de Covarrubias y Leiva on property rights of medicines, 60

under Nazism, 40

HES complex accounts, Stockman on, 47

Hitler, Adolf, comparison with George W. Bush, 35, 36

Hobbes, Thomas, on natural society, 83–84

Human Action (Mises)

publication of, 74–75

waxing eloquent about, 87–93

Humanists, and Machiavelli, 32

Immoralism, Rothbard on Keynes’ support of, 102

Immorality. See Morality

Imperialism, bourgeoisie, 20–21

Income, real household income, 12–13

Inflation

1960s, 151–152

and central banking, 149–150

consequences to Juan de Mariana of lobbying against inflation, 149

Luis de Molina on, 61

Martin de Azpilcueta Navarrus on, 59

and war, 148–149

Infrastructure, state of projects from the New Deal, 43

Insurance companies, Nazism, 39

Interest

Keynes on driving interest to zero, 103–104

Luis de Molina on, 61

International trade. See Trade

Italy. See Mussolini

Justice

Nazism, 37

state and, 29

Kazakhstan, free market experiment, 82–83

Keynes, John Maynard

and Bretton Woods, 115–116

The General Theory, 100, 103–104

Hazlitt on Keynes’ support for Bretton Woods, 121

National Socialism, 15

versus Hazlitt, 99–111

Keynesianism, and economic crisis, 66

Kings, moral obligations of, 62

La Boétie, Etienne de, on the importance of public consent, 140

Late Scholastics, discovery of, 54

“Leave us alone” coalition, 5

Left wing, United States, 1920s, 14

Lewinsky, Monica, Clinton scandal, 5

Libertarianism

about, 27–28

Austrian School of economics, 31–32

in face of rising red-state fascism, 3

Rothbard as as libertarian, 28

Liberty

anti-liberty stance of the American right, 8

central importance of, 9

compared to the state, 81–82

current attitude towards, 77–78

defined, 80

envisioning, 78

Mises on, 5–6

movement for, 24

and order, 80

Logic, use of by the Late Scholastics, 62

Long Term Capital Management (LTCM), Stockman on bailout of, 46

Luxury goods, Luis de Molina on, 60–61

Machiavelli, Nicolo, 32–34

on opportunity in war, 35

Mariana, Juan de, consequences of his lobbying against inflation, 149

Mayer, Hans, professional economic career of, 68–72

Medicine. See Health care

Medieval period, 53

Mencken, H.L., on state-provided education, 140

Menger, Carl, Principles of Economics, 30

Middle Ages, rise of wealth and economic science, 55–56

Militarism

and central banks, 147–154

Cold War, 88

defense spending during Reagan defense buildup, 48

English Civil War and natural society, 84

inflation and, 148–149

inspiration for fascism, ix

Machiavelli on opportunity in war, 35

Neuharth reaction to column on bringing the troops home, 7

Ron Paul on, 156–157

Rothbard on, 156

state spending, 22–23

Mises, Ludwig von

as a model for Rothbard, 127

attitude towards Mayer, 69–70

comparison with Ron Paul, xi

on the course of despotic governments, 26

on economic calculation, 31

on economic science, 54–55

on the The General Theory, 104

Hayek’s acceptance of the Nobel Prize and tribute to Mises, 75

his professional life of moral choices, 67–68

on inflation and war, 148

legacy compared to Mayer, 71–72

on liberty, 5–6

meeting with Hazlitt, 109

move to Geneva, 70

move to the US, 72–75

New York University, xi

publication of Human Action, 74–75

publication of Nationalökonomie, 72

vision for the future, 77–85

Molina, Luis de, 60–62

Money

Austrian School of economics on fiat money, 113

Hayek on the state’s money, 153

Luis de Molina on, 61

separation from the state, 152–153

See also Banking; Central banking; Federal Reserve

Monopolies

applied to the state, 28

cartelization of the private sector under fascism, 11, 16

syndicalism, 20

Moore, G.E., influence on Keynes, 102

Moral courage, 65–76

Blumert, 138

Hazlitt, 111

Keynes, 110

Rothbard, 98, 133

Rothbard on Keynes embracing immoralism, 102

visionaries of today, 91–92

Morality

Luis de Molina on, 62

Machiavelli on, 33

state, 34

Mussolini, Benito

on the all encompassing power of the state, 18

fascism in Italy, 14

Nation. See State; United States of America

Nation State, current condition in the US, 42

National greatness, role in fascism, 16

National service, Obama’s advocacy of, 78–79

National Socialism, Keynes’ support for, 15

Nationalökonomie (Mises), 72

The Nation, collaboration with the New Deal, 73

Natural society

English Civil War, 84

Hobbes on, 83–84

Nazism

Mayer’s collaboration with the policies of, 70

Reimann on Nazi central planning, 36–40

Neuharth, Al, reaction to column on bringing the troops home, 7

New Deal

American Left, 14

collaboration of The Nation with, 73

Hazlitt’s opposition to, 73–74

