Lecture series · recorded 1973
20th Century American Economic History
20th Century American Economic History is a free lecture series (8 recordings, 9.4 hours) you can stream or download at freecapitalists.org, with Murray N. Rothbard.
A rare collection of eight Murray N. Rothbard lectures.
U.S. EconomyU.S. HistoryBooms and BustsGlobal EconomyMoney and Banks
Cover painting: J. P. Morgan plays solitaire in his library as bankers wait next door, New York, Panic of 1907. See every painting in the art gallery.
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01
57:15 Download MP3
The Rise of Big Business: The Failure of Trusts and Cartels 1973
In the 19th Century and the beginning of the 20th, the rise of big business on the free market could not create monopolies and cartels. Only government could do that. Government tried. Government failed.
Read the transcript 9,223 words
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02
51:28 Download MP3
The Rise of Big Business: The Failure of Trusts and Cartels (continued) 1973
Despite the drive for monopoly, only oil, sugar and corn products ended up dominated by a particular company. Bigger was not better. Biggest was not best. Smaller and more mobile was more competitive. Major inventions are still coming from small firms.
Read the transcript 7,491 words
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03
1:27:36 Download MP3
The Progressive Era Triple Alliance: Government as Cartellizer 1973
The progressive period birthed the cancerous growth of the welfare/warfare state, fake capitalism, the middle way, neomercantilism, and the corporate state. Morgan and Rockefeller men warred with each other over many issues and many generations.
Read the transcript 12,041 words
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04
1:06:01 Download MP3
The Progressive Era Triple Alliance: Government as Cartellizer (continued) 1973
The state must invest in human beings the same way you invest in cattle on a farm. This progressive corporatist view was behind the creation of the Rockefeller Foundation. Industrial solutions were to be strictly scientific, e.g. minimum wage laws, public works, and government concentration camps (CCC).
Read the transcript 10,005 words
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05
1:07:05 Download MP3
The Inflationary Boom of the 1920s 1973
The Industrial Revolution and the development of the modern banking system were the two big things that happened in the Eighteenth Century in Britain. Why does the boom-bust cycle emerge? Is the cycle just a natural part of industry, or is it caused by the banking system?
Booms and BustsU.S. EconomyU.S. History
Read the transcript 11,042 words
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06
1:04:09 Download MP3
The Inflationary Boom of the 1920s (continued) 1973
Republican policy has always been high tariffs, keeping foreign goods out. But, then the US would lend those countries money to be able to pay for our higher-priced exports. This peculiar foreign-lending scheme included farm goods. Until 1928 there was an enormous foreign lending boom. The stock market collapsed in October 1929.
Booms and BustsU.S. EconomyU.S. History
Read the transcript 10,345 words
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07
1:24:37 Download MP3
The New Deal and the Post-War International Monetary System 1973
The World Economic Conference of 1933 met to deal with America's Great Depression, but, without consulting anyone, FDR declared that the U.S. would not agree to the proposal because he wanted to take the U.S. off the gold standard in order to inflate the dollar. The gold-supporting British and French were horrified; Nazi Germany was delighted.
Global EconomyMoney and BanksU.S. EconomyU.S. History
Read the transcript 13,930 words
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08
1:23:56 Download MP3
The Future of Libertarianism 1973
Rothbard explains why he is optimistic. The norm of civilization has been despotism and statism. The quantum quality change in history has been the Industrial Revolution from mid-18th Century to mid-19th. Only the free market, libertarian society can expand this viable and moral industrialism.
Political TheoryU.S. EconomyU.S. History
Read the transcript 12,984 words
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Recording dates, summaries and topics for 8 of these 8 lectures come from the Mises Institute's page for 20th Century American Economic History, checked 2026-07-23.
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About this series
- Is 20th Century American Economic History free to listen to?
- Yes. All 8 mirrored recordings stream in the browser or download as audio, at no cost and with no signup.
- How long is 20th Century American Economic History?
- 8 recordings, 9.4 hours in total.
- Who lectures in 20th Century American Economic History?
- Murray N. Rothbard.
- When was 20th Century American Economic History recorded?
- 1973, per the recording dates recovered for this series.
- Is there a transcript of 20th Century American Economic History?
- Yes. Every lecture in the series has one, 87,061 words in total, free to read on each lecture's page and searchable in the browser.
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