Keynes on, 102–103

state of infrastructure projects from, 43

Stockman on, 49

New York City public school system bureaucracy, 29

Nobel Prize, Hayek’s acceptance and tribute to Mises, 75

Nonaggression principle, 27–28

Obama, Barack

advocacy of national service, 78–79

jobs bill, 41

on spending and borrowing, 21

Oklahoma City bombing, failure of the 1994 revolution, 5

Okun, Arthur, managing the business cycle, 151

Order, and liberty, 80

Paul, Ron, 139–142

about, xi–xii

comparison with Mises, xi

lessons from, 155–161

on war and central banking, 147–148

Police, in American fascism, 22

Post office, current condition in the US, 42–43

Power, necessity of the state, 83

President, role in U.S. fascism, 18–19

Price controls, Nazism, 38

Prices

Diego de Covarrubias y Leiva on, 60

Luis de Molina on, 60–61

Martin de Azpilcueta Navarrus on, 59

Principles of Economics (Menger), 30

Private property. See Property rights

Production mandates, Nazism, 38

Property rights

Diego de Covarrubias y Leiva on, 60

government attack on, 91

Luis de Molina on, 61–62

Public consent, La Boétie on the importance of, 140

Public service, merits of compared to real vision, 91

Purchasing-parity theory of exchange, Domingo de Soto on, 58

Raimondo, Justin, Enemy of the State, 145

Rand, Ayn, Greenspan’s connection to, 129–130

Reimann, Guenter, on Nazi central planning, 36–40

Religion, role in fascism, 16

Right wing

allure of fascism, 17

United States, anti-liberty stance, 8

See also Conservatism

Robbins, Lionel, influence of Keynes on, 105

Roberts, Paul Craig, on new conservatives, 7–8

Roover, Raymond de, 54

Rothbard, Murray N.

as a libertarian, 28

on the 1994 revolution against the Democrats, 4–5

accomplishments, 95–98

Blumert’s relationship with, 136

on The General Theory, 100, 104, 105

on Greenspan, 132

on Keynes’ conversion to Hayek, 106

on liberty, 9

life’s work, 143–146

on militarism, 156

Mises as a model for, 127

moral courage in the life of, 75, 133

relationship with Burns, 128

versus Greenspan, 125–134

Samuelson, Paul, Economics, 89

School of Salamanca, The (Grice-Hutchinson), 54

Schools. See Austrian School of economics; Education

Schumpeter, Joseph, on the Late Scholastics, 54

Self-sufficiency, 20

September 11

effect on support for liberty, 6

George W. Bush use of, 35–36

Sin. See Morality

Skinner, Quentin, on Machiavelli, 33

Smith, Adam, 53

Socialism, See also National Socialism

Socialists, on capitalism and fascism, x

Soto, Domingo de, 58

Soviet Union, Mayer’s collaboration with the policies of, 71

Spann, Othmar, rivalry with Mayer, 69

Spenser, Herbert, 107

State

Bastiat on the state and prosperity, 19

compared to liberty, 81–82

and control, 83

the English Civil War and natural society, 84

failure of, 25

Hayek on the state’s money, 153

importance of education to the state, 140

justice and, 29

Kazakhstan’s free market experiment, 82–83

merits of public service compare to real vision, 91

Mises on the course of despotic governments, 26

monopolies, 28

morality, 34

and the nonaggression principle, 27–28

property rights, 91

separation of money from, 152–153

spending and borrowing, 21

versus cooperative and voluntary action, 82

violence by, 79

See also Fascism; Mussolini; Nation State; Nazism; New Deal; United States of America

Stimulus, Nazism, 39–40

Stock market, Nazism, 39

Stockman, David, The Great Deformation, 45–49

Syndicalism, monopolies, 20

Temperature change, “banality of evil” principle, 80

Thinking as a Science (Wicksteed), 106–107

Third Reich. See Nazism

Thomas Aquinas, Saint, role in economic thought, 56–57

Trade, Francisco de Vitoria on, 57–58

Treaty of Versailles, Keynes on, 101–102

United States of America

current condition of the Nation State, 42

downgrading US debt, 41

evidence of totalitarian state, 17–23

fascism, 1–49

evidence of, x

police, 22

red-state fascism, 3–10

The Great Deformation (Stockman), 45–49

Left wing, 1920s, 14

Mises move to, 72–75

Obama jobs bill, 41

post office, 42–43

See also New Deal

Usury, Luis de Molina on, 61

Violence

by the state, 79

style of under fascism, 43

Virtue, Machiavelli on, 33

Visionaries. See Moral courage

Vitoria, Francisco de, 57–58

Wall Street, Stockman on, 46–48

War. See Militarism

Wealth effect, Stockman on, 46–47

Weather, “banality of evil” principle, 80

Wicksteed, Philip

The Common Sense of Political Economy, 106–107

Thinking as a Science, 106–107

Women, workforce participation, 13

Yale University Press, publication of Human Action (Mises), 74–75

Yellen, Janet, relationship with Greenspan, 